IMARC Group, a leading market research company, has recently releases report titled, “Nanosatellite and Microsatellite Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The study provides a detailed analysis of the industry, including the global nanosatellite and microsatellite market growth, size, share and trends forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the nanosatellite and microsatellite market?
|Market Size in 2022||US$ 2.5 Billion|
|Market Forecast in 2028||US$ 7.2 Billion|
|Growth rate (2023 to 2028)||CAGR of 19.7%|
|Base Year of the Analysis||2022|
What is nanosatellite and microsatellite?
Nanosatellites and microsatellites (NAM) are compact artificial satellites utilized for various space applications. These satellites feature onboard computers, remote control units, telemetry units, and asynchronous communication channels. Despite their short lifespan, they incorporate highly reliable electronic components. Notably, NAMs offer similar capabilities to traditional satellites but with added convenience, cost-effectiveness, and ease of construction. They find widespread use in communication, earth observation, remote sensing, biological experiments, technology demonstration, academic training, mapping, navigation, and reconnaissance. NAMs play crucial roles in space observation programs, interplanetary missions, in-orbit system testing, and biomedical research. They contribute to space program development and enable rapid responses to disasters, environmental management, asset tracking, and telemedicine. Moreover, NAMs serve as platforms for research and training, particularly in countries where investments in the space industry cater to health and welfare needs. Consequently, their applications span government, civil, energy and infrastructure, commercial, and defense sectors worldwide.
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What are the growth prospects and trends in the nanosatellite and microsatellite industry?
Currently, the market for nanosatellites and microsatellites (NAM) is experiencing positive growth due to several key factors. Advancements in microelectronics and the increasing number of satellite launches worldwide are driving the market. Additionally, private companies' investments in space technology startups are fueling the demand for NAMs. The expansion of the communication industry and the adoption of the internet of things (IoT) are also contributing to market growth. The wide range of applications for NAMs, including communications, scientific research, earth observation, remote sensing, climate monitoring, surveying, and mapping, are further boosting the market. Moreover, NAMs are increasingly utilized in civil, commercial, and defense sectors for cost-effective space missions, such as geolocation, communication, and signal monitoring. Integration with advanced technologies like artificial intelligence (AI), advanced payload systems, and in-orbit services is driving market growth. Increased funding and investments in research and development (R&D) activities to improve satellite swarms and enhance communication with Earth are also driving the market. Furthermore, the aeronautic and satellite industries' growth and advancements in miniaturization technologies are fueling market expansion. Overall, the deployment of star trackers and solar panels on satellites is expected to contribute to a positive market outlook in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Satellite Mass:
- Nanosatellite (1kg to 10kg)
- Microsatellite (10kg to 100kg)
Breakup by Component:
- Software and Data Processing
- Space Services
- Launch Services
- Earth Observation and Remote Sensing
- Scientific Research
- Biological Experiments
- Technology Demonstration and Verification
- Academic Training
- Mapping and Navigation
Breakup by End-Use Sector:
- Energy and Infrastructure
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- AAC Clyde Space.
- Axelspace Corporation
- Berlin Space Technologies
- ISISPACE Group
- L3harris Technologies Inc.
- Lockheed Martin Corporation.
- Planet Labs Tb Inc.
- Spacequest Ltd.
- Spire Inc.
- Surrey Satellite Technology
- Tyvak Nano-Satellite Systems, Inc.
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