Newark, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the nanosatellite and microsatellite market will grow from USD 2.93 Billion in 2022 to USD 19.42 Billion by 2032. The nanosatellite and microsatellite market is witnessing a rise in demand among various applications catering to industries such as defence, civil and commercial. The increase in the launches of advanced satellites will lead to substantial growth in the market.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 2.93 Billion |
| Market Size in 2032 | USD 19.42 Billion |
| CAGR | 20.82% |
| No. of Pages in Report | 237 |
| Segments Covered | Type, Component, Application and End-users |
| Drivers | An increase in demand for mini satellites across industries |
| Opportunities | Increased launches in recent years |
| Restraints | High cost |
Key Insight of the Nanosatellite and Microsatellite Market
North America to account for the largest market size during the forecast period.
North America will have the most major nanosatellite and microsatellite market share during the forecast period. The factors supporting the growth of the regional nanosatellite and microsatellite market include the lucrative investments by the concerned agencies. NASA has already launched several nano and micro-satellites for remote sensing, scientific exploration, and earth observation. The national space agency is expected to launch several such satellites to improve disaster management, surveillance and navigation.
The microsatellite segment is expected to augment the market during the forecast period.
The type segment is divided into microsatellites and nanosatellites. The microsatellite segment is expected to augment the market during the forecast period. Microsatellites are commonly utilized for DNA profiling crime stains in forensics and detecting tissues for transplant purposes. They're also commonly utilized in kinship analysis for academic and research purposes.
The hardware segment is expected to augment the market during the forecast period.
The component segment is divided into service, hardware and software. The hardware segment is expected to augment the market during the forecast period. The hardware used in nanosatellites and microsatellites is critical and, thus, should be easily integrated with the software. Hardware provides efficient infrastructure to ensure smooth operations.
The communication and navigation segment is expected to augment the market during the forecast period.
The application segment is divided into earth observation, scientific research, communication and navigation, and educational and technology training. The communication and navigation segment is expected to augment the market during the forecast period. Communication and navigation applications require advanced satellites that provide real-time data transfer. These miniature satellites are specially designed for fast navigation services.
The defence segment is expected to augment the market during the forecast period.
The end-users segment is divided into defence, government, commercial, and civil. The defence segment is expected to augment the market during the forecast period. Nanosatellites and microsatellites enable the carrying out of critical military functions that are crucial for the security of nations.
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Market Dynamics
Driver: Rise in demand for observational applications
Earth observation satellite data has never been more in demand than now, as missions have established their ability to increase understanding and management of the Earth and its environment. Many agencies are addressing this demand by delivering more data, supporting significant science programmes, expanding network stations, and making more data available in near-real time. Advanced information and communication technologies have created numerous monitoring systems for Earth observation operations throughout the last few decades. The Internet of Things, for example, has played a significant role in this area. Nanosatellites and microsatellites have recently gained popularity as a promising paradigm that has the potential to alter society and industries. It can integrate numerous devices with sensing, processing, identification, communication, actuation, and networking capabilities in a seamless manner.
Restraint: Operational limits
As miniature satellites have little or no propulsion, they have little control over where they move. Mini propulsion methods add cost because they need to move. When compared to regular satellites, failed launches are more common. Their operational lifetime is limited due to their compact dimensions.
Opportunity: Increasing investment in territorial disputes
Territorial disputes occur when official representatives of one nation assert their sovereignty over a particular area of land claimed or governed by another. Territorial disputes are more prone than other diplomatic disputes involving maritime, river, identity, economic, cultural, or other problems to escalate into militarised conflict. The government agencies of these nations are investing in enhancing border security using high-tech equipment. Many nations use tiny satellites for border monitoring due to escalating territorial disputes and geopolitical tensions.
Challenges: Space debris concern
Any piece of equipment or debris left in space by humans is known as space debris. There are around 34,000 objects larger than 10 centimetres in space, along with millions of smaller objects that might still be deadly if they collide with something else. Thus, the growing concern about space debris limits the use of miniature satellites.
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Some of the major players operating in the Nanosatellite and Microsatellite market are:
• Dauria Aerospace
• GomSpace
• Innovative Solutions in Space
• Sierra Nevada Corporation
• SpaceQuest Ltd.
• Spire Global, Inc.
• Surrey Satellite Technology Limited
• Vector Launch
• The Boeing Company
• Tyvak Inc
Key Segments Cover in the Market:
By Type:
• Microsatellite
• Nanosatellite
By Component:
• Service
• Hardware
• Software
By Application:
• Earth Observation
• Scientific Research
• Communication and Navigation
• Educational and Technology Training
By End-users:
• Defence
• Government
• Commercial
• Civil
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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