Nanosatellite And Microsatellite Market Worth $13.89 Billion By 2030

 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.

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). For instance, in April 2022, China's scientists worked on a fleet of small satellites for cutting-edge astronomical investigations.

Gather more insights about the market drivers, restrains and growth of the Global Nanosatellite And Microsatellite market

 

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.

Browse through Grand View Research's Communication Services Industry Research Reports.

• Customer Experience Management Market - The global customer experience management market size was valued at USD 8.79 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 18.1% from 2022 to 2030. The growing importance of understanding customer behavior and their preferences drives various brands and organizations to adopt customer experience strategies, such as regular communication and engagement, longstanding program, and use of automation, to deliver the best service performance to customers in real-time.

 

• Unified Communications Market - The global unified communications market size was valued at USD 78.33 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 20.5% from 2021 to 2028. Enterprises have transitioned to Unified Communications (UC) solutions to reduce operating expenses, increase revenues, and strengthen customer relationships.

 

Nanosatellite And Microsatellite Market Segmentation

Grand View Research has segmented the global nanosatellite and microsatellite market based on mass, application, end-use, and region:

• Mass Outlook (Revenue, USD Million, 2017 - 2030)
  • Nanosatellites
  • Microsatellites

 

• Application Outlook (Revenue, USD Million, 2017 - 2030)
  • Communication & Navigation
  • Earth Observation/Remote Sensing
  • Scientific Research
  • Technology & Academic Training

 

• End-Use Outlook (Revenue, USD Million, 2017 - 2030)
  • Government
  • Defense & Security
  • Commercial
  • Civil

 

• Regional Outlook (Revenue, USD Million, 2017 - 2030)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Market Share Insights

• June 2021: Lockheed Martin launched GPS III Space vehicle 05 which is the latest next-generation GPS III satellite.
• 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.

 

Key Companies profiled:

Nanosatellite and microsatellite have witnessed substantial growth in terms of spacecraft development, building, and launches over the past decade. The CubeSat concept enabled companies to find a different role in satellite design compared to their traditional roles.

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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