Nanosatellite And Microsatellite Market Analysis 2024 – Estimated Market Size And Key Drivers

The Nanosatellite And Microsatellite by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Nanosatellite And Microsatellite, The nanosatellite and microsatellite market size has grown rapidly in recent years. It will grow from $2.53 billion in 2023 to $3.02 billion in 2024 at a compound annual growth rate (CAGR) of 19.4%.  The growth in the historic period can be attributed to emerging market opportunities, academic and research endeavors, earth observation and remote sensing, government initiatives and funding, rise of commercial space industry.

The nanosatellite and microsatellite market size is expected to see rapid growth in the next few years. It will grow to $5.89 billion in 2028 at a compound annual growth rate (CAGR) of 18.2%.  The growth in the forecast period can be attributed to emerging market verticals, government support and policies, space exploration initiatives, rise of small satellite constellations, expansion of earth observation. Major trends in the forecast period include rise of small satellite constellations, advancements in miniaturization, expanding communication capabilities, growth in space science missions, innovations in propulsion systems.

The increase in space exploration missions is significantly driving the growth of the nanosatellite and microsatellite market. Space exploration missions refer to projects that involve exploring the realms of the cosmos beyond Earth’s atmosphere using crewed and uncrewed spacecraft. Nanosatellites and microsatellites are utilized for extremely specialized tasks including Earth observation, telecommunications, and meteorology. Various governments around the world are expanding their space missions, and small satellites are assisting them in completing those missions. For instance, in November 2021, according to a report shared by Seed Scientific, a US-based provider of data innovation and analytics services, in total 8,378 flying objects have been launched into space since the beginning of time. Up until 2023, an ongoing rise in NASA’s annual budget for space exploration is anticipated. Therefore, the increase in space exploration missions is driving the growth of the nanosatellite and microsatellite market.

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The nanosatellite and microsatellite market covered in this report is segmented –
1) By Component: Launch Services, Hardware, Software And Data Processing, Space Services
2) By Mass: Nanosatellites (1 kg- 10kg), Microsatellites (11kg- 100 kg)
3) By Application: Communication, Reconnaissance, Scientific Research, Earth Observation And Remote Sensing, Biological Experiments, Academic Training, Technology Demonstration And Verification, Mapping And Navigation
4) By Vertical: Government, Defense, Maritime And Transportation, Civil, Commercial, Energy And Infrastructure

Top Major Players:

• Dauria Aerospace
• GomSpace Group AB
• Innovative Solutions In Space (ISIS)
• Sierra Nevada Corporation
• Spire Global Inc.

North America was the largest region in the nanosatellite and microsatellite market in 2023.

Technological advancements are a key trend gaining popularity in the nanosatellites and microsatellites market. Major companies operating in the nanosatellite and microsatellite market are focused on bringing advancements in technologies that strengthen their position in the market. For instance, in April 2022, Space Exploration Technologies Corp. a US-based aerospace manufacturer and space transportation company launched a modular microsatellite, MP42. The MP42 satellite is based on one of the first commercially available modular microsatellite buses in the industry, is the largest satellite that NanoAvionics has manufactured and launched to date. The satellite is intended for a ridesharing mission and is carrying several payloads, including as the RW500 fully integrated reaction wheel from VeoWare and the Tiger-3 from OQ Technology.

The nanosatellite and microsatellite market report table of contents includes:
1. Executive Summary
2. Nanosatellite And Microsatellite Market Characteristics
3. Global Nanosatellite And Microsatellite Market Trends And Strategies
4. Nanosatellite And Microsatellite Market – Macro Economic Scenario
5. Global Nanosatellite And Microsatellite Market Size and Growth
…….
26.  Nanosatellite And Microsatellite Market Competitive Benchmarking
27. Global Nanosatellite And Microsatellite Market Competitive Dashboard
28. Key Mergers and Acquisitions Nanosatellite And Microsatellite Market
29. Nanosatellite And Microsatellite Market Future Outlook and Potential Analysis
30. Appendix

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