The global nanosatellite and microsatellite market size is expected to grow from 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. Nanosatellite and microsatellites are some of the emerging technologies in space development. They are mainly used in space research, communication purposes, and earth observation. Their applications are largely seen in the defense, military, and commercial sectors. This leads to a higher market share of hardware segment.
Nanosatellite is expected to account for higher CAGR during the forecast period
A satellite mass between 1 kg and 10 kg, including fuel are considered as nanosatellites that are only 10 cubic centimeters in size. The launch of the first nanosatellite at the start of this millennium resulted into a wide range of opportunities in numerous space-based initiatives, ranging from technological research to biological experimentation. Compared to traditional satellites, nanosatellites have similar capabilities, and cost significantly less. Numerous advanced methods of control and development have immensely improved the ideal usage. During the building and launch phases, Nanosatellites allow for low risk-management. They have a relatively short lifespan of perhaps no more than a year or two in low-Earth orbit before re-entering the atmosphere and burning up. 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. The commercial sector is anticipated to have a major boost because of the ongoing innovation and technical advancements in the electronics industry.
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North America region to record the highest market share in the nanosatellite and microsatellite market
North America is one of the leading regions for adopting nanosatellite and microsatellite and provides great opportunities for the growth of the overall market. The region has been an early adopter of new technologies or software. The booming digitization across industries and the increasing demand for Earth observation satellites, which provide incredibly high-resolution Earth photos and videos as close as one meter or less from the earth’s surface, are driving demand for nanosatellite and microsatellites in North America. NASA and other private space agencies are undertaking small satellite missions. Canada is developing new knowledge and cutting-edge technologies to boost innovation in nanosatellites and microsatellites. In June 2022, a few Dalhousie Space Systems Lab students designed the first satellite made in Nova Scotia. It is also known as LORIS (Low Orbit Reconnaissance and Imagery Satellite) and will soon be launched into space.
Key and innovative vendors in the nanosatellite and microsatellite market are 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).
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