Nanosatellite and Microsatellite Market Trends 2023-2028 | Industry Growth, Size and Future Scope
Posted on 28 March, 2023 by Marcel Mikaelson
According to the latest report by IMARC Group, titled, “Nanosatellite and Microsatellite Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, Offers a comprehensive analysis of the industry, which comprises insights on the nanosatellite and microsatellite market trends. The global nanosatellite and microsatellite market size reached US$ 2.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.2 Billion by 2028, exhibiting a growth rate (CAGR) of 19.7% during 2023-2028.
Nanosatellite and microsatellite (NAM) are miniature artificial satellites that are used in space for various applications. They consist of an onboard computer, remote control unit, telemetry unit, and asynchronous communication channel connections. They have a short lifespan and integrate highly reliable electronic components. In addition, they retain similar capabilities and are more convenient to build, and cost-effective as compared to traditional satellites. They are widely employed in communication, earth observation and remote sensing, biological experiments, technology demonstration and verification, academic training, mapping and navigation, and reconnaissance. Nanosatellite and microsatellite are used in space observation programs, interplanetary missions, system testing in orbit, and biomedical research. They assist in the development of space programs and are widely employed in rapid responses to disasters, environmental management, asset tracking, and gathering timely information related to telemedicine. They provide a platform for training and research to countries wherein heavy investment in the space industry facilitates health and welfare needs. As a result, they find extensive applications in government, civil, energy and infrastructure, commercial, and defense sectors worldwide.
Get a PDF Sample for more detailed market insights: https://www.imarcgroup.com/nanosatellite-microsatellite-market/requestsample
Nanosatellite and Microsatellite Market Trends and Drivers:
At present, advancements in microelectronics and a significant rise in satellite launches across the globe represent one of the primary factors positively influencing the market. Moreover, increasing investments in space technology startups by private companies are catalyzing the demand for nanosatellites and microsatellites. Apart from this, the expansion of the communication industry, along with the precise adoption of the internet of things (IoT), is facilitating the market growth. Besides this, increasing applications of NAMs in communications, scientific research, earth observation, remote sensing, climate, survey, and map-reading are bolstering the market growth. Apart from this, they are increasingly being utilized in civil, commercial, and defense sectors to conduct low-cost space missions, including geolocation, communication, and signal monitoring, which is creating a positive market outlook. Furthermore, the integration of satellites with advanced technologies, such as artificial intelligence (AI), advanced payload system, and in-orbit services, is bolstering the market growth. In addition, the growing funding and investments in research and development (RD) activities to improve the operations of satellite swarms and support better communication with earth are driving the market growth. Besides this, significant growth in the aeronautic and satellite industry and advancement in miniaturization technologies are strengthening the market growth. Other factors, such as the deployment of star trackers and solar panels on satellites, are expected to create a favorable market outlook in the coming years.
Nanosatellite and Microsatellite Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- AAC Clyde Space.
- Axelspace Corporation
- Berlin Space Technologies
- GomSpace
- ISISPACE Group
- L3harris Technologies Inc.
- Lockheed Martin Corporation.
- Planet Labs Tb Inc.
- Spacequest Ltd.
- Spire Inc.
- Surrey Satellite Technology
- Tyvak Nano-Satellite Systems, Inc.
The report has segmented the market based on satellite mass, component, application and end-use sector.
Breakup by Satellite Mass:
- Nanosatellite (1kg to 10kg)
- Microsatellite (10kg to 100kg)
Breakup by Component:
- Hardware
- Software and Data Processing
- Space Services
- Launch Services
Breakup Application:
- Communication
- Earth Observation and Remote Sensing
- Scientific Research
- Biological Experiments
- Technology Demonstration and Verification
- Academic Training
- Mapping and Navigation
- Reconnaissance
- Others
Breakup by End-Use Sector:
- Government
- Civil
- Commercial
- Defense
- Energy and Infrastructure
- Others
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Ask Analyst for 10% Free Customized Report: https://www.imarcgroup.com/request?type=report&id=2072&flag=C
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
Contact us:
IMARC Group
Email: sales@imarcgroup.com
USA: +1-631-791-1145 | Asia: +91-120-433-0800
Address: 134 N 4th St. Brooklyn, NY 11249, USA
Website: https://www.imarcgroup.com/
Follow us on Twitter: @imarcglobal
Linkedin: https://www.linkedin.com/company/imarc-group