Nanosatellite Market: Overview
The market size for industrial refrigeration systems was USD 231.4 million in 2021, and it is projected to grow at a CAGR of 20.1 percent during the forecast period. The increasing production and deployment of CubeSats, along with their small size and lightweight compared to traditional satellites, is expected to drive the growth of the nanosatellite market. Increasing demand for nanosatellites and microsatellites from the commercial sector and rising demand for satellite data are expected to provide lucrative growth opportunities for the market players. In addition, simplified design and development will enable the integration of modern technologies such as artificial intelligence (AI) and robotics into small satellites driving the market growth. In addition, satellites are expected to use high frequency (VHF), ultra-high frequency (UHF), and visible transmission technologies to improve signal frequencies and transmission speeds boosting market growth. The proliferation of miniaturization technology in the civil, commercial, and defense sectors drives the market's growth. In addition, increasing R&D and development of small satellites, especially in developing regions, and increasing participation of commercial companies, start-ups, and educational institutions are driving the nanosatellite market growth.
In addition, low barriers to entry and private and institutional funding will enable manufacturers to actively develop SSLVs and gain a potential share of the nanosatellite market. For instance, in April 2022, the president of India's national space agency, the Indian Space Research Organization, announced the deployment of his SSLV-D1 Micro SAT, a small satellite launch vehicle. The SSLV-D1 Micro SAT is designed to help industry deploy small satellites in low earth orbit to meet the needs of developing countries, universities and private companies.
In recent years, launching small satellites in heavy vehicles has proven difficult, increasing the demand for small rockets. Previously, small satellites were launched as additional payloads for larger satellites, increasing launch and cost constraints. The growing demand for small rockets that can overcome these cost constraints has led to the development of small satellite rockets (SSLV). For instance, in April 2022, Chinese scientists were working on a constellation of small satellites for advanced astronomical research.
Nanosatellite Market: COVID-19 Impact
The space sector has not been adversely affected by the Covid-19 pandemic and has seen various projects related to nanosatellites canceled or delayed. Small businesses suffered the most from reduced orders for various satellite parts and components. Countries worldwide are cutting their space program budgets to fund pandemic response and recovery efforts that have impacted the nanosatellites market growth. However, despite the negative impact of COVID-19, increased civilian stakeholder involvement, and improved mission capabilities, the nanosatellite and microsatellite markets are witnessing an increase in small satellite development and launches.
Nanosatellite Market: Drivers
Growing Demand for Earth Observation Applications Drive Market Growth
Earth observation services includes agricultural sector monitoring, climate change detection, civil protection, meteorology, and other resources. The need for high-resolution images of the Earth is increasing across all industries, as imagery can be used for multiple purposes, including accurately managing land, water, and forest resources. Space-based inputs are very useful for disaster prevention and post-disaster management. Project Earth Observation's satellite data and services represent a cumulative revenue opportunity of $56 billion over the next decade, according to Northern Sky Research's (NSR) Satellite Earth Observation Report, 11th Edition, released September 2019, growing to an estimated $720 million. Demand for more data and insights is driven by new constellations, massive data pipelines, and subscriptions to insight services. NSR's analysis of commercial opportunities for non-imaging data indicates that the application has promising growth potential. Nanosatellites and microsatellites have shorter development cycles and better orbital maneuverability than conventional satellites. Small satellites can ensure data continuity and facilitate long-term and systematic measurements of important climate variables.
Rise in Manufacturing and Launch of CubeSats Driving the Market Growth
CubeSats are manufactured to standard dimensions in units of 10cm x 10cm x 10cm or U. They are typically built in 1U/2U/3U/6U/12U configurations or other sizes and typically weigh less than 3 pounds per unit. Manufacturing small satellites to the CubeSat standard has reduced the costs associated with the research and technology development stages, and CubeSat's popularity has grown exponentially since its inception. Additionally, depending on the specifications, a CubeSat can be manufactured and put into orbit for a fraction of the total cost compared to traditional satellite missions. Such advantages associated with CubeSats are anticipated to drive the growth of the global nanosatellites market during the forecast period.
