by on February 21, 2023

Nanosatellite and Microsatellite Market was valued at USD 1.9 billion in 2021 and is estimated to hit USD 8.1 billion in 2029 growing at a very high CAGR of 19.8% from 2022-2029.

The factors driving growth of the Nanosatellite and Microsatellite Market includes increase in Government’s funding on space exploration programs, growing demand for low-cost broadband services, rising application of nanosatellite and microsatellites in civil engineering, defense & intelligence and transport sectors and improvements in the living standards. Moreover, technological advancements in nanosatellite and microsatellite ecosystem, enhanced capacity of executing complex computing jobs and lightweight features of nanosatellites, rise in the launch of new products and rapid industrialization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major corporations on research and development, rising population growth rates and growing disposable incomes, are further contributing towards the market growth.

However, growth of the Nanosatellite and Microsatellite Market is hindered due to strict regulations imposed by Government regarding the launch of satellites.

The major players operating in the market are Exolaunch, Axelspace, Astrocast, Surrey Satellite Technology, Planet Labs Inc., SpaceQuest Ltd., Spire Global Inc., Sierra Nevada Corporation, Millennium Space System and Ruag Space, among others.

Based on Component, the Software & Data processing segment is predicted to capture the largest market share during the forecast period

Nanosatellite software enhances data handling, used for extracting value insights from raw satellite data at the ground station and can monitor agriculture activities, are some of the factors pushing segment’s growth.

Based on Vertical, the Commercial segment is projected to grow at a significant CAGR over the forecast period

Small satellites are cheaper and are used for capturing earth’s images used for navigation, mapping, and agriculture related activities, are propelling Nanosatellite and Microsatellite Market share.

Based on Region, the North American region is anticipated to expand at a remarkable CAGR during the forecast period

As per the Nanosatellite and Microsatellite Market Trends, growing demand for earth observation satellites, increase in Government’s funding for space exploration programs, rapid industrialization, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.

Key Developments

  • In 2021, ISRO developed Cartosat-2 satellite with 29 nanosatellites with 14 other countries on board the PSLV-C38 vehicle.
  • In 2021, GomSpace and SIGCOM partnered for FNR-funded MegaLEO project. MegaLEO will advance the state-of-the-art large satellite constellations that operate semi-autonomously by deciding and executing satellite and network operation configurations in space.

Market Segmentation

Segmentation by Component

  • Hardware
  • Software & Data processing
  • Launch Services

Segmentation by Type

  • Nanosatellites
  • Microsatellites

Segmentation by Vertical

  • Government
  • Commercial
  • Defense

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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