Global Nano satellite Market Size to Reach USD 1,937.99 Million in 2032 | Emergen Research

Vancouver, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The global nano satellite market size was USD 220.4 Million in 2020. Increase in number of space exploration missions in recent years, lower cost of launching as compared to conventional satellites, and rise in investment by key market players are major factors driving market revenue growth.

Advancements in satellite miniaturization coupled with development and deployment of more innovative technologies are other key factors expected to drive revenue growth of the market during the forecast period. Nano satellites are equipped with advanced devices such as accelerometer, which helps to measure speed of the satellite, and magnetometer, which provides a compass reading and detects magnetic fields. Nano satellites are also mounted with gyroscope, which measures and maintains orientation and angular velocity satellite, and a barometer to detect pressure, among others. These technologies enable nano satellite resources to work efficiently. Furthermore, rapid escalation in production and launch of nano satellites is expected to drive market revenue growth over the forecast period.

Stringent government regulation is a major factor restraining growth of the global nano satellite market. Nano satellites often rideshare, either by secondary payloads on rockets for launching the large satellites, or for carrying cargo to the locations such as the International Space Station (ISS). These impose various restrictions to nano satellite integration and launch schedules, including orbit destinations, and loss of flexibility for the subsystems in nano satellites.

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The global nano satellite market size is expected to reach USD 1,937.99 Million in 2032 and register a revenue CAGR of 20.4% over the forecast period, according to the latest report by Emergen. Increasing adoption of miniaturization technologies across civil, commercial, and military sectors, and increasing initiatives of academic institutions, private companies, and space agencies to launch new nanosatellite missions are key factors driving global nano satellite market revenue growth.

The COVID-19 pandemic had an adverse effect on market growth. Lack of funds from private investors and government along with technological challenges have resulted in slow development of nano satellites. The COVID-19 pandemic had led to implementation of stringent lockdown regulations across several countries, which resulted in disrupted supply chain of aeronautical parts and delayed the launch of various satellites. However, many large companies have been able to recover after the pandemic; however small and medium size enterprises are still in the process.

Advancements in satellite technologies such as advanced ground systems, in-orbit services, advanced payload systems, and others is boosting growth of the nano satellite market. Advancements in tracking, telemetry, and command-to-control satellites is making ground systems a top satellite technology trend. Ground stations use Radiofrequency (RF) communication terminals, electronically steered, and phased-array antennas to track satellites with minimal human intervention. Moreover, increase in satellite constellations requires modern inter-satellite links for coordination of constellation movement. For this, smart RF and optical communication technologies are used for better in-orbit relays in upstream and downstream data transfer. This innovation will prove very useful in boosting development of nano satellites.

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Scope of Research

MAJOR COMPANIES and Competitive Landscape

Global nano satellite market is consolidated, with few large, medium, and small-sized companies accounting for majority market revenue. Established companies are engaged in various research and development activities and initiatives to develop and deploy new and more efficient products in the nano satellite market. Some major companies included in the global market report are:

• ACC Clyde Space
• GomSpace A/S
• ISISPACE Group
• Israel Aerospace Industries (IAI) Ltd.
• Lockheed Martin Corporation
• Alen Space
• Axelspace Corporation
• NanoAvionics
• Planet Labs PBC
• SRM Institute of Science and Technology
• Sierra Nevada Corporation
• EnduroSat
• Sky and Space Global Ltd.
• The Boeing Company.

Strategic Development

In December 2020, Raytheon Technologies completed acquisition of Blue Canyon Technologies (BCT), which is a leading manufacturer and mission service provider of small and nano satellites. Raytheon Technologies is an aerospace company, providing advanced systems and services to commercial, military, and government customers across the globe. With this acquisition, Raytheon Technologies can expand its product line and include nanosatellites, microsatellites, and other related technologies.

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Some Key Highlights From the Report

• 1kg-3kg segment accounted for moderate revenue share in 2020 and is expected to register rapid growth rate over the forecast period. The cost of launching nano satellites is much lower as compared to conventional satellites owing to lighter weights and smaller size.
• Communication segment accounted for largest revenue share in 2020 and is expected to register fastest growth rate over the forecast period. Nano satellite communicate using radio waves. Signals received from  Earth and retransmitted with the help of a transponder, which acts as an integrated radio signals receiver and transmitter.
• Commercial segment accounted for significantly large revenue share in 2020 and is expected to register rapid growth rate over the forecast period owing to increasing use for applications such as communication, voice and video data, video chats, and others.

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Emergen Research has segmented the global nano satellite market on the basis of mass, application, end-use, and region:

• Mass Type Outlook (Revenue, USD Billion; 2019–2032)
  • • • • 1kg-3kg Nano Satellite
        • 4kg-6kg Nano Satellite
  • 7kg-10kg Nano Satellite
• Application Outlook (Revenue, USD Billion; 2019–2032)
  • • • • Communication
        • Earth Observation and Remote Sensing
        • Scientific Research
        • Biological Experiments
        • Technology Demonstration and Verification
        • Academic Training
        • Mapping and Navigation
  • Space Exploration
• End-use Outlook (Revenue, USD Billion; 2019–2032)
  • • • • Government
        • Civil
        • Commercial
        • Military
        • Academic
        • Others
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. U.K.
    3. France
    4. Spain
    5. BENELUX
    6. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. Israel
    4. Rest Of MEA

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