Nanosatellite Market: Restraints
Stringent Government Regulations to Hinder Market Growth
Strict government regulation at national and international levels directly or indirectly affects the development of the nanosatellite ecosystem and industry. There is currently no comprehensive global or national regulatory regime for orbits. In the United States, there are regulations regarding the launch and re-entry of satellites into the spectrum and remote sensing. For instance, there are no restrictions on orbital activities such as B. Rendezvous and Close Operations, Space-based Space Situational Awareness (SSA) or RF Mapping. No consensus has been reached internationally, with more than 70 countries involved in small-scale satellite activity. Several indicators point to a comprehensive global regime that goes beyond the high-level mandates of the Outer Space Treaty. Operators have expressed an interest in developing regulations that provide security to investors. Still, given the timeframes in which the functions of operators and policymakers do not always coincide, companies will move from country to country. There are concerns about onerous regulations that may encourage Significant efforts in creating international social agreements, and formulating policies and regulations for the rapid development of the commercial space industry will be the next decade's challenges.
Nanosatellite Market: Segment Overview
Earth observations and remote sensing to Dominate Market due to Increasing government investments
Several governments continued to invest in Earth observation and weather projects. Through the Earth Observation Group, for instance, the U.S. government allocates more than $3 billion annually to private earth observation and space-related missions, according to the United States. In February 2022, Singapore planned to develop a small satellite to observe the Earth, photograph the damage caused by natural disasters in higher resolution, and improve connectivity. The growing popularity of advanced technologies such as Over-The-Top (OTT) services and Internet Protocol Television (IPTV) has increased the adoption of small satellites in communications and navigation. Additionally, miniaturized communications satellites are consistently designed for high performance.
Rise in Broadcast, Navigation, and Communication Activity Drives Market Growth
Increased communication, broadcasting and navigation activity are projectedto propel the market growth during the forecast period. For instance, in March 2021, Open Cosmos launched two commercial nanosatellites, demonstrating the low-cost satellite's ability to provide IoT connectivity and data collection in remote locations worldwide. According to the Satellite Industry Association (SIA), the demand for broadband satellites is expected to grow at a CAGR of 29% through 2024.
Nanosatellite Market: Regional Landscape
North America to Dominate Market due to Rising investments in space-related activities
Increased investment in space-related activities is expected to boost the market expansion during the forecast period. For instance, NASA allocates specific budgets yearly to space-related activities such as science, aviation, space technology, exploration, and other space operations. Additionally, increasing demand for small satellites from various end-use sectors such as research institutes, military and defense, and telecommunications is fueling the growth of the regional market.
The Asia Pacific is expected to be the fastest growing regional market as regional economies such as Japan and India continue aggressively launching small satellites for communications and navigation. Japan is developing a strategy to tap demand for compact satellites and aircraft to meet its miniaturization needs. Also, South Korea and Singapore have entered the small satellite production market, launching satellites into orbit regardless of the implementation size. Additionally, smaller countries such as Singapore and South Korea are entering the small satellite manufacturing market and are looking to launch satellites into orbit regardless of the scale of implementation.
Global Nanosatellite Market: Competitive Landscape
In December 2020, Raytheon Technologies acquired Blue Canyon Technologies (BCT). The acquisition will enable Raytheon to expand its product line to include nanosatellites, microsatellites and other related technologies. Furthermore, in April 2021, GomSpace signed a $4.2 million contract with his Unseen Labs to design and deliver a nanosatellite platform. The deal was reportedly a continuation of an already successful partnership between the two companies. In March 2021, NASA will launch a new low-cost variant of its nanosatellite as part of the CubeSat Launch Initiative (CLSI). CLSI offers the opportunity for smaller satellite payloads built by small non-profit organizations, colleges and universities to fly on the next satellite. NASA is providing these CubeSat developers with a cost-effective way to conduct technology demonstrations and scientific research in space through innovative technology partnerships. Similar initiatives by other space industry giants could boost the market growth.
