Nanosatellite and Microsatellite Market 2022 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

Page: 263 | Report Code: AD220401 | Research Suite: Report (PDF) & Market Data (Excel)

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The global nanosatellite and microsatellite market size is expected to reach USD 8,229.2 million by 2030, expanding at a compound annual growth rate (CAGR) of 18.9%. The market is reported to be USD 2,060.2 million in 2021. The key factors fueling the growth of nanosatellite and microsatellite industry include growing demand for earth observation-related applications, acceptance of virtual pilot training, and increasing demand for pilots. Growing number of application areas is expected to provide lucrative opportunities for the global market throughout the forecast period.

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SEGMENTATION ANALYSIS

Based on component, the nanosatellite and microsatellite market has been classified into component, software and data processing, space services, and launch services. The hardware segment is further classified into structure, payload, communication system, onboard computer, power system, and propulsion system. The software and data processing segment is further classified into commands and data handling, and attitude determination and control system.

Based on application, the nanosatellite and microsatellite market has been classified into academic training, biological experiment, communication, earth observation and remote sensing, mapping and navigation, reconnaissance, scientific research, and technology demonstration and verification.

By vertical, the global nanosatellite and microsatellite market has been divided into government, civil, commercial, defense, energy and infrastructure, and maritime and transportation.

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REGIONAL ANALYSIS

Geographically, the report covers North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest market share of the global market in 2021. The growth of the regional market is likely to be driven by government initiatives and rising use of nanosatellites and microsatellites in agriculture. The U.S. and Canada stand as the leading contributors to the nanosatellite and microsatellite market in this region.

In terms of revenue, Europe captured the second position in the nanosatellite and microsatellite market. The market growth in Europe can be attributed to the innovations in satellite technologies and government encouragement to use nanosatellites and microsatellites. The Europe is also anticipated to grow at the highest CAGR during the forecast period, attributed to rise in demand for remote sensing, Earth observation, and scientific exploration activities.

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COMPANIES COVERAGE

The global nanosatellite and microsatellite market is characterized by the presence of several leading companies. Most companies are making significant spending in research & development, and launching new products and advancing existing products. Some of companies profiled in report include AAC Clyde Space, Alen Space, Astrocast, Axelspace, Beyond Gravity, C3S, Dauria Space, Dhruva Space, Exolaunch, GAUSS, GomSpace, Kepler Aerospace, L3Harris, Lockheed Martin, Millennium Space Systems, Nanoavionics, Northrop Grumman, OHB SE, Planet Labs, Pumpkin Space Systems, Raytheon Intelligence and Space, Satlantis, Sierra Nevada Corporation, Spire Global, Surrey Satellite Technology, Swarm, and Tyvak.

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