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Nanosatellite and Microsatellite Market is projected to reach USD 8.1 billion in 2029 increasing at a significant CAGR of 19.8% during the forecast period |Size, Growth & Forecast
Nanosatellite and Microsatellite Market
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/nanosatellite-and-microsatellite-market/
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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