SAN FRANCISCO, Sept. 7, 2022 /PRNewswire/ — The global nanosatellite and microsatellite market size is expected to reach USD 13.89 billion by 2030, growing at a CAGR of 23.3% from 2022 to 2030, according to a new report by Grand View Research, Inc. The upsurge in Earth observation missions and the development of Small Satellite Launch Vehicles (SSLVs) are expected to propel the growth of the market. For instance, in February 2022, EOS-04, an Earth observation satellite, was launched into a sun-synchronous polar orbit by India’s Polar Satellite Launch Vehicle PSLV-C52. The satellite weighs 1,710 kg and provides high-quality photographs.
Key Industry Insights & Findings from the report:
- The nanosatellites segment is expected to grow at a significant CAGR over the forecast period. The progression toward low-cost satellite-based internet services is enabling a transition toward the adoption of these satellites.
- The Earth observation/remote sensing segment growth can be attributed to the development of low-mass and low-power navigation sensors for small satellites, which provides impetus to new remote sensing and Earth observation missions.
- The civil segment is expected to grow at a CAGR of more than 24% over the forecast period as the commercialization of small satellites introduces academic institutions and research organizations to the space technology.
- Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period owing to increased nanosatellite launches by various academic institutions and increased government support for developing space programs.
Read 128 page market research report, “Nanosatellite And Microsatellite Market Size, Share & Trends Analysis Report By Mass, By Application (Communication & Navigation, Scientific Research), By End Use, By Region, And Segment Forecasts, 2022 – 2030“, published by Grand View Research.
Nanosatellite And Microsatellite Market Growth & Trends
The emerging role of small satellites in the telecom sector has enabled telecom providers to accelerate 5G deployment globally, in addition to creating market opportunities for the satellite communication (Satcom) industry stakeholders. Developing small satellites for 5G deployment can particularly benefit in the form of wide-area coverage, cost-effectiveness, and reliability. Latest technologies such as new solar panel cell technology and star tracker technology are allowing providers of small satellites to strengthen their position in the broader satellite industry.
For instance, in January 2022, Sateliot, a nanosatellite and telecommunications operator based in Spain, signed a Memorandum of Understanding (MoU) with the European Space Agency, an intergovernmental organization of 22 member countries devoted to space exploration, to assess, develop, and enforce innovative products, technologies, and services with space capability using 5G. The company intends to invest approximately 100 million Euros in launching a fleet of 20 nanosatellites for 5G network design, mixed terrestrial space networks, spectrum exchange, and spectrum management.
The growth of the communications sector and the continued adoption of Internet of Things (IoT) are expected to create growth opportunities in the market. The continued adoption of IoT would particularly encourage start-ups to launch their small satellites. For instance, Hiber launched its first nanosatellite in 2019 to deliver internet connectivity to remote locations using a Hiberband modem and support potential IoT projects globally. In November 2021, Fleet Space Technologies Pty Ltd acquired USD 26 million in Series B funding to accelerate the development of its nanosatellite internet of things connectivity fleet.
The IoT nanosatellite fleet facilitates two-way communications in rural locations with inadequate mobile phone and broadband connectivity. Government support is the key factor encouraging companies to launch nanosatellites and microsatellites for communication and navigation, Earth observation, and remote sensing applications. However, frequent delays in satellite launches are leading to skepticism. Nevertheless, independent launch vehicles are being developed and low-cost sensors are being manufactured by the key companies, which is expected to help overcome the growth barriers.
Nanosatellite And Microsatellite Market Segmentation
Grand View Research has segmented the global nanosatellite and microsatellite market based on mass, application, end-use, and region:
Nanosatellite and Microsatellite Market – Mass Outlook (Revenue, USD Million, 2017 – 2030)
- Nanosatellites
- Microsatellites
Nanosatellite and Microsatellite Market – Application Outlook (Revenue, USD Million, 2017 – 2030)
- Communication & Navigation
- Earth Observation/Remote Sensing
- Scientific Research
- Technology & Academic Training
Nanosatellite and Microsatellite Market – End-use Outlook (Revenue, USD Million, 2017 – 2030)
- Government
- Defense & Security
- Commercial
- Civil
Nanosatellite and Microsatellite Market – Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Middle East & Africa
List of Key Players in the Nanosatellite and Microsatellite Market
- Dauria Aerospace
- GomSpace
- Innovative Solutions in Space (ISIS)
- Sierra Nevada Corporation (SNC)
- Spire Global, Inc.
- SpaceQuest Ltd.
- Surrey Satellite Technology Limited (SSTL)
- The Boeing Company
- Tyvak Inc.
- Vector Launch, Inc
Check out more related studies published by Grand View Research:
- Satellite Payloads Market – The global satellite payloads market size is expected to reach USD 21.8 billion by 2025, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 7.9% over the forecast period, owing to Increased government spending in space exploration activities is expected to boost the market growth over the forecast period.
- Satellite Data Services Market – The global satellite data services market size is anticipated to reach USD 36.9 billion by 2027, exhibiting a CAGR of 27.9% over the forecast period, according to a new report published by Grand View Research, Inc. Rising trend of privatizing the space among companies is expected to drive the growth. Extensive privatization is expected to offer satellite imagery adopters with much deeper and valuable spatial imagery insights, thus facilitating more intelligent decision making. Additionally, privatization of space facilitates higher competition amongst companies to develop new space technologies, which is expected to facilitate more rapid growth in the field of space technology.
- Network Slicing Market – The global network slicing market size is anticipated to reach USD 12.48 billion by 2030, registering a CAGR of 50.7% over the forecast period, according to a new report by Grand View Research, Inc. A network slice is a concept of creating several virtual networks on shared multi-domain infrastructure and comprises various state-of-the-art technologies based on open-source community and standardization. It is an independent end-to-end network and includes dedicated or shared resources capable of providing service quality. Each network slice specifies full network functionality comprising core network functions and radio access network functions. An assembly of systems/platforms is required to create and manage a sliced virtual network inclusive of well-designed tools and mechanisms. Network slicing solution provides customized network services to meet the service provider’s requirements utilizing limited network resources.
Browse through Grand View Research’s Communication Services Industry Research Reports.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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