Nanosatellite And Microsatellite Industry Overview
The global nanosatellite and microsatellite market size was valued at USD 2.12 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) exceeding 23.3% from 2022 to 2030.
The growing demand for miniaturized satellites across multiple verticals is expected to provide an impetus to market growth. For instance, in November 2021, a Japan-based Epsilon rocket launched nine miniature satellites into orbit in the latest endeavor to encourage educational institutions and businesses to participate in space exploration.
Gather more insights about the market drivers, restrains and growth of the Global Nanosatellite And Microsatellite Market
The launch of small satellites via heavy vehicles has proved to be quite challenging over the recent years, resulting in the increased demand for small launch vehicles. Earlier, small satellites were launched as an additional payload with larger satellites, which increased launch and cost constraints. The growing demand for small launch vehicles that can overcome these cost constraints culminated in the development of Small Satellite Launch Vehicles (SSLVs).
Furthermore, low entry barriers and private and institutional funding are allowing manufacturers to aggressively develop SSLVs and capture a potential share in the nanosatellite market. For instance, in April 2022, the chairman of the Indian Space Research Organization, the national space agency of India, announced the deployment of an SSLV-D1 Micro SAT, a small satellite launch vehicle. The SSLV-D1 Micro SAT seeks to serve the industry to deploy miniature satellites into the Earth's lower orbits to meet the needs of developing economies, universities, and private enterprises.
Small satellites are witnessing continuous technological advancements owing to their simple and faster construction & design requirements. The low cost of these satellites has broadened the range of possible space missions. Moreover, simplified design and development are also allowing the integration of the latest technologies such as Artificial Intelligence (AI) and robotics in small satellites. Furthermore, these satellites are using Very High Frequency (VHF), Ultra High Frequency (UHF), and visible transmission technologies to increase the signal frequency and transfer speeds.
Nanosatellites and microsatellites are more prone to failure and do not have any major impact in terms of providing any novel and market-redefining capabilities. However, Machine Learning (ML) intelligence on various space development platforms is contributing to ensuring efficient communications, improving spacecraft reliability, ensuring efficient computing capabilities, and enhancing coordination for the overall development of a mission. These satellites are also expected to provide actionable data insights to governments and humanitarian partners, among others.
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- Machine Learning Market – The global machine learning market size was valued at USD 6.9 billion in 2018 and is anticipated to register a CAGR of 43.8% from 2019 to 2025. Emerging technologies such as artificial intelligence are changing the way industries and humans work. These technologies have optimized supply chains, launched various digital products and services, and transformed the overall customer experience.
- Artificial Intelligence Market – The global artificial intelligence market size was valued at USD 93.5 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.1% from 2022 to 2030. The continuous research and innovation directed by the tech giants are driving the adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance, and manufacturing.
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 Mass Outlook (Revenue, USD Million, 2017 – 2030)
- Nanosatellites
- Microsatellites
Nanosatellite And Microsatellite Application Outlook (Revenue, USD Million, 2017 – 2030)
- Communication & Navigation
- Earth Observation/Remote Sensing
- Scientific Research
- Technology & Academic Training
Nanosatellite And Microsatellite End-use Outlook (Revenue, USD Million, 2017 – 2030)
- Government
- Defense & Security
- Commercial
- Civil
Nanosatellite And Microsatellite Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- April 2022: Omnispace and Thales Alenia Space announced the successful delivery of the Omnispace Spark-1TM aboard the SpaceX Transporter-4.
- April 2022: China's scientists worked on a fleet of small satellites for cutting-edge astronomical investigations.
- February 2022: The Indian Space Research Organization (ISRO) launched RISAT-1A, a radar imaging satellite expected to improve India's border defense and security and offer high-resolution photos in all-weather situations.
- March 2021: Rocket Lab USA, a public American aerospace manufacturer and small satellite launch service provider launched seven small satellites into the Earth’s orbit, including its spacecraft for future missions.
- March 2021: Open Cosmos launched two commercial nanosatellites, which demonstrated the ability of low-cost satellites to deliver IoT connectivity and data collection to remote places of the world.
Key Companies profiled:
Some prominent players in the global nanosatellite and microsatellite market include
- 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
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