MarketsandMarkets forecasts the global nanosatellite and microsatellite market size is expected to grow 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.
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Hardware segment to have the highest market share during the forecast period
Hardware is the core of nanosatellites and microsatellites, readily available with vendors for easy integration and plug-and-play processes. Hardware contributes to the complete mass of satellites based on the weight of hardware; small satellites are categorized as nanosatellites or microsatellites. The hardware segment includes all professional hardware, such as payload, structure, telecommunication, onboard computer, power system, attitude control system, and propulsion system. Hardware contributes to almost 30% of the total market share of the nanosatellite and microsatellite market. The growth in this market is significant, with several players offering low-cost hardware and manufacturing services.
Nanosatellite is expected have the highest market share during the forecast period
A satellite mass if between 1 kg and 10 kg, including fuel are nanosatellites that are only 10 cubic centimeters in size. A range of opportunities in numerous space-based initiatives, ranging from technological research to biological experimentation, were opened up as a result of the launch of the first nanosatellite at the start of this millennium. Numerous advanced methods of control and development have immensely improved the ideal usage. Depending on the mission or assignment a CubeSat is a nanosatellite that has been enlarged to have a standard unit volume of 10 x 10 x 10 cm. In the past, the government, energy, and military defence and intelligence sectors trailed the commercial and civil secotrs in terms of interest in low-mission cost technologies with significant efficiency. The commercial sector is anticipated to have a major boost because of the electronics industry ongoing innovation and technical advancemets.
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Unique Features in the Nanosatellite and Microsatellite Market :
First and foremost, they differ greatly from conventional satellites due to their small size. These tiny spacecraft can operate at significantly lower manufacturing, launch, and operational costs because they weigh only a few kilogrammes to a few hundred kilogrammes. This accessibility has changed the way that space is used, opening it up to a wider range of institutions like colleges, entrepreneurs, and developing nations.
The second reason is that nano- and micro-satellites are known for their quick development times. In contrast to larger, more complicated satellites, their simpler design and manufacturing allow for speedier turnaround times. With greater worldwide coverage for uses like Earth observation and remote sensing, agility is essential for answering new needs, running experiments, and building satellite constellations.
Another characteristic of these tiny satellites is constellation deployment. When deployed in groups, they create constellations that operate together to increase global coverage, decrease latency, and enable real-time data collecting. This strategy is especially useful for applications like worldwide internet connectivity and Earth monitoring that need for continual monitoring and data relay.
Nano- and micro-satellites stand out for their adaptability. They have uses in many different industries, including as Earth observation, weather monitoring, communication, scientific study, and technology demonstration. They are a favoured option for businesses trying to meet a variety of space-based needs because to their versatility.
Another notable aspect is the growing number of launch chances for these tiny satellites. They can travel with bigger payloads on commercial launch vehicles, lowering launch costs and enhancing accessibility to space. Small satellite missions have multiplied as a result, and the industry has seen a rise in innovation.
Major Highlights of the Nanosatellite and Microsatellite Market :
Their cost-effectiveness is arguably their most noteworthy feature. Compared to its conventional, larger counterparts, these small satellites provide a significantly more cheap means of reaching space. A wide range of organisations, including universities and startups, are now able to take part in space missions and research projects thanks to this cost advantage.
Additionally, these small satellites make a substantial contribution to workforce development and education. They are utilised by many educational institutions as hands-on learning tools to give students real-world experience with satellite design, development, and operation. This educational component has broad ramifications since it cultivates a talent pool of skilled workers for the space industry.
The fact that these satellites frequently have shorter operational lifespans than their larger counterparts should not be overlooked, despite the fact that they have several advantages. Given their reduced costs and the quick speed of technological innovation in the space sector, particular missions frequently may get away with this limitation.
Finally, there is strong commercial growth in the nano- and microsatellite market. Small satellite manufacturing and launching businesses have proliferated, encouraging innovation and competition in the sector.
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Top Key Companies in the Nanosatellite and Microsatellite Market :
The major vendors covered in the nanosatellite and microsatellite market 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).
These players have implemented various growth strategies, such as partnerships, business expansions, mergers and acquisitions, agreements, and collaborations, new product launches to develop their presence in the nanosatellite and microsatellite market. The most widely used strategies by businesses have been partnerships and new product launches which helped them transform their offerings and widen their customeacr base.
GomSpace is a leading global supplier of high-end nanosatellite design, integration, and manufacture for academic, governmental, and commercial customer. The company provides advanced miniaturized radio technologies, nanosatellite solar systems, and integrated systems. GomSpace provides a variety of options in the area of nanosatellite and microsatellite. The company provides orbit control systems, mission payloads, power systems, communication systems, command and data handling. The company has considerable flying heritage from the GOMX in orbit technology demonstration program and competence in designing attitude and orbit control systems for nanosatellite. Numerous potent onboard computers are provided by GomSpac’s command and data handling segment.The company offers solutions for the IoT, global tracking, communications, defence and security, remote sensing, and science missions. GomSoace maintains offices in the US and Singapore as well as subsidiaries in Sweden and Luxembourg. The company offers its solutions to variety of sectors, including national and internation government, commercial organizations, universities, and science organizations.
Lockheed Martin is a global supplier of aerospace and security systems. The company provides advanced technology system, product, services, research, design, development, integration, and sustainability. The company offers various management, technical, engineering, scientific, logistical, systems integration, and cybersecurity services. The LM 50 product line, availablefromLockheed Martin’s space division, includes satellites weighing up to 100kg. The LM 50 product line is concentrated on the development of small, inexpensive spacecraft. The spacecraft’s small size limits the size, weight, and power of LM 50 class payloads.
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