New York,US, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Nano And Micro Satellite Market Overview
Market Research Future (MRFR) 's report highlights Nano and Micro Satellite Market Information By Component, Mass, Application, End User, And Region - Forecast till 2030"; the market will reach USD 8.69 Billion by 2030 at a 14.9% CAGR.
Market Synopsis
Miniature man-made spacecraft known as microsatellites and nanosatellites are used in orbit for several reasons, including obtaining information about the earth and space. The total mass of these satellites is used to classify them. Microsatellites and nanosatellites are used for various reasons, including commercial, communication, and space research, and are less expensive than regular satellites. With the availability of massive constellations of nanosatellites and microsatellites, the space industry is advancing and moving toward the future. These can offer all kinds of services in both large and small geographic areas, as well as globally. Commercial businesses can collect data from nano- and microsatellites and disseminate it at more affordable rates. The number of potential space missions has increased due to these satellites' low prices. Additionally, streamlined design and development make it possible to include cutting-edge technology like robots and artificial intelligence (A.I.) in small satellites.
These satellites are used for internet connectivity, video chat, and other voice, data, and video communication. The affordability of nano- and micro-satellites is one of their main advantages. The market for nano- and micro-satellites is predicted to expand as a result. These satellites are used for various purposes, including scientific research, earth observation, communication, agriculture, navigation and charting, education, and scientific experimentation. Due to their shorter development times, lighter weight, superior ability to do complicated computer tasks, and lower launch costs, these satellites are in higher demand. Due to their straightforward and expedient manufacturing and design requirements, small satellites are experiencing ongoing technological improvements.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 8.69 Billion |
| CAGR | 14.9% (2020-2030) |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Component, Mass, Application, End User, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, the Middle East & Africa and Latin America |
| Key Market Drivers | Increasing investments in nano- and microsatellite technology and space technology developments |
Market Competitive Landscape:
The important companies in the nano and microsatellite market are:
- L3Harris (U.S.)
- Axelspace (Japan)
- Alen Space (Spain)
- Dauria Aerospace (Russia)
- Swarm (U.S.)
- RUAG Space (Switzerland)
- Millennium Space Systems (U.S.)
- Raytheon (U.S.)
- Astrocast (Switzerland)
- Sierra Nevada Corporation(US)
- AAC Clyde Space (Scotland)
- GAUSS (Italy)
- Excolaunch (Germany)
- Spire Global (U.S.)
- SpaceQuest (U.S.)
- EnduroSat (Bulgaria)
Market U.S.P. Covered:
Market Drivers:
Both nano- and micro-satellites conserve many resources. Small size and weight satellites have seen an increase in popularity since their beginnings as a result of this helping to remove barriers to reaching and exploring space. Small launch vehicles are in higher demand due to the difficulty of launching small satellites from big vehicles in recent years. Small satellites were previously launched alongside larger satellites as an auxiliary payload, which raised launch and financial constraints. Other factors predicted to boost the global market in the next years include increasing investments in nano- and microsatellite technology and space technology developments.
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The creation of Small Satellite Launch Vehicles results from the increased requirement for small launch vehicles that can transcend these financial limitations (SSLVs). The market for nanosatellites and microsatellites is anticipated to develop due to increased production and launch rates and their smaller size and weight than conventional satellites. In the upcoming years, the worldwide nanosatellite & microsatellite market is expected to be driven by increased demand for satellites in various applications and increasing Internet access for regions lacking broadband satellite coverage. Additionally, it is anticipated that rising commercial demand for nano- and microsatellites and growing preference for satellite data would provide the industry with lucrative growth possibilities.
Market Restraints:
The payload capacity restrictions of tiny satellites and strict government regulations impede industry expansion. In the coming years, it is anticipated that concerns about space debris and a shortage of dedicated launch vehicles for small satellites will both hinder the worldwide market. Another significant factor anticipated to constrain the global market shortly is the implementation of laws and regulations on the number of satellites launched.
COVID 19 Analysis
The COVID-19 pandemic hurt the space sector, which resulted in the cancellation or delay of numerous nanosatellite and microsatellite-related projects. The COVID-19 pandemic's negative effects have caused delays in global operations and projects aimed at creating cutting-edge nanosatellites and microsatellites. Due to fewer orders for various satellite parts or components, small businesses were most negatively impacted. To help pay for pandemic response and recovery efforts, nations worldwide cut their funds for space programs, which impacted the expansion of the nanosatellite and microsatellite sectors. However, the nanosatellite and microsatellite markets are seeing more development and launches of small satellites despite the negative effects of COVID-19, the expanding engagement of private actors, and the expansion in mission capabilities. Furthermore, a widespread lockdown led factories that make parts to halt production entirely or partially.
Market Segmentation
By application, the market includes scientific research, communication, academic training, biological experiment, mapping and navigation, earth observation and remote sensing, technology demonstration, and verification & reconnaissance. The market includes hardware, software data processing, service, and launch service by component. By mass, the market includes 1 kg-10 kg and 11 kg-100 kg. By end user, the market includes government, defense, commercial, civil, maritime transportation, and energy infrastructure.
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Regional Insights
North America is expected to account for a sizable portion of the global market during the forecast period. Due to the U.S.'s increasing participation, the market in the area is predicted to increase significantly over the next few years. Other important variables anticipated to influence the market in North America in the near future include well-established space research universities and organizations and improved technologies that are anticipated to facilitate space research. In addition, it is predicted that Asia-Pacific will present attractive chances for the nano- and microsatellite market in the next years.
As economies in the region, including Japan and India, continue to launch tiny satellites for navigation and communication reasons actively, the Asia-Pacific is expected to emerge as the regional market with the quickest rate of growth. To fulfill the demand for miniaturization, Japan is researching solutions to meet the demand for small satellites and airplanes. In addition, nations like Singapore and South Korea have entered the market for small satellite production to launch their payloads into orbits regardless of the scale of implementation.
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