The Nanosatellite and Microsatellite Market size is expected to grow from USD 1.21 billion in 2017 to USD 3.49 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 23.7% from 2017 to 2022. Major factors expected to drive the growth of the market include the high demand for miniature satellites for Earth observation applications, low manufacturing cost of miniature satellites, and increased investments in nanosatellite and microsatellite technologies.
The report on the nanosatellite and microsatellite market covers the segmentation of the market based on component, mass, application, vertical, and region. Companies operational in the market are focusing on expanding their businesses to satellite-based navigation systems and Earth observation imagery analytics. Nanosatellites and microsatellites can be used to obtain secure and accurate navigation and positioning data and real-time high-resolution images and videos of the Earth. The data collected from these satellites can be used in geospatial systems for better awareness of the complexities and changes taking place in the Earth’s atmosphere.
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Based on mass, the market has been segmented into 1 kg–10 kg (Nanosatellite) and 11 kg-100 kg (Microsatellite). The 1 kg–10 kg nanosatellite segment is expected to witness the highest growth during the forecast period. The low mission cost of nanosatellites has led to their rapid adoption in the defense sector. For instance, low orbit nanosatellites are used for communication purposes by the U.S. Army. SMDC-ONE, which is like a cellphone tower in space, is one of the satellites used by the U.S. Army and is capable of providing enhanced communication services in remote areas.
Based on application, the Earth observation and remote sensing segment of the market is expected to witness the highest growth during the forecast period. The growth in this segment can be attributed to the fact that nanosatellites and microsatellites offer a low-cost option to capture data and images of the Earth. Nanosatellites and microsatellites are expected to play a key role in remote sensing missions due to their enhanced computational and communication capabilities and competencies in taking decisions regarding data captured.
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The Europe nanosatellite and microsatellite market is expected to witness the highest growth during the forecast period, due to an increase in the demand for nanosatellites and microsatellites in Earth observation and scientific exploration missions in the region. Agencies such as the European Space Agency (ESA) and other national space agencies are expected to launch small satellites to gather data on climate monitoring, disaster management, navigation, and surveillance.
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