![Global Nano and Microsatellite Market size valued at USD 1.7 Billion in 2020 | Growth Market Reports](https://d1tlrxy0mfxnyo.cloudfront.net/thumbnail/375097/5648000e-70a0-34e1-808c-3968d3b98627.png?width=649)
The global nano and microsatellite market size was around USD 1.7 Billion in 2020 and is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing applications of satellites such as providing critical information for disaster forewarning as well as post-disaster management.
Nano and microsatellites are miniature in size and are launched at low altitudes. They travel at high speeds and offer optimum solutions for communications, remote sensing, and land observations. These satellites consist of various hardware, software and data processing devices that are also used for geographical mapping, navigation, and scientific research. The data obtained from these satellites is processed and used for improving water management.
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Nano and microsatellites are widely used by the military & defense sector as well as for commercial purposes, such as monitoring. These satellites are basically used for scientific objectives at a huge scale. Satellites of weight class 1 kg - 10 kg are considered under the nanosatellite category, while the satellites with the weight between 10 kg - 100 kg are considered under the microsatellite category. CubeSats of 8U and above are included in the microsatellite category, while below them are included in nanosatellite category. The satellites are used for several applications, such as biological experiments, reconnaissance, intelligence, and in the civil industry.
Market Trends, Drivers, Restraints, and Opportunities
- Growing demand for CubeSats in several space applications is projected to drive the market growth during the forecast period.
- Increasing demand for nano and microsatellites for earth observations is expected to drive the growth of the market.
- Rising requirement of high-resolution earth imaging solutions for precise management of land, water, and forest resources is projected to propel the market growth during the forecast period.
- The presence of successful programs to develop and examine advanced hyperspectral imaging systems compatibility with nano and microsatellite missions enable small satellites to generate high-quality complex images. This factor is expected to drive the market expansion.
Nano and Microsatellite Market Segment Insights
Commercial segment to account a large market share
In terms of end-users, the market is segmented into military, civil, and commercial. The commercial segment is expected to hold a key market share during the forecast period. Increasing usage of nanosatellites and microsatellites are used for commercial purposes, such as communication, in the form of voice, data, and videos, Internet communication, and video chat.
Nanosatellite (1 kg - 10 kg) segment to expand at a robust pace
Based on mass, the market is segregated into nanosatellite (1 kg - 10 kg) and microsatellite (10 kg - 100 kg). The nanosatellite (1 kg - 10 kg) segment is expected to grow at a robust pace during the forecast period. Growing R&D activities among universities and startups is driving the growth of the market segment. The high success rate of launching satellites in low-earth orbits is expected to drive the market growth.
North America to dominate the market
On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to rising launch of nano and microsatellites for various space applications. For instance, the US launched around 150 microsatellites, in 2018.
Compititive Landscape
Key players competing in the nano and microsatellite market include Planet Labs Inc., Spire Inc, Surrey Satellite Technology Ltd, Swarm Technologies, and SpaceQuest Ltd
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