Press release
Nanosatellite And Microsatellite Market Size, Drivers, Trends, Competitors And Forecast 2024-2033
Nanosatellite And Microsatellite Market
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 growth in the forecast period can be attributed to emerging market verticals, government support and policies, space exploration initiatives, rise of small satellite constellations, expansion of earth observation. Major trends in the forecast period include rise of small satellite constellations, advancements in miniaturization, expanding communication capabilities, growth in space science missions, innovations in propulsion systems.
Market Overview -
Nanosatellites and microsatellites (NaM) refer to miniaturized artificial satellites that weigh between 1 and 100 kilograms. They circle the earth in a polar (circular or elliptical) orbit and are usually launched at low altitudes. These satellites travel at high speeds and offer optimum solutions for communications, remote sensing, and earth observations.
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The Surging Growth Of Nanosatellite And Microsatellite Market Fueled By Escalating Space Exploration Missions
The increase in space exploration missions is significantly driving the growth of the nanosatellite and microsatellite market. Space exploration missions refer to projects that involve exploring the realms of the cosmos beyond Earth's atmosphere using crewed and uncrewed spacecraft. Nanosatellites and microsatellites are utilized for extremely specialized tasks including Earth observation, telecommunications, and meteorology. Various governments around the world are expanding their space missions, and small satellites are assisting them in completing those missions. For instance, in November 2021, according to a report shared by Seed Scientific, a US-based provider of data innovation and analytics services, in total 8,378 flying objects have been launched into space since the beginning of time. Up until 2023, an ongoing rise in NASA's annual budget for space exploration is anticipated. Therefore, the increase in space exploration missions is driving the growth of the nanosatellite and microsatellite market.
Competitive Landscape -
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 .
Technological Advancements In Nanosatellites And Microsatellites
Technological advancements are a key trend gaining popularity in the nanosatellites and microsatellites market. Major companies operating in the nanosatellite and microsatellite market are focused on bringing advancements in technologies that strengthen their position in the market. For instance, in April 2022, Space Exploration Technologies Corp. a US-based aerospace manufacturer and space transportation company launched a modular microsatellite, MP42. The MP42 satellite is based on one of the first commercially available modular microsatellite buses in the industry, is the largest satellite that NanoAvionics has manufactured and launched to date. The satellite is intended for a ridesharing mission and is carrying several payloads, including as the RW500 fully integrated reaction wheel from VeoWare and the Tiger-3 from OQ Technology.
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Key Segments -
The nanosatellite and microsatellite market covered in this report is segmented -
1) By Component: Launch Services, Hardware, Software And Data Processing, Space Services
2) By Mass: Nanosatellites (1 kg- 10kg), Microsatellites (11kg- 100 kg)
3) By Application: Communication, Reconnaissance, Scientific Research, Earth Observation And Remote Sensing, Biological Experiments, Academic Training, Technology Demonstration And Verification, Mapping And Navigation
4) By Vertical: Government, Defense, Maritime And Transportation, Civil, Commercial, Energy And Infrastructure
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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