The global nanosatellite and microsatellite market is experiencing significant growth, valued at USD 2.12 billion in 2021 and projected to expand at a CAGR exceeding 23.3% from 2022 to 2030. The increasing demand for miniaturized satellites across various sectors is driving this market growth. For instance, in November 2021, Japan launched nine miniature satellites to encourage educational institutions and businesses to participate in space exploration.
Traditionally, launching small satellites alongside larger ones has been challenging and costly. This has led to a growing demand for small launch vehicles (SLV) specifically designed for these smaller satellites. In April 2022, China's scientists were working on a fleet of small satellites for advanced astronomical research.
Additionally, low barriers to entry and substantial funding from both private and public sources are enabling manufacturers to aggressively develop SSLVs and capitalize on the growing nanosatellite market. In April 2022, India's space agency announced the deployment of an SSLV-D1 Micro SAT, a small satellite launch vehicle aimed at serving developing economies, universities, and private enterprises.
Gather more insights about the market drivers, restrains and growth of the Nanosatellite And Microsatellite Market
Application Segmentation Insights
Earth Observation/Remote Sensing Segment
The Earth observation/remote sensing segment was the dominant revenue driver in 2021, capturing over 51% of the market share. This significant contribution is primarily attributed to sustained government investments in Earth observation and meteorology projects.
For example, the U.S. government, as reported by the U.S. Group on Earth Observations, allocates more than USD 3 billion annually to civil Earth observation and space-related missions. Additionally, in February 2022, Singapore unveiled plans to develop a small satellite designed to observe the Earth, capture high-resolution images of natural disaster damage, and enhance connectivity.
Small Satellite Segment
The adoption of small satellites in communication and navigation is on the rise, fueled by the increasing popularity of advanced technologies like Over-the-Top (OTT) services and Internet Protocol Television (IPTV). Furthermore, miniaturized communication satellites are engineered to deliver high performance. These payloads are capable of providing fixed, mobile, and broadcast services for regional coverage.
A notable example of this trend is the successful delivery of the Omnispace Spark-1TM aboard the SpaceX Transporter-4 in April 2022, a joint effort by Omnispace and Thales Alenia Space.
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