Nano & Microsatellite Market: Current Analysis and Forecast (2024-2032)

Nano & microsatellites are smaller satellites orbiting around the earth with an aim to deliver earth observation, satellite communication, navigation, etc. These satellites are of smaller size as nanosatellites ranging between 1 to 10 kg and microsatellites ranging between 10 kg to 100 kg. These satellites are highly cost-effective for limited time-period operations such as earth observation, telecommunications, scientific research, and technology demonstration.

The Global Nano & Microsatellite market was valued at USD 2,906.21 million in 2023 and is expected to grow at a strong CAGR of around 20.11% during the forecast period (2024-2032). One of the factors that has been majorly attributed to market growth is the increasing focus on earth observation through nano and microsatellites. As these satellites offer a balance between cost and performance for a wide range of applications such as satellite navigation constellation or satellite communication, the satellite types have become a lucrative choice.

For instance, in 2021, Poland announced the launch of its first microsatellite, focusing on providing services related to earth observation. The satellite named Eagle Eye, a 50 kg, is based on the HyperSat microsatellite platform in development by Creotech Instruments.

In another instance, Greece announced an investment of USD 70 million in an earth observation microsatellite constellation. In 2023, three companies, OHB Hellas, Thales Hellas, and SITAEL Hellas, were all selected for the study phase of the project's development.

The demand for nano and microsatellites is further anticipated to be supported by a focus on satellite-based communication services. These satellites are launched by government and private organizations to establish/provide broadband communication in targeted areas. For instance, in 2023, Satellite Technology and Research Center (STAR) Singapore announced the launching of its Luminite-4 microsatellite from Satish Dhawan Space Center India. The satellite would offer a satellite-based high-performance VHF Data Exchange System (VDES), which will considerably improve maritime communications and traffic management and analytics.

Apart from this, advances in the miniaturization of electronics and propulsion technologies have enabled satellite manufacturers to develop smaller satellites in the nano and micro categories with similar functionality and reduced costs to a considerable degree. Additionally, this reduced size has also led the university and smaller research organizations to develop and deploy satellites with a targeted approach to perform experiments through satellite earth observation and communication capabilities.

Based on the application, the global Nano & Microsatellite market is segmented into communication, earth observation, navigation, space observation, and others. Of these earth observation categories, the printer has grabbed the major market share due to extensive government and private sector investment in the category. Many countries have dedicatedly allocated budgets for earth observation. The US is one of the leading countries among these as a dedicated budget for space missions and earth observation is allocated to the Department of Space, which has seen a consistent increase in recent years.

Based on Orbit class, the global Nano & Microsatellite market has been segmented into Geostationary Earth Orbit (GEO), Low Earth Orbit (LEO), and Medium Earth Orbit (MEO). Of these, the Low-earth orbit segment has held the major market share among all. Some of the key factors that have contributed to the growth of the category are vast application in earth observation, remote sensing, scientific research, communication, and use as a technology demonstrator. This segment is also extensively used in navigation satellite constellations such as GPS, Gallelio, IRNSS, etc. With the miniaturization of satellites, the category has been promulgated and is further anticipated to exhibit rapid growth in the coming years.

For a better understanding of the market adoption of Nano & Microsatellites, the Global Nano & Microsatellite market is analyzed based on its worldwide presence in regions such as North America, Europe, Asia-Pacific, and the Rest of the World. Of these, the North American region held the largest share in 2023. North America has a sizeable aerospace industry, and it is looking forward to comprehensively supporting research & development around space launch and its challenges and potential technological solutions. Additionally, the region is home to some of the largest manufacturers of commercial and military jets and aerospace crafts across the globe. Considering the vast volume of production, the region is further anticipated to dominate the demand for Nano & Microsatellite in the coming period.

Some of the major players operating in the market include Astrocast, Axelspace Corporation, Capella Space Corp., China Aerospace Science and Technology Corporation, German Orbital System, GOMSpace ApS, ICEYS Ltd, LeoStella LLC, Planet Lab PBC, L3harris Technologies.