Newark, NJ, May 10, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global nanosatellite and microsatellite market is expected to grow from USD 1.78 billion in 2020 and to reach USD 8.21 billion by 2028, growing at a CAGR of 21.1% during the forecast period 2021-2028.
The nanosatellite and microsatellite market is witnessing significant growth in the past years. This growth is attributed to the increasing penetration of miniaturization technologies over the civil, commercial, and defense sectors. Furthermore, the increase in R&D and development of small satellites, particularly in developing regions, and the growing involvement of commercial companies, startups, and educational institutes are also propelling the market growth.
Nanosatellites and microsatellites are frequently utilized for conversation as well as for collecting real-time data. A nanosatellite is any satellite weighing in the series of 1kg & 10kgs, whereas microsatellites wherever among 10kgs & 100kgs. Nanosatellites & microsatellites circle the earth in a polar (elliptical or circular) orbit & are generally launched at cheap altitudes. The satellites are utilized for several objectives like remote sensing, earth observation, correspondence, science analysis, biological studies, identification, medical training, other protection, government, political, surveillance, and industrial objects. The recent technological progress in the field of small satellites modified communication and the area of investigation.
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The global nanosatellite and microsatellite market are expected to witness significant growth due to the increase in demand for tiny satellites in earth observation application, the surge in demand for satellite-based research activities, and the increasing need for mini-satellites to execute complicated missions like observing Earth’s orbits. Furthermore, the deployment of solar panels and star tracker technologies, reducing prices of nanosatellites has increased its application areas, and the low expense associated with the development & operations of microsatellites are also propelling the market growth. The factors restraining the market growth are the tremendous costs associated with research & adjournments in space activities, and stringent government regulations. The opportunities for market growth are the increasing number of application sites and the change in the demand for satellite imagery from non-governmental players.
Key players operating in global nanosatellite and microsatellite market include Lockheed Martin, Sierra Nevada Corporation, GomSpace, AAC Clyde Space, L3Harris, Surrey Satellite Technology, Planet Labs, OHB SE, Pumpkin, Northrop Grumman, GAUSS, NanoAvionics, Spire Global, Dauria Aerospace, Astrocast, Swarm, Axelspace, SpaceQuest, Raytheon, Excolaunch, and among others. To gain a significant market shares in the global nanosatellite and microsatellite market.
- For example, in July 2021, Surrey Satellite Technology Ltd. began its primary geostationary satellite platform Eutelsat Quantum.
Nanosatellite segment dominated the market and held the largest market share of 60.13% in the year 2020
On the basis of type, the global nanosatellite and microsatellite market is segmented into microsatellite and nanosatellite. Nanosatellite segment dominated the market and held the largest market share of 60.13% in the year 2020. This growth is attributed to the high ability to perform complicated computational tasks and its inexpensive cost, lightweight, ease of building and development.
Earth observation/remote sensing segment dominated the market and held the largest market share of 35.18% in the year 2020
On the basis of application, the global nanosatellite and microsatellite market is segmented into earth observation/remote sensing, technology and academic training, communication & navigation, and scientific research, biological experiment, and reconnaissance. Earth observation/remote sensing segment dominated the market and held the largest market share of 35.18% in the year 2020. This growth is attributed to its improved parallel computing & communication functionality and the capacity to make decisions about data & time.
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Software and data processing segment dominated the market and held the largest market share of 39.10% in the year 2020
On the basis of components, the global nanosatellite and microsatellite market is segmented into launch services, software and processing, hardware, and space services. Software and data processing segment dominated the market and held the largest market share of 39.10 % in the year 2020. This growth is attributed to the small portion of the total nanosatellite & microsatellite market. Further, this segment also involves revenues from onboard microsatellite and nanosatellite software.
Commercial segment dominated the market and held the largest market share of 28.21% in the year 2020
On the basis of vertical, the global nanosatellite and microsatellite market is segmented defense, commercial, government, civil, and others. Commercial segment dominated the market and held the largest market share of 28.21% in the year 2020. This growth is ascribed to the usage of nanosatellites & microsatellites for complex area missions like marine, earth & space observation, navigation, and among others.
Regional Segment of Nanosatellite and Microsatellite Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global nanosatellite and microsatellite market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region holds the largest market share 31.23% in the year 2020. This growth is attributed to the increasing investments in space-related activities. Additionally, the large-scale execution of nanosatellite & microsatellites in Canada and the US contributes to regional market growth. The market in the Asia Pacific is expected to witness significant growth due to the increasing development of web infrastructure and rising R&D activities. Moreover, smaller countries like Singapore & South Korea have entered the smallsat manufacture market, intending to begin their satellites within orbits irrespective of the scale of execution.
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About the report:
The global nanosatellite and microsatellite market is analysed on the basis of value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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