Few of the players in the Nanosatellite Market include Lockheed Martin Corporation, Raytheon, Clyde Space, Inc., Innovative Solution in Space Group, Sierra Nevada Corporation, Planet Labs Inc., Terra Bella (formerly Skybox Imaging), Ruag Group, and Spacequest Ltd, and GomSpace.
Regional Classification of the Global Nanosatellite Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Nanosatellite Market
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1. Executive Summary
1.1. Global Nanosatellite Market Snapshot
1.2. Key Market Trends
1.3. Future Projections
1.4. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
184.108.40.206. Driver A
220.127.116.11. Driver B
18.104.22.168. Driver C
22.214.171.124. Restraint 1
126.96.36.199. Restraint 2
2.2.3. Market Opportunities Matrix
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. Covid-19 Impact Analysis
2.5.1. Pre-covid and Post-covid Scenario
2.5.2. Supply Impact
2.5.3. Demand Impact
2.6. Government Regulations
2.7. Technology Landscape
2.8. Global Satellite – Market Overview
2.9. Economic Analysis
3. Global Nanosatellite Market Outlook, 2019 - 2030
3.1. Global Nanosatellite Market Outlook, by Satellite Mass, Volume (Units) and Value (US$ Mn), 2019 - 2030
3.1.1. Key Highlights
188.8.131.52. 1-3 Kg
184.108.40.206. 4-7 Kg
220.127.116.11. 7-10 Kg
3.2. Global Nanosatellite Market Outlook, by Purpose, Volume (Units) and Value (US$ Mn), 2019 - 2030
3.2.1. Key Highlights
18.104.22.168. Earth Observation and Remote Sensing
22.214.171.124. Scientific Research
3.3. Global Nanosatellite Market Outlook, by End-use Type, Volume (Units) and Value (US$ Mn), 2019 - 2030
3.3.1. Key Highlights
3.3.2. BPS Analysis/Market Attractiveness Analysis
3.4. Global Nanosatellite Market Outlook, by Region, Volume (Units) and Value (US$ Mn), 2019 - 2030
3.4.1. Key Highlights
126.96.36.199. North America
188.8.131.52. Asia Pacific
184.108.40.206. Latin America
220.127.116.11. Middle East & Africa
3.4.2. BPS Analysis/Market Attractiveness Analysis
4. North America Nanosatellite Market Outlook, 2019 - 2030
4.1. North America Nanosatellite Market Outlook, by Satellite Mass, Volume (Units) and Value (US$ Mn), 2019 - 2030
4.1.1. Key Highlights
18.104.22.168. 1-3 Kg
22.214.171.124. 4-7 Kg
126.96.36.199. 7-10 Kg
4.2. North America Nanosatellite Market Outlook, by Purpose, Volume (Units) and Value (US$ Mn), 2019 - 2030
4.2.1. Key Highlights
188.8.131.52. Earth Observation and Remote Sensing
184.108.40.206. Scientific Research
4.3. North America Nanosatellite Market Outlook, by End-use Type, Volume (Units) and Value (US$ Mn), 2019 - 2030
4.3.1. Key Highlights
4.4. North America Nanosatellite Market Outlook, by Country, Volume (Units) and Value (US$ Mn), 2019 - 2030
4.4.1. Key Highlights
4.4.2. BPS Analysis/Market Attractiveness Analysis
5. Europe Nanosatellite Market Outlook, 2019 - 2030
5.1. Europe Nanosatellite Market Outlook, by Satellite Mass, Volume (Units) and Value (US$ Mn), 2019 - 2030
5.1.1. Key Highlights
220.127.116.11. 1-3 Kg
18.104.22.168. 4-7 Kg
22.214.171.124. 7-10 Kg
5.2. Europe Nanosatellite Market Outlook, by Purpose, Volume (Units) and Value (US$ Mn), 2019 - 2030
5.2.1. Key Highlights
126.96.36.199. Earth Observation and Remote Sensing
188.8.131.52. Scientific Research
5.3. Europe Nanosatellite Market Outlook, by End-use Type, Volume (Units) and Value (US$ Mn), 2019 - 2030
5.3.1. Key Highlights
5.4. Europe Nanosatellite Market Outlