The global nanosatellites and microsatellites market is expected to reach USD 4.97 billion by 2025, according to a new report by Grand View Research, Inc. Evolving regulatory framework to accommodate small satellite systems for the development of the space industry is expected to propel market demand.
Nanosatellites and microsatellites have proven to be dynamic for embracing new developments in various sectors such as weather information and climatic research, multimedia communications, telephone and television, data distribution, transportation and logistics, navigation, safety, security, and rescue. As these satellites have paved the way for cost-effective earth observation missions along with the development of small launchers and small ground stations connected with cost-effective data distribution methods, industry participants have shifted their focus toward developing nanosatellites and microsatellites.
Moreover, CubeSats, which are smaller than nanosatellites are witnessing a rise in popularity due to their shorter time to orbit and lower manufacturing costs. With the emergence of nanosatellites and microsatellites, there has been a development of a new niche market dedicated to small satellites. Several new players are embracing miniaturized technologies along with a range of advanced launch technologies.
Furthermore, to develop sustainability in the market, players are maintaining a steady flow of microsatellite launches for widening their customer base. Increasing demand from economies such as India and Japan is contributing to the growth of the nanosatellite and microsatellite market. For instance, in the wake of miniaturization, Japan is developing strategies to tap the demand for compact satellites and aircraft.
The nanosatellite segment is expected to dominate the market over the forecast period, with a projected CAGR of close to 22% from 2017 to 2025
The commercial application segment is expected to grow at a CAGR of more than 20% over the next eight years, fueled by the growing use of these satellites in automotive navigation systems and by space agencies
Asia Pacific is expected to be fastest-growing region, primarily attributed to the increasing government support for digitization and the growing initiatives for developing space programs
The technology and academic training application segment is expected to grow at a CAGR of 13.5% over the forecast period
The key players in the industry include Dauria Aerospace, GomSpace Group AB, Innovative Solutions in Space, Sierra Nevada Corporation, and SpaceQuest Ltd.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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