The global nanosatellite and microsatellite market size is expected to reach USD 7.13 billion in 2028, and register a revenue CAGR of 19.8% during the forecast period. Rising demand for upgraded communications and services and growing popularity of IoT-enabled devices are some major factors boosting revenue growth of the global nanosatellite and microsatellite market.
Small satellites are witnessing constant technological developments considering simple design and fast construction requirements. Microsatellites and nanosatellites are used for various applications, including scientific research, communication biological experiments, and academic training. Availability of high-speed broadband and constant demand for Leo-based services are key factors nanosatellite and microsatellite market revenue growth.
Constant advancements in miniaturization of technologies to enable success of low mission budgets and electronics and increasing usage of satellite constellations are factors boosting growth of the nanosatellites and microsatellites market. Due to small size and low mass, risk rates associated with launching nanosatellites and microsatellites are low, and launches are more cost-effective and success rates are high.
The space sector was severely affected due to the COVID-19 outbreak, and had to undergo many challenges such as delayed launches and uncertainty in supply networks. Government sponsored space survey programs have been directly affected as funding has been transferred to essential services.
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Some key highlights in the report:
- The communication segment accounted for largest revenue share in the global nanosatellite and microsatellite market in 2020, which is expected to increase rapidly throughout the forecast period. Rising implementation of nanoscience technology, increasing usage of Internet, and increasing awareness regarding remote sensing technology are expected to support market growth during the forecast period.
- The solar segment accounted for highest revenue share in the global nanosatellite and microsatellite market in 2020, which is expected to increase rapidly over the forecast period. The high revenue generation is attributed to involvement of well-established market players such as Berlin Space technology and Planet labs for mounting satellites in low earth orbit.
- The commercial segment revenue is expected to expand at a considerably rapid CAGR through the forecast period owing to rapid developments in high-speed Internet and rapid advancements in modern communication channels.
- North America accounted for largest revenue share in the global nanosatellite and microsatellite market in 2020, which is expected to continue throughout the forecast period due to factors such as increasingly favorable policies and initiatives by governments and evolving requirements for digital services.
- Asia Pacific revenue is expected to expand at a CAGR of 21.9% over the forecast period.
- Major companies operating in the global nanosatellite and microsatellite market include Planet Labs, Innovative Solutions in Space, Space Quest, D-Orbit, Deep Blue Globe, DHV Technology, Berlin Space Technology, ADASPACE, Adaptive Lunch Solution, and Alén Space.
- Alén Space collaborated with Orbital Transports for nanosatellite and microsatellite products comprising SmallSat Catalog, which is assumed to help in defense and commercial purposes.
For the purpose of this report, Emergen Research has segmented the global nanosatellite and microsatellite market on the basis of component, application, vertical, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
- Solar Panel
- Onboard Computers
- Power System
- Sensors and Actuators
- Thermal Control System
Application Outlook (Revenue, USD Billion; 2018–2028)
- Earth Monitoring
- Scientific Research
- Biological Research
- Mapping and Navigation
- Academic Training
Vertical Outlook (Revenue, USD Billion; 2018–2028)
Regional Outlook (Revenue, USD Billion; 2018–2028)
- Rest of Europe
- South Korea
- Rest of APAC
- Rest of LATAM
Middle East & Africa
- Saudi Arabia
- Rest of MEA
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