Nanosatellite and microsatellite market was valued at $1.3 billion in 2021 and it is expected to reach $8.9 billion at a CAGR of 17.60% between 2022 and 2032.
MILWAUKEE, WISCONSIN, UNITED STATES, August 20, 2022 /EINPresswire.com/ — According to a market report, published by Sheer Analytics and Insights, the global Nanosatellite and microsatellite market was valued at $1.3 billion in 2021 and it is expected to reach $8.9 billion at a CAGR of 17.60% between 2022 and 2032. Nano-satellites and microsatellites are built in a fraction of the time and cost of larger satellites by reducing the reliance on deployable structures and complex mechanisms. These satellites have their own set of limitations. The ability of small satellites to conduct a range of missions is limited by their payload capacities. There are some major factors such as lack of propulsion systems for on-orbit maneuvering; strong attitude determination and control systems and power generation of small satellites are expected to drive the growth of the Nano-satellite and microsatellite market during the forecast period. Therefore, some key players are focusing on investing in this technology to develop more satellites and relatively high success rates for launching in lower-earth orbit. Increasing developments and advanced technologies in materials components are expected to boost the growth of the Nano-satellite and microsatellite during the upcoming years.
The communications sector is rapidly growing at present days, which has opened up new and more lucrative opportunities for players operating in the global Nano-satellite and microsatellite market. New advanced technologies are increasing and are widely adopted due to the advent of IoT. Furthermore, government from various countries are increasing their investment to support the growth of the global Nano-satellite and microsatellite due to the increasing demand for these satellites to improve communication, navigation, earth monitoring, and remote sensing technology. Due to the cost-effective technology, reduced development, and production costs, the global Nano-satellite and Microsatellite market is estimated to have significant growth during the forecast period. Along with this, the deployment of solar panels, and star tracker technologies entwined with extensive investments by market key players and governments from different countries, which is expected to boost the market growth in the forecast period.
Nano-satellites weigh less than 10 kilograms and microsatellites weigh between 11 to 100 kilograms. Hence, these satellites have been widely used to launch and gather data and information to better understand the planet. Therefore, these types of satellites are playing an essential role in accelerating climate and environmental research over the last few decades. Besides these, there are some major challenges such as increasing difficulties in firing solar panels to small frames of Nano and microsatellites which make extra electrical power not possible and have hampered the market growth in a certain time. However, at present days, some major players are focusing on investing in producing advanced technological Nano-satellites and microsatellites and these companies are trying to enter into the partnership with other companies to build up business strategies and to gain significant market share. Therefore, key players are implementing these business strategies to stay ahead in the competitive market across the globe.
According to the study, key players such as GomSpace Commercial (Denmark), Lockheed Martin Aerospace (U.S), L3Harris technologies (U.S), Sierra Nevada Corporation (U.S), AAC Clyde Space (Sweden), Planet Labs Company (U.S), Airbus Aerospace and Defense Company (Netherlands), OHB SE Technology Company (Germany), Tyvak Nano-Satellite Systems Inc (U.S), AST Space Mobile Inc. (U.S) Northrob Grumman Aerospace and Defense (U.S), Spire Global (U.S), RUAG Space Company (Switzerland), Millennium Space System (U.S), SpaceX Aerospace (U.S), Raytheon Technologies Aerospace and Defense (U.S), University of Vigo (Spain), Axelspace Corporation (Japan), EnduroSat (Bulgaria), Exolaunch (Germany), Astro Digital Inc (U.S), AST&Science LLC (Spain), Innovative Solutions in Space (Netherlands), Berlin Space Technologies (Germany), Leidos Engineering (U.S), D-Orbit (Italy), among others.
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The Global NanoSatellite and Microsatellite Market Has Been Segmented Into:
The Global NanoSatellite and Microsatellite Market – By Component Type:
Software and Data Processing
The Global NanoSatellite and Microsatellite Market –By Application Type:
Mapping and Navigation
The Global NanoSatellite and Microsatellite Market – By End-Users:
Defense and Military
The Global NanoSatellite and Microsatellite Market – By Regions:
Rest of Europe Countries
Rest of Asian Countries
Latin America and Middle East Africa (LAMEA)
Rest of LAMEA
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