Global Nanosatellite & Microsatellite Market is valued approximately at USD 1.72 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 21.35 % over the forecast period 2021-2027. Satellites are used for a variety of purposes, such as correspondence, earth observation and remote sensing, science analysis, biological studies, medical training, identification and many other security, surveillance, political, industrial and/or government purposes. Continuous developments in technological miniaturization, such as sensors, low-mission costs and the growing usage of satellite constellations, are core drivers of the sector. The launch of small satellites by means of heavy vehicles has proven to be very difficult in recent years, resulting in increased demand to produce small launch vehicles. Traditionally, tiny satellites were deployed as secondary payloads for larger satellites, resulting in launches and cost restrictions. The need for small launch vehicles to address these cost restrictions resulted in the production of Small Satellite Launch Vehicles (SSLVs). Owing to their easy and faster development and architecture specifications, small satellites are rigorously undergoing continual technical advances. The low cost of these satellites has expanded the spectrum of future space flights to vertical ones that are unknown. In addition, simpler design and production allow the incorporation of the latest technology, such as Artificial Intelligence ( AI) and robotics, into small satellites in order to improve their capability and minimize some of the sacrifices produced to reduce device mass. However, nanosatellites and microsatellites are more likely to struggle and have little significant effect on the development of some new and market-redefining capabilities. However, Machine Learning (ML) expertise on different space production systems leads to delivering effective communications, increasing the efficiency of spacecraft, delivering more powerful computational resources, and enhancing coordination throughout the overall development of the mission. Various market players are adopting the strategy of merger and acquisition to enhance the product portfolio and to increase the customer base. For instance, In February 2019, Myriota collaborated with Tyvak to build and launch several satellites in 2019, bringing Myriota another step towards its target of creating a constellation of 50 nanosatellites.
In April 2018, Lockheed Martin and Rovsing worked together to put better solar simulators to the market to satisfy the requirement for a wide variety of spacecraft sizes. Solar simulation equipment checks the spacecraft’s electrical and control structures.
The regional analysis of global Nanosatellite & Microsatellite Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is leading the way in the introduction of nanosatellites which microsatellites which offers tremendous prospects for the expansion of the nanosatellite and microsatellite industries. The involvement of major space organizations and private corporations investing in state-of-the-art satellite technology generates a massive appetite for satellite image-based business-use applications that is expected to propel the industry in North America. The country has historically been an early adopter of modern technologies or applications, and the North American market is increasing higher initially than any other region.
Major market player included in this report are:
Innovative Solutions in Space (ISIS)
Sierra Nevada Corporation (SNC).
Spire Global, Inc.
Surrey Satellite Technology Limited (SSTL)
The Boeing Company
Vector Launch, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Navigation & Mapping
By Industry Type:
Energy & Infrastructure
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Nanosatellite & Microsatellite Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers