GLOBAL NANOSATELLITE AND MICROSATELLITE MARKET OPPORTUNITIES AND FORECAST 2022-2032- Global nanosatellite and microsatellite Market size is expected to grow USD 2.82 billion in 2022 to USD 16.7 billion by 2032-GomSpace (Denmark), Lockheed Martin (US), L3H

GLOBAL NANOSATELLITE AND MICROSATELLITE MARKET OPPORTUNITIES AND FORECAST 2022-2032- Global nanosatellite and microsatellite Market size is expected to grow USD 2.82 billion in 2022 to USD 16.7 billion by 2032

Small size and weight in comparison with conventional satellites
Nanosatellites and microsatellites save significant resources. This aids in the removal of hurdles to accessing and exploring space, resulting in a surge in the popularity of small size and weight satellites since their inception. In addition, depending on the requirements, a small satellite (nanosatellite or microsatellite) may be built and placed in orbit at lower costs when compared to the cost of conventional satellites. Apart from the advantages of lower weight and size, the major advantage of small satellites is the brief time it takes to develop them. While a traditional or large satellite takes 5 to 15 years to develop and deploy in orbit, a nanosatellite could be developed and launched in the desired orbit in less than 8 months.

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Key players are mentioned as below-

GomSpace (Denmark), Lockheed Martin (US), L3Harris (US), Sierra Nevada Corporation (US), AAC Clyde Space (Scotland), Planet Labs (US), Surrey Satellite Technology (UK), Northrop Grumman (US), OHB SE (Germany), Tyvak (US), Raytheon Intelligence and Space (US), Pumpkin Space Systems (US), Beyond Gravity (Switzerland), Millennium Space Systems (US), Exolaunch (Germany), Axelspace (US), Nanoavionics (US), GAUSS (Italy), Spire Global (US), Dauria Space (Russia), C3S (Hungary), Swarm (US), Alen Space (Spain), Satlantis (Spain), Dhruva Space (India), Astrocast (Switzerland), Kepler Aerospace (India).

Opportunity: Increase in space exploration missions
According to Euroconsult, government funding in space exploration is expected to surpass USD 20 billion by 2027. There will be a boost in public and private initiatives in space exploration in future years with a converging global interest in Moon exploration. Global government investments in space exploration totaled USD 14.6 billion in 2017

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Rise in manufacturing and launch of CubeSats
CubeSats, a subset of nanosatellites, are defined by the CubeSat Design Specification (CSD), unofficially called the CubeSat standard. CubeSats are manufactured according to standard measurements, in units or U of 10 cm x 10 cm x 10 cm. They are usually built in the formation of 1U/2U/3U/6U/12U or other in size, and usually weigh less than 1.33 kg per unit. Making small satellites as per the CubeSat standards result in the cutting of costs associated with the research and technical development stages, which has resulted in a sharp increase in the popularity of CubeSats since its introduction. Moreover, depending on the specifications, a CubeSat can be manufactured and positioned in orbit, which accounts for a small part in total costs as compared with the costs of involved with the conventional satellite missions. Such benefits associated with CubeSats are anticipated to drive the growth of the global nanosatellite and microsatellite market during the forecast period.

Limitations of small satellites regarding payload accommodation
Nanosatellite and microsatellite are low-cost substitutes for traditional satellites that are increasingly being launched into orbit for several scientific research and commercial applications. Nanosatellites and microsatellites are built in a fraction of the time and cost of larger satellites, reducing the reliance on deployable structures and complex mechanisms. On the other hand, nanosatellites and microsatellites have their own set of limitations. The ability of small satellites to conduct a range of missions is limited by their payload capacity.

Increase in demand for nanosatellites and microsatellites from the commercial sector
Satellite manufacturers' intense emphasis on lowering the cost of small satellites has aided the adoption of nanosatellites and microsatellites for offering cutting-edge services such as broadband internet, satellite TV, and other services. Nanosatellites and microsatellites can be built with reusable and low-cost hardware components and technology. Since nanosatellites and microsatellites are compact and lightweight, they do not require a specialized launch vehicle like regular satellites which further reduces launch costs by up to 40%.

Miniaturization of components and related software has prompted established private companies and small and medium-sized enterprises (SMEs) to invest in nanosatellites and microsatellites. Microelectronic innovations such as lightweight apertures, antennas, panels, trans receivers, control sensors & actuators, and multispectral imagers are expected to boost the efficiency and processing power of nanosatellites and microsatellites, while reducing the complexities associated with traditional satellites, making them easier to assemble and test. Industry leaders such as SpaceX, Virgin Galactic, and Blue Origin, are developing reusable space launch vehicles that may be used for many flights, thereby lowering the project costs involving nanosatellites and microsatellites. The increased demand for nanosatellites and microsatellites by commercial organizations presents an opportunity for the growth of the nanosatellite and microsatellite market during the forecast period.

By Component:
Hardware
Structure
Payload
Communication System
Onboard Computer
Power System
Propulsion System
Software and Data Processing
Commands and Data Handling
Attitude Determination and Control System
Space Services
Launch Services

By Type:
Nanosatellite
Microsatellite

By Organization Size:
Large enterprises
SMEs

By Application:
Communication
Earth Observation and Remote Sensing
Scientific Research
Biological Experiment
Technology Demonstration and Verification
Academic Training
Mapping and Navigation
Reconnaissance

By Orbit:
Non-Polar Inclined
Sun-Synchronous Orbit
Polar Orbit

By Vertical:
Government
Civil
Commercial
Defense
Energy and Infrastructure
Maritime and Transportation

By Frequency:
UHF-Band
VHF-Band
S-Band
X-Band
Ka-Band
Others

Click below for an Overview-

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Mass Insights
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. A nanosatellite has further revolutionized navigation and transportation capabilities, resulting in improved safety records, efficient routes, and lower operating costs.

Research organizations are developing strategies that envisage the use of smaller satellites for academic purposes and for conducting technological experiments in space. For instance, NASA's CubeSat initiative has offered opportunities to educational institutions and NGOs to collaborate in the upcoming launches of small satellites. Through such innovative technology partnerships, NASA is providing CubeSat developers a cost-efficient way to conduct scientific studies and technological demonstrations in space

End-use Insights
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. For instance, in March 2021, Open Cosmos launched two commercial nanosatellites, which demonstrated the ability of low-cost satellites to deliver IoT connectivity and data collection to remote places of the world. According to the Satellite Industry Association (SIA), the demand for broadband satellites is expected to grow at a CAGR of 29% by 2024.

Regional Insights
North America dominated the nanosatellite and microsatellite market with a revenue share of over 47% in 2021 owing to the increasing investments in space-related activities. For instance, every year, NASA allocates a specific budget for space-related activities, including science, aeronautics, space technology, exploration, and other space operations. Moreover, the rise in the demand for small satellites from different end-use sectors such as research organizations, military & defense, and telecommunications has provided an impetus to the regional market growth.

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