New York, NY -- (SBWIRE) -- 01/27/2021 -- The development of aerospace industries owing to the rise in demand among the acedemicians is propelling the market growth.

Market Size – USD 1.47 Billion in 2018, Market Growth - CAGR of 22.9%, Market Trends – The advent of earth monitoring.

Nanosatellites and microsatellites are extensively used in aerospace research, communication purposes, and earth observation. Apart from these, they are also applied in the sectors of commercial purpose, and military and defense. As they are useful in various scientific objectives to a large extent, nanosatellites and microsatellites are primarily used for numerous research activities. Due to the smaller size and cheaper than other larger satellites, the demand for nanosatellite and microsatellite is elevating worldwide. The global market is expected to be valued at USD 9.48 Billion by 2027.

Key participants are RUAG Group, Clyde Space Inc., GS Sweden AB (GOMSPACE), Sierra Nevada Corporation, PLANET LABS INC., TYVAK INC, Lockheed Martin Corporation, Raytheon Company, Innovative Solutions In Space, and Spacequest Ltd. among others.

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Market Drivers

Innovative technologies like star tracker technology and solar panel cell technology are enabling these small satellites to strengthen their position in the overall satellite industry. Moreover, soaring demand for manufacturing these special types of satellites has triggered the requirement from different end-user industries such as the telecom industry. Furthermore, the deployment of micro and nanosatellites for deploying 5G is particularly beneficial in terms of wide-area coverage, cost-effectiveness, and reliability. All these factors are stimulating demand in the industry. However, unreliability and several restrictions on the number of launched satellites are posing limitations to the growth of the industry. Consistent developments in the market of microsatellite and nanosatellite owing to various innovative efforts for enhancing consistency and efficiency are granting numerous opportunities in the market.

Mass Type Outlook (Revenue, USD Billion; 2016-2026)
- Nanosatellites
- Microsatellites

Application Type Outlook (Revenue, USD Billion; 2016-2026)
- Communication & Navigation
- Earth Observation/Remote Sensing
- Scientific Research
- Technology and Academic Training
- Others

End-Users Outlook (Revenue, USD Billion; 2016-2026)
- Government
- Defense & Security
- Commercial
- Civil
- Others

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Further key findings from the report suggest

- Nanosatellites are observed to have held the largest market share of 53.6% in the year 2018. This is because of the ease of launching these devices. Their low mass and small size allow for the simultaneous launching of several devices on a single-vehicle launcher. Their masses vary from 1-10 Kgs depending upon their utility.
- Earth Observation/Remote Sensing is set to experience the highest CAGR of 23.3% during the forecast period. This is because earth monitoring and remote sensing involved huge costs conventionally, and with the introduction of small scale satellites, their advantageous properties like ease of mobility, inexpensive builds, and compactness, allow for a quick survey response from the uplink.
- Commercially the use of micro, as well as nanosatellites, are growing due to the requirement from network service providers in order to provide maximum coverage over their range of operations. This segment is set to observe the highest CAGR of 23.5% during the forecast period.
- Asia Pacific is expected to grow with the highest CAGR of 22.1% during the forecast period. Nations like China and India are quickly catching up with the growth of Nano and Microsatellites. Research and development in this region is progressing at a significant rate, causing the market growth to propel.

Regional Outlook

North America is a leading region in the market due to rapid developments of aerospace and rapid advancement in technology. Moreover, the existence of different key players in the region is further promoting growth. Asia Pacific is promoting extensive research in the field of aerospace. The region is growing at a promising rate due to the presence of considerable mobile network providers and a huge consumer base.

Market Segmentation by Regions:

North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Point Summary of the Report:

The global Nanosatellite and Microsatellite market research report is an investigative study offering key insights into the latest growth trends, developments, technological and product advancements, and the research and development scenario. The report also covers the market aspects that directly influence the growth of the market. These features include strategies undertaken by the prominent players, their expansion tactics, and the product portfolios of the companies, and micro and macro-economic factors.

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Key Coverage of the Nanosatellite and Microsatellite Market:

- Insightful information regarding the global Nanosatellite and Microsatellite market
- Identification of growth in various segments and sub-segments of the Nanosatellite and Microsatellite market
- Strategic recommendations for investment opportunities
- The report covers significant statistics related to the industry along with products, applications, price analysis, demand & supply, and production and consumptions rate
- Emerging trends and current market segment analysis to help investors formulate new business strategies
- Accelerates the decision-making process through the availability of the drivers and limitations

Global Nanosatellite and Microsatellite Market: Table of Contents

Chapter 1. Market Synopsis

    1.1. Market Definition

    1.2. Research Scope & Premise

    1.3. Methodology

    1.4. Market Estimation Technique

Chapter 2. Executive Summary

    2.1. Summary Snapshot, 2018-2026

Chapter 3. Indicative Metrics

Chapter 4. Nanosatellite and Microsatellite Market Segmentation & Impact Analysis

Continued……….

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