PUBLISHER: The Business Research Company | PRODUCT CODE: 1409626
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409626
“Nanosatellite And Microsatellite Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on nanosatellite and microsatellite market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for nanosatellite and microsatellite? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The nanosatellite and microsatellite market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Nanosatellites and microsatellites (NaM) are miniaturized artificial satellites with weights ranging from 1 to 100 kilograms. These satellites orbit the Earth in polar (circular or elliptical) orbits and are typically launched at low altitudes. They travel at high speeds, providing effective solutions for communication, remote sensing, and Earth observations.
The primary components of nanosatellites and microsatellites include launch services, hardware, software and data processing, and space services. Launch services involve the process of placing satellites into their designated orbits, and they play a critical role in the initial stages of launching nanosatellites and microsatellites into space. Nanosatellites typically weigh between 1 kg and 10 kg, while microsatellites weigh between 11 kg and 100 kg. These satellites find applications in various fields such as communication, reconnaissance, scientific research, Earth observation and remote sensing, biological experiments, academic training, technology demonstration and verification, mapping, and navigation. They are utilized by major verticals including government, defense, maritime and transportation, civil sectors, commercial enterprises, energy, and infrastructure.
The nanosatellite and microsatellite market research report is one of a series of new reports from The Business Research Company that provides nanosatellite and microsatellite market statistics, including nanosatellite and microsatellite industry global market size, regional shares, competitors with a nanosatellite and microsatellite market share, detailed nanosatellite and microsatellite market segments, market trends and opportunities, and any further data you may need to thrive in the nanosatellite and microsatellite industry. This nanosatellite and microsatellite market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The nanosatellite and microsatellite market size has grown rapidly in recent years. It will grow from $2.53 billion in 2023 to $3.02 billion in 2024 at a compound annual growth rate (CAGR) of 19.4%. The expansion observed in the historical period can be attributed to emerging market opportunities, academic and research initiatives, the use of nanosatellites and microsatellites for earth observation and remote sensing, government initiatives and funding in the space sector, and the growth of the commercial space industry.
The nanosatellite and microsatellite market size is expected to see rapid growth in the next few years. It will grow to $5.89 billion in 2028 at a compound annual growth rate (CAGR) of 18.2%. The anticipated growth in the forecast period can be attributed to emerging market verticals, supportive government policies, space exploration initiatives, the increasing prevalence of small satellite constellations, and the expansion of earth observation capabilities. Key trends expected during this forecast period include the rise of small satellite constellations, advancements in miniaturization technologies, expanding communication capabilities for nanosatellites and microsatellites, growth in space science missions, and innovations in propulsion systems.
The growth of the nanosatellite and microsatellite market is significantly propelled by the increase in space exploration missions. Space exploration missions involve exploring the cosmos beyond Earth's atmosphere through crewed and uncrewed spacecraft. Nanosatellites and microsatellites, designed for specialized tasks such as Earth observation, telecommunications, and meteorology, play a crucial role in these missions. Governments worldwide are expanding their space programs, and the utilization of small satellites is aiding in the successful execution of these missions. For example, a report by Seed Scientific in November 2021 revealed that a total of 8,378 flying objects have been launched into space. Additionally, there is an anticipated ongoing rise in NASA's annual budget for space exploration until 2023. Thus, the surge in space exploration missions is a key driver of the nanosatellite and microsatellite market.
The expected growth of the nanosatellite and microsatellite market is further fueled by the increase in international trade activities. International trade involves the exchange of goods, services, and capital across borders, encompassing buying and selling between different countries. In the context of international trade, nanosatellites and microsatellites offer advantages such as cost-effectiveness, rapid deployment, global connectivity, Earth observation, precision agriculture, navigation support, supply chain monitoring, market intelligence, and emergency response capabilities. As of November 2023, the U.S. Census Bureau reported that U.S. exports in March 2023 totaled $256.2 billion, indicating growth from the previous month. Consequently, the rise in international trade activities is contributing to the growth of the nanosatellite and microsatellite market.
A key trend gaining momentum in the nanosatellites and microsatellites market is technological advancements. Major companies in this market are actively focusing on advancing technologies to strengthen their market position. For instance, in April 2022, Space Exploration Technologies Corp. (SpaceX), a U.S.-based aerospace manufacturer and space transportation company, launched a modular microsatellite named MP42. Representing one of the industry's first commercially available modular microsatellite buses, the MP42 satellite is the largest satellite manufactured and launched by NanoAvionics to date. It is part of a ridesharing mission carrying various payloads, including the RW500 fully integrated reaction wheel from VeoWare and the Tiger-3 from OQ Technology.
Innovative product development, such as tiny satellites, is a strategic focus for major companies in the nanosatellites and microsatellites market to drive revenue. Tiny satellites, constructed with off-the-shelf technologies, are designed to be inexpensive and lightweight. For example, in March 2021, Rocket Lab Ltd., a New Zealand-based aerospace manufacturer and small satellite launch service provider, launched seven tiny satellites into Earth's orbit. The mission aimed at safe satellite deployment and rocket recovery, marking a significant milestone in their reusable rocket program by successfully recovering the booster from the ocean.
In August 2021, Phantom Space Corporation, a U.S.-based startup in space transportation and rocket manufacturing, acquired Micro Aerospace Solutions to advance the production and distribution of its space transportation technology. Micro Aerospace Solutions specializes in microsatellites, thruster design, propulsion systems, and attitude control systems for spacecraft. This strategic acquisition positions Phantom to further its goals in space transportation technology.
Major companies operating in the nanosatellite and microsatellite market report are Dauria Aerospace, GomSpace Group AB, Innovative Solutions In Space (ISIS), Sierra Nevada Corporation, Spire Global Inc., SpaceQuest Ltd., Survey Satellite Technology Limited, Tyvak Nano-Satellite Systems Inc., AAC Clyde Space AB, Lockheed Martin Corporation, Planet Labs PBC, L3Harris Technologies Inc., Axelspace Corporation, Astro Digital Inc., Berlin Space Technologies, Northrop Grumman Corporation, Raytheon Technologies Corporation, Dynetics Inc., RUAG Group, Swarm Technologies Inc., Blue Canyon Technologies Inc., China Aerospace Science and Technology Corporation, Spaceflight Industries Inc., ECM Space Technologies GmbH, TriSept Corporation, SpaceWorks Enterprises Inc., NanoAvionics Inc., Kepler Communications Inc., Pumpkin Inc., Nanoracks LLC .
North America was the largest region in the nanosatellite and microsatellite market in 2023. The regions covered in the nanosatellite and microsatellite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the nanosatellite and microsatellite market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The nanosatellite and microsatellite market consists of sales of on-board computer (OBC), electrical power subsystem (EPS), and communication subsystem. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.