Nanosatellite And Microsatellite Market Worth $13.89 Billion By 2030

 Nanosatellite And Microsatellite Industry Overview

The global nanosatellite and microsatellite market size is expected to reach USD 13.89 billion by 2030, growing at a CAGR of 23.3% from 2022 to 2030, according to a new report by Grand View Research, Inc. The upsurge in Earth observation missions and the development of Small Satellite Launch Vehicles (SSLVs) are expected to propel the growth of the market. For instance, in February 2022, EOS-04, an Earth observation satellite, was launched into a sun-synchronous polar orbit by India's Polar Satellite Launch Vehicle PSLV-C52. The satellite weighs 1,710 kg and provides high-quality photographs.

 

Nanosatellite And Microsatellite Market Segmentation

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

 

Based on the Mass Insights, the market is segmented into Nanosatellites and Microsatellites

  • The nanosatellites segment accounted for a revenue share of more than 79% in 2021 owing to the growing deployment of a nanosatellite for Earth observation missions. The data from Earth observation satellites have proven to be significantly beneficial for applications such as improving water management, tracking refugee populations, carrying out relief operations, and national defense.
  • Research organizations are developing strategies that envisage the use of smaller satellites for academic purposes and for conducting technological experiments in space. For instance, NASA’s CubeSat initiative has offered opportunities to educational institutions and NGOs to collaborate in the upcoming launches of small satellites. Through such innovative technology partnerships, NASA is providing CubeSat developers a cost-efficient way to conduct scientific studies and technological demonstrations in space.

 

Based on the Application Insights, the market is segmented into Communication & Navigation, Earth Observation/Remote Sensing, Scientific Research, Technology & Academic Training

  • The Earth observation/remote sensing segment accounted for a revenue share of more than 51% in 2021 as several governments continued to invest in Earth observation and meteorology projects. For instance, according to the U.S. Group on Earth Observations, the U.S. government allocates more than USD 3 billion per annum for civil Earth observations and space-related missions.
  • The adoption of smallsats in communication and navigation is increasing owing to the increased popularity of advanced technologies such as Over-The-Top (OTT) services and Internet Protocol Television (IPTV). Moreover, miniaturized communication satellites are rigorously designed for delivering high performance. These payloads can deliver fixed, mobile, and broadcast services for regional area coverage. 

 

Based on the End-use Insights, the market is segmented into Government, Defense & Security, Commercial,  Civil

  • The commercial segment dominated the market for nanosatellite and microsatellite with a revenue share of more than 44% in 2021 owing to an increase in communication, broadcasting, and navigation activities.
  • The defense & security segment accounted for a revenue share of over 27% in 2021 as small satellites help in enhancing operational support to military forces. They provide the capability to disaggregate military satellite functions and communications between other satellites, which surges their capacity and makes them more secure. For instance, in February 2022, the Indian Space Research Organization (ISRO) launched RISAT-1A, a radar imaging satellite expected to improve India's border defense and security and offer high-resolution photos in all-weather situations.

 

Nanosatellite And Microsatellite Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

Key Companies Profile & Market Share Insights

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. Moreover, large system integrators dominated the space industry for a long time but advances in the small satellite industry allowed smaller companies such as Innovative Solutions in Space (ISIS) and Tyvank Inc. to emerge and have a more established role at the forefront of the small satellite industry.

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

 

Order a free sample PDF of the Nanosatellite And Microsatellite Market Intelligence Study, published by Grand View Research.

 

Comments

Post a Comment

Popular posts from this blog

Global Potash Market: Trends, Growth & Forecast 2023-2032

T he global  potash market  size is expected to reach USD 93.50 billion by 2032, growing at a CAGR of 4.9% from 2023 to 2032, according to a new study by Grand View Research, Inc. This is attributed to the increasing demand for food and efficient usage of agricultural land. As consumers seek healthier options, there has been a surge in demand for high-value crops like fruits, vegetables, and specialty crops, boosting the demand for potash. Furthermore, the adoption of precision agriculture techniques has become increasingly prevalent in recent years. Precision agriculture involves using advanced technologies and data-driven approaches, such as soil testing and targeted nutrient management, to make informed decisions about fertilizer application.   Farmers are embracing precise and site-specific methods for applying fertilizers, based on field variability and crop requirements. This trend makes way for optimized resource utilization, improved crop performance, and enhanced...
Read more

Smart Ticketing Market Report: Emerging Technologies & Market Opportunities

  The global smart ticketing market size is expected to reach USD 31.65 billion by 2030, growing at a CAGR of 15.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. With the widespread adoption of smartphones, mobile ticketing channels have gained traction, allowing users to purchase, store, and validate tickets directly on their mobile devices, eliminating the need for physical cards or paper tickets. The convenience and ease of use offered by mobile ticketing have contributed to the growth of the market. Smart ticketing systems generate vast amounts of data on passenger journeys, travel patterns, and ticket usage.   Operators leverage this data to gain valuable insights, optimize operations, and improve the overall passenger experience. Data analytics techniques, such as predictive modeling and real-time monitoring, are being applied to enhance efficiency, manage capacity, and offer personalized services, which bode well for smart ticketing...
Read more

Boosting Crop Yields: India Foliar Fertilizer Market Trends & Forecasts

  The  India foliar fertilizer market  size is expected to reach USD 4.9 billion by 2030, expanding at a CAGR of 11.3% during the forecast period, as per a new report by Grand View Research, Inc. The industry growth is majorly driven by surged demand for food due to increasing population coupled with supportive government initiatives and decreasing arable land in the country.   There has been a significant increase in the global prices of fertilizers and foliar fertilizers. As such, farmers falling into small- and marginal-income categories cannot afford to buy fertilizers resulting in reduced agricultural yields. This has led the Government of India to take initiatives to provide fertilizer subsidies to farmers in the country to make them affordable at subsidized prices. For instance, the Government of India announced a subsidy scheme related to fertilizers worth USD 27 billion in 2022 to ensure that fertilizers are affordable for every farmer in the country. Thus, ...
Read more