Nanosatellite and Microsatellite Market to Reach $8.69 Billion, Globally, by 2030 at 14.9% CAGR: Allied Market Research
Rise in manufacturing and launch of CubeSats and small size and light weight of nanosatellite and microsatellite than traditional satellites have improved the growth of global nanosatellite and microsatellite market.
PORTLAND, Ore., Feb. 3, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Nanosatellite and Microsatellite Market by End User (Civil, Government, Commercial, and Military), Application (Communications, Earth Observation, Space Science, Technology Demonstration, and Technology Development), and Orbit Type (Non-Polar Inclined, Polar, and Sun-Synchronous): Global Opportunity Analysis and Industry Forecast, 2021–2030." As per the report, the global nanosatellite and microsatellite industry was accounted for $2.23 billion in 2020, and is expected to reach $8.69 billion by 2030, growing at a CAGR of 14.9% from 2021 to 2030.
Major determinants of the market growth
Increase in production and launch of CubeSats and smaller size and weight of nanosatellite and microsatellite than conventional satellites have boosted the growth of the global nanosatellite and microsatellite market. However, stringent government regulations and limitations of small satellites regarding payload accommodation hinder the market growth. On the contrary, rise in demand for satellite data and increase in demand for nanosatellites and microsatellites from the commercial sector are anticipated to pave the way for multiple opportunities in the industry.
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- The pandemic impacted the space sectordue to imposed lockdown and various manufacturing projects were delayed or cancelled.
- Due to several regulations on import-export activitiesto curb the spread of COVID-19, there was shortage of raw materials, which affected the manufacturing activities. In addition, small companies suffered due to decreased demand for satellite components.
- Nations around the globe lowered their space program budgets to help fund pandemic response and recovery efforts, which in turn, impacted the growth of the nanosatellite and microsatellite sector.
- However, owing to increased participation from private players and growing mission capabilities, the market is likely to witness increased developments and launches of small satellites.
he commercial segment held the highest share in 2020-
By end users, the commercial segment contributed to more than three-fourths of the global nanosatellite and microsatellite market revenue in 2020, and is projected to maintain the lion's share from 2021 to 2030. This is due to high demand for nanosatellites and microsatellites for various commercial applications. Moreover, this segment would cite the fastest CAGR of 15.6% by the end of 2030. The report also includes analysis of civil, government, and military segments.
The earth observation segment to dominate by 2030-
Based on application, the earth observation segment accounted for more than half of the global nanosatellite and microsatellite market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is owing to the high demand of satellite data for earth observation applications across the globe. The communications segment, however, would showcase the fastest CAGR of 16.7% by 2030. Increase in demand for faster and secure communications throughout the world drives the growth of the segment. The report also includes analysis of space science, technology development, and technology demonstration segments.
North America to lead the trail in terms of revenue-
By region, North America garnered the major share in 2020, contributing to more than half of the global nanosatellite and microsatellite market. This is due to the key players in the region taking recourse to innovative developments, increase in R&D activities, and increased adoption of innovative technologies in order to develop long-lasting, reliable, and efficient nanosatellite and microsatellites. Simultaneously, the Asia-Pacific region would manifest the fastest CAGR of 16.4% throughout the estimated period. This is attributed to the rise in production and launch of nanosatellites and microsatellites across several Asian nations such as India, China, Japan, and South Korea.
Leading market players-
- Planet Labs Inc.
- Astro Digital
- AAC Clyde Space AB
- Lockheed Martin Corporation
- Tyvak Nano-Satellite Systems, Inc.
- L3Harris Technologies, Inc.
- Sierra Nevada Corporation
- Swarm Technologies Inc.
- Surrey Satellite Technology Ltd.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.