Global Nanosatellite and Microsatellite Market to Reach USD 4.1 Billion by 2028

Published | 01 January 2023

The global nanosatellite and microsatellite market is expected to grow at a faster CAGR due to the growing need for microsatellites across a wide range of industries, which is expected to drive market growth. Rising research activities and higher investments in space technology innovation are expected to boost the global nanosatellite & microsatellite market forward in the coming years. Furthermore, the small size of these satellites and the convenience with which these small satellites can execute space exploration missions are significant factors for market growth throughout the forecast period. Furthermore, the growing communications industry, together with the further adoption of the Internet of Things (IoT), will greatly accelerate the development rate of the nanosatellite and microsatellite market.

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Nanosatellite and Microsatellite Market was worth USD 1.9 billion in the year 2021. The market is projected to grow at a CAGR of 11.7% from 2022-2028 (forecast period), earning revenues of around USD 4.1 billion by the end of 2028. The Nanosatellite and Microsatellite Market is booming owing to the growing need for microsatellites across a wide range of industries, which is expected to drive market growth. Additionally, the rising research activities and higher investments in space technology innovation are expected to boost the global nanosatellite & microsatellite market forward in the coming years. Furthermore, the growing communications industry and the further adoption of the Internet of Things (IoT) will greatly accelerate the development rate of the nanosatellite and microsatellite market.

Rising Demand of Nanosatellite & Microsatellite Applications Related to Earth Observation

Earth observation services are used for a variety of purposes, including monitoring agricultural fields, recognizing climatic changes, disaster preparedness, meteorology, and other things. With the ability to use photos for a variety of tasks, including precision management of land, water, and forest resources, the need for high-resolution Earth imaging has expanded across verticals. Inputs from space can be very beneficial for disaster management both before and after it occurs. In comparison to conventional spacecraft, nanosatellites and microsatellites have a shorter development cycle and improved orbital maneuverability. As a result, tiny satellites can support continuous data collection and enable the long-term, systematic measurement of important climate variables. The continuity of data allows academics to have a better understanding of the global climate and current weather patterns.

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Restraint

Raising Funding & Capital for Satellite Manufacturing

A satellite's design and orbital launch both cost a lot of money. NASA estimates A satellite's design and orbital launch both cost a lot of money, and NASA estimates that the total cost of a mission to put small satellites into Earth's orbit is around USD 10 million. Satellite programs could be delayed or canceled if funding from investors is not secured. Several new entrants in the space business need money to overcome these obstacles to keep up with technological improvements in the sector. Finding the necessary funding for their space mission is difficult for several new satellite firms.

Furthermore, traditional investors are still wary of satellite financing markets because if the satellite is not launched properly, the entire mission fails, and all investment is spent. The volatility in global financial markets has conflicting results for satellite services sector funding. The OneWeb space-based communication project, led by Softbank, has been halted owing to the current pandemic crisis. Due to the pandemic, investors' faith in space-based solutions has declined, as evidenced by OneWeb's bankruptcy.

Global Nanosatellite and Microsatellite Market – By Orbit

Based on orbit, nanosatellites and microsatellites are generally placed in non-polar inclined, sun-synchronous, polar orbits. It's noted that many satellites in the 1-50 kg mass range prefer to be located in the polar sun- and non-sun-synchronous orbits. The orbital apogee in low earth orbit (LEO) spans from 600-850 km, with numerous inclinations around 100 degrees. This may be owing to the primary payload's desire for such an orbit rather than a desire for this particular orbit (desirable orbits for imaging and remote sensing). Specifically, the apogee range for 1-50 kg mass satellites varies from 333 km to 4,500 km, with the average apogee for a 1-50kg satellite to be 689 km (this average does not include eight satellites with unusually high apogees, from 1,014 km to 4,500 km) (this average does not include eight satellites with extremely high apogees, from 1,014 km to 4,500 km).

Global Nanosatellite and Microsatellite Market – By End User

Due to a growth in communication, broadcasting, and navigation operations, the commercial segment dominated the market for nanosatellites and microsatellite in 2021. For instance, Open Cosmos launched two commercial nanosatellites in March 2021, demonstrating the feasibility of low-cost satellites to bring IoT connectivity and data collecting to remote locations worldwide. The Satellite Industry Association (SIA) predicts that demand for broadband satellites will grow at a 29% CAGR by 2024.

Moreover, the defense and security market will account for more than 30% of revenue in 2021 as microsatellites improve operational support to military forces. They facilitate the fragmentation of military satellite activities and communications amongst other satellites, increasing capacity and security. For example, the Indian Space Research Organization (ISRO) launched RISAT-1A in February 2022, a radar imaging satellite that is projected to strengthen India's border defense and security while also providing high-resolution photographs in all weather conditions.

Regional Insights

North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America are the five major regions of the market. North America dominated the nanosatellite and microsatellite market in 2021, with a nearly 50% revenue share, owing to increased spending on space-related activities. Each year, NASA, for example, allocates a budget for space-related activities such as science, aeronautics, space technology, exploration, and other space operations. Moreover, rising demand for small satellites from various end-use sectors, including research, military & defense, and telecommunications, has fueled the regional market growth.

Furthermore, the Asia Pacific area is likely to emerge as the fastest-growing regional market as the region's economies, including Japan and India, continue to aggressively deploy microsatellites for communication and navigation. Japan is studying strategies to meet the demand for nanotechnology by tapping into the market for small satellites and airplanes. Also, countries like South Korea and Singapore have entered the small satellite production business to launch satellites of any size into orbit.

Impact of COVID-19 on Global Nanosatellite and Microsatellite Market

The unprecedented global public health emergency known as COVID-19 has impacted almost every organization, and the long-term impacts are projected to have an influence on industry growth during the forecast period. To guarantee that key COVID-19 concerns and prospective future directions are taken into account when estimating future growth, it is necessary to acknowledge that the global nanosatellite and microsatellite business has been impacted by worldwide constraints brought on by the pandemic. As restrictions are eased in the majority of countries where a larger proportion of the population is immunized, it is expected that the industry will achieve the projected compound annual growth rate (CAGR) during the forecast period due to increased awareness and demand for healthier options such as fortified poultry meat products.

Competitive Landscape

The key players in the market are Astro Digital, AAC Clyde Space ABGOMSPACE, LOCKHEED MARTIN CORPORATION, L3HARRIS TECHNOLOGIES INC., PLANET LABS INC., SIERRA, NEVADA CORPORATION, Swarm Technologies, Inc. among other prominent players in the market. Major market competitors use various techniques, including mergers and acquisitions, innovative therapies, and others, to stay competitive and gain an advantage over rivals. The Global Nanosatellite and Microsatellite Markets are consolidated with the presence of several manufacturing companies globally. The market leaders retain their supremacy by spending on research and development(R&D), incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are utilized to maintain their market share.

Don’t miss the business opportunity in the Global Nanosatellite and Microsatellite Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Nanosatellite and Microsatellite Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Nanosatellite and Microsatellite Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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