Global Nanosatellite and Microsatellite Market to Grow at a (CAGR) of 20.3% during the Forecast Period 2022-2030

Sep-2022 | IT & Telecommunications

As specified in our exclusive report, the global nanosatellite and microsatellite market is projected to reach USD 8.4 billion by 2030.

The rising commercial sector coupled with the low cost associated with these satellites is driving the market and increasing demand for earth observation services in various sectors such as agriculture, energy, civil engineering, oil and gas, and defense. The growing pace of Earth observation, space exploration, and communications has propelled the market for nanosatellites and microsatellites to an all-time high. The demand for nanosatellites and microsatellites in space science is expected to expand endlessly.

Satellites are used for a variety of purposes, including earth observation/remote sensing, communications, medical training, scientific analysis, biological research, identification, and much other security, surveillance, industrial, political, and government purposes. Continued miniaturization developments in technologies such as sensors and increasing satellite deployments are driving the sector.

In July 2021, Surrey Satellite Technology Limited launched its first geostationary satellite platform Eutelsat Quantum. Lockheed Martin launched GPS III Space vehicle 05 in June 2021 which is the latest next-generation GPS III satellite.

The launch of small satellites by large vehicles has recently proved to be quite difficult, and as a result, there is an increasing demand for the production of small launch rockets. Traditionally, smaller satellites were being deployed as secondary payloads for larger satellites, resulting in the launch and cost limitations. To meet these cost limits, small satellite rockets (SSLVs) have been produced. Small satellite technology continues to evolve, and the latest technologies such as artificial intelligence (AI) and robotics can be integrated to improve functionality and reduce the disadvantages of reducing device mass.

The largest market share in the nanosatellites and microsatellites market is in North America, especially the US. To capitalize on the growing demand, several major companies in the USA, willing to expand their operations in other regions after growth in North America are Europe, Latin America, Asia-Pacific, and the Middle East and Africa.

Some of the Key Players in the global nanosatellites and microsatellites market are:

AAC Clyde Space AB, Astro Digital, L3HARRIS TECHNOLOGIES, INC., GOMSPACE, LOCKHEED MARTIN CORPORATION, Surrey Satellite Technology Ltd., PLANET LABS INC, SIERRA NEVADA CORPORATION, Swarm Technologies, Inc., Tyvak Nano-Satellite Systems, Inc.

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