Chicago, March 16, 2023 (GLOBE NEWSWIRE) -- The global Nanosatellite and Microsatellite Market size is expected to grow from USD 2.8 billion in 2022 to USD 6.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 19.3% during the forecast period, according to a new report by MarketsandMarkets™.
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Scope of the Report
| Report Metrics | Details |
| Market size value in 2022 | USD 2.8 Billion |
| Revenue forecast in 2027 | USD 6.7 Billion |
| Growth rate | CAGR of 19.3% |
| Market size available for years | 2016–2027 |
| Base year considered | 2020 |
| Forecast period | 2022–2027 |
| Segments covered | Component (Hardware, Software), Application, Type (Nanosatellite, Microsatellite), Organization Size, Vertical (Government, Civil, Commercial), Orbit, Frequency and Region |
| Geographies covered | North America, Europe, APAC, Latin America, and MEA |
| Companies covered | 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). |
The growth of the Nanosatellite and Microsatellite Market can be attributed to several factors, such as the proliferation of LEO-based services to connect remote regions. Recently, billions of dollars have been invested in a new generation of satellites that orbit the Earth at a low altitude. These LEO satellites better connect remote and inaccessible regions. The demand for LEO-based services, availability of funding, the high-speed broadband, growth of governments in industrialized countries, and demand for low-cost broadband among consumers in less developed countries are driving the market for nanosatellites and microsatellites. These market drivers inspire investments in smallsat-based LEO constellations.
The scope of this report covers the study which provides an analysis of the global Nanosatellite and Microsatellite Market based on contemporary market trends and developments and its potential growth from 2017 to 2027. The global Nanosatellite and Microsatellite Market is categorized based on component, type, organization size, orbit, application, frequency, vertical, and region. The market size is estimated based on the approximation of the market shares of major vendors in the Nanosatellite and Microsatellite Market. The market size is constructed from 2022-2027, considering 2021 as the base year.
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The space industry is shifting toward a future with large constellations of nanosatellites and microsatellites efficient for delivering all types of services ins large geographical areas or across the globe. These satellites find major applications in biological experiments, communication, agriculture, navigation and mapping, education, scientific research, exploration, and earth observation. Government support and growing investments are the key factors boosting the launch of nanosatellites and microsatellites.
Market Players
Key and innovative vendors in the Nanosatellite and Microsatellite Market are 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).
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