IMARC Group, a leading market research company, has recently releases report titled, “Nanosatellite and Microsatellite Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The study provides a detailed analysis of the nano and micro satellite market by technology, component, application and end-use sector. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
The global nanosatellite and microsatellite market size reached US$ 2.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.2 Billion by 2028, exhibiting a growth rate (CAGR) of 19.7% during 2023-2028.
Miniature artificial satellites called nano- and microsatellites (NAM) are utilised in orbit for a variety of purposes. They are made up of links to asynchronous communication channels, an onboard computer, a remote control unit, and a telemetry unit. They incorporate extremely dependable electronic components but have a short lifespan. In addition, they retain similar capabilities and are more convenient to build, and cost-effective as compared to traditional satellites. They are widely employed in communication, earth observation and remote sensing, biological experiments, technology demonstration and verification, academic training, mapping and navigation, and reconnaissance. Nanosatellite and microsatellite are used in space observation programs, interplanetary missions, system testing in orbit, and biomedical research. They assist in the development of space programs and are widely employed in rapid responses to disasters, environmental management, asset tracking, and gathering timely information related to telemedicine. They provide a platform for training and research to countries wherein heavy investment in the space industry facilitates health and welfare needs. As a result, they find extensive applications in government, civil, energy and infrastructure, commercial, and defense sectors worldwide.
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Microelectronics developments and a sharp increase in satellite launches worldwide currently stand out as two of the main reasons favouring the market. The need for nanosatellites and microsatellites is also being stimulated by private corporations' growing investments in space technology startups. In addition, the development of the communication sector and the precise application of the internet of things (IoT) are promoting market expansion. In addition, NAMs are finding more uses in communications, science, earth observation, remote sensing, climate, survey, and map reading, which is boosting market expansion. Apart from this, they are increasingly being utilized in civil, commercial, and defense sectors to conduct low-cost space missions, including geolocation, communication, and signal monitoring, which is creating a positive market outlook. Furthermore, the integration of satellites with advanced technologies, such as artificial intelligence (AI), advanced payload system, and in-orbit services, is bolstering the market growth. In addition, the growing funding and investments in research and development (R&D) activities to improve the operations of satellite swarms and support better communication with earth are driving the market growth. Besides this, significant growth in the aeronautic and satellite industry and advancement in miniaturization technologies are strengthening the market growth. Other factors, such as the deployment of star trackers and solar panels on satellites, are expected to create a favorable market outlook in the coming years.
The report has segmented the market into the following categories:
Breakup by Satellite Mass:
Breakup by Component:
Breakup Application:
Breakup by End-Use Sector:
Breakup by Region:
The report covers the major market players including:
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