Microsatellite and Nanosatellite Market by Type (Microsatellite and Nanosatellite), Component (Hardware and Software), Application (Communication, Scientific Research, Mapping and Navigation, ISR, and Others): Global Market Size Estimates and Forecast (2022–2030)

Code: BMIRE00026538 | Pages: 100 | Industry: Aerospace and Defense | Date: Sep 2022 | Type: Global

The market is expected to cross US$ 2.76 billion in 2022 and is projected to hit US$ 11.80 billion by 2030, recording a CAGR of 19.9% during the forecast period.

Vendors Focusing on Collaboration and Acquisition Strategies to Drive the Market Growth. The space technology vendors are highly focusing on adopting collaboration and acquisition strategies to remain competitive in the market and expand their existing portfolio. For instance, in August 2021, a Tucson Arizona-based space startup firm Phantom Space Corp. announced that it has acquired a Florida-based Micro Aerospace Solutions. Such strategies are pushing the market vendors to expand their portfolio in the microsatellite and nanosatellite market.

Hardware segment is likely to exhibit highest CAGR in the microsatellite and nanosatellite market during the forecast period. This is owing to high cost of hardware systems such as sensors, propulsion systems, and large number of components that are used during the manufacturing of microsatellite and nanosatellite systems.

Within the report, the microsatellite and nanosatellite market is segmented into type, component, application, and geography. By type, the microsatellite and nanosatellite market is segmented into microsatellite and nanosatellite. Based on component, the microsatellite and nanosatellite market is segmented into hardware and software. Based on application, the microsatellite and nanosatellite market is segmented into communication, scientific research, mapping and navigation, ISR, and others. Geographically, the microsatellite and nanosatellite market is sub-segmented into North America, Europe, Asia Pacific, and Rest of the World.

Launch of Microsatellite Constellations is Likely to Provide Future Opportunities for Market Vendors During the Forecast Period.  

The growing initiatives for the launch of microsatellite constellations is one of the major factors pushing the market vendors to develop new and innovative solutions for the end users to cater to their specific demands and remain competitive in their respective marketplace. Several countries in collaboration with different companies are taking initiatives for the development of microsatellites and nanosatellites for constellation launch projects during the forecast period. For instance, in July 2021, Creotech Instruments SA, Scanway Sp z o o, and the Space Research Center of the Polish Academy of Sciences (PAN) are working together on ‘EagleEye’ Poland’s first earth observation microsatellite expected to be launched by 2023 for a constellation project.

Microsatellite Swarms is Likely to Drive the Microsatellite and Nanosatellite Market Growth.

The microsatellite swarm systems are expected to generate new market opportunities for market vendors during the forecast period. The demand for microsatellite and nanosatellite swarm systems for earth observation applications that will also provide low-cost advantages wherein a group of satellites works together to boost the satellite consortium operational efficiency along with reduction in loss of satellite data. Such factors are driving the microsatellite and nanosatellite market.

Recent Strategic Developments in Microsatellite and Nanosatellite Market

The microsatellite and nanosatellite market has undergone several significant developments, and a few of these have been mentioned below:

  • In February 2021, the Norwegian Space Agency (NOSA) awarded a contract to Space Flight Laboratory (SFL) of Canada to develop the NorSat Technology Demonstrator (TD) microsatellite.
  • In September 2022, OHB Sweden awarded a contract to Satlantis for the development of two microsatellites based on the OHB Sweden InnoSat platform.

The microsatellite and nanosatellite market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. L3Harris Technologies Inc., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corporation, RUAG Group, Surrey Satellite Technology Ltd, Axelspace Corporation, Tyvak International, Sierra Nevada Corporation, and Alen Space are among the prominent players operating in the microsatellite and nanosatellite market.

Target audience for the report:

  • Microsatellite manufacturers
  • Nanosatellite manufacturers
  • Microsatellite component manufacturers
  • Nanosatellite component manufacturers
  • Software providers
  • Space, Satellite, and government related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the microsatellite and nanosatellite market has been segmented on the basis of:

  • Type:
    • Nanosatellite
    • Microsatellite
  • Component
    • Hardware
    • Software
  • Application:
    • Communication
    • Scientific Research
    • Mapping and Navigation
    • ISR
    • Others
  • Region
    • North America
      • US
      • Canada
      • Mexico
    • Europe
    • Asia Pacific (APAC)
    • Middle East & Africa
    • South America
  • Companies profiled
    • L3Harris Technologies Inc.
    • Lockheed Martin Corporation
    • Northrop Grumman Corporation
    • Raytheon Technologies Corporation
    • RUAG Group

Companies profiled

    • L3Harris Technologies Inc.
    • Lockheed Martin Corporation
    • Northrop Grumman Corporation
    • Raytheon Technologies Corporation
    • RUAG Group
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