Nanosatellite and Microsatellite Market to reach $8.69 billion by 2030, growing at a CAGR of 14.9%

the global nanosatellite and microsatellite industry was accounted for $2.23 billion in 2020, and is expected to reach $8.69 billion by 2030, growing at a CAGR of 14.9% from 2021 to 2030.

Major determinants of the market growth

Increase in production and launch of CubeSats and smaller size and weight of nanosatellite and microsatellite than conventional satellites have boosted the growth of the global nanosatellite and microsatellite market. However, stringent government regulations and limitations of small satellites regarding payload accommodation hinder the market growth. On the contrary, rise in demand for satellite data and increase in demand for nanosatellites and microsatellites from the commercial sector are anticipated to pave the way for multiple opportunities in the industry.

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Small size and weight in comparison with conventional satellites and rise in manufacturing and launch of CubeSats are expected to drive growth of the nanosatellite and microsatellite market. However, limitations of small satellites regarding payload accommodation and stringent government regulations restrains the market growth. Moreover, increase in demand for nanosatellites and microsatellites from the commercial sector and increase in demand for satellite data are projected to offer lucrative growth opportunities for the market players.

COVID-19 scenario-

The pandemic impacted the space sectordue to imposed lockdown and various manufacturing projects were delayed or cancelled.
Due to several regulations on import-export activitiesto curb the spread of COVID-19, there was shortage of raw materials, which affected the manufacturing activities. In addition, small companies suffered due to decreased demand for satellite components.
Nations around the globe lowered their space program budgets to help fund pandemic response and recovery efforts, which in turn, impacted the growth of the nanosatellite and microsatellite sector.
However, owing to increased participation from private players and growing mission capabilities, the market is likely to witness increased developments and launches of small satellites.

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North America dominates the market, in terms of revenue, followed by Europe, Asia-Pacific, and LAMEA. The U.S. dominated the global nanosatellite and microsatellite market share in North America in 2020, owing to increase in R&D activities; technological developments by key players; rapid adoption of innovative technologies in making reliable, long-lasting, and efficient nanosatellite and microsatellites. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to rise in manufacturing and launch of nanosatellites and microsatellites across several Asian nations, for instance, China, India, Japan, and South Korea.

The key players that operate in the global nanosatellite and microsatellite market include AAC Clyde Space AB, Astro Digital, Gomspace, L3Harris Technologies, Inc., Lockheed Martin Corporation, Planet Labs Inc., Sierra Nevada Corpporation, Surrey Satellite Technology Ltd., Swarm Technologies Inc., and Tyvak Nano-Satellite Systems, Inc.

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