Nanosatellite and Microsatellite Industry Overview
The global nanosatellite and microsatellite market size is expected to reach USD 13.89 billion by 2030, growing at a CAGR of 23.3% from 2022 to 2030, according to a new report by Grand View Research, Inc. The upsurge in Earth observation missions and the development of Small Satellite Launch Vehicles (SSLVs) are expected to propel the growth of the market. For instance, in February 2022, EOS-04, an Earth observation satellite, was launched into a sun-synchronous polar orbit by India's Polar Satellite Launch Vehicle PSLV-C52. The satellite weighs 1,710 kg and provides high-quality photographs.
The emerging role of small satellites in the telecom sector has enabled telecom providers to accelerate 5G deployment globally, in addition to creating market opportunities for the satellite communication (Satcom) industry stakeholders. Developing small satellites for 5G deployment can particularly benefit in the form of wide-area coverage, cost-effectiveness, and reliability. Latest technologies such as new solar panel cell technology and star tracker technology are allowing providers of small satellites to strengthen their position in the broader satellite industry.
Nanosatellite and Microsatellite Market Segmentation
Grand View Research has segmented the global nanosatellite and microsatellite market based on mass, application, end-use, and region:
Based on the Mass Insights, the market is segmented into Nanosatellites and Microsatellites.
- The nanosatellites segment accounted for a revenue share of more than 79% in 2021 owing to the growing deployment of a nanosatellite for Earth observation missions.
- The data from Earth observation satellites have proven to be significantly beneficial for applications such as improving water management, tracking refugee populations, carrying out relief operations, and national defense.
Based on the Application Insights, the market is segmented into Communication & Navigation, Earth Observation/Remote Sensing, Scientific Research, Technology & Academic Training.
- The Earth observation/remote sensing segment accounted for a revenue share of more than 51% in 2021 as several governments continued to invest in Earth observation and meteorology projects.
- The adoption of smallsats in communication and navigation is increasing owing to the increased popularity of advanced technologies such as Over-The-Top (OTT) services and Internet Protocol Television (IPTV).
Based on the End-use Insights, the market is segmented into Government, Defense & Security, Commercial and Civil.
- The commercial segment dominated the market for nanosatellite and microsatellite with a revenue share of more than 44% in 2021 owing to an increase in communication, broadcasting, and navigation activities.
- According to the Satellite Industry Association (SIA), the demand for broadband satellites is expected to grow at a CAGR of 29% by 2024.
- The defense & security segment accounted for a revenue share of over 27% in 2021 as small satellites help in enhancing operational support to military forces.
Nanosatellite and Microsatellite Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Key Companies Profile & Market Share Insights
Nanosatellite and microsatellite have witnessed substantial growth in terms of spacecraft development, building, and launches over the past decade. The CubeSat concept enabled companies to find a different role in satellite design compared to their traditional roles.
Some prominent players in the Nanosatellite and Microsatellite market include
- Dauria Aerospace
- GomSpace
- Innovative Solutions in Space (ISIS)
- Sierra Nevada Corporation (SNC)
- Spire Global, Inc.
- SpaceQuest Ltd.
- Surrey Satellite Technology Limited (SSTL)
- The Boeing Company
- Tyvak Inc.
- Vector Launch, Inc
Order a free sample PDF of the Nanosatellite and Microsatellite Market Intelligence Study, published by Grand View Research.
Browse More: https://www.grandviewresearch.com/research-insights/metaverse-market-snapshot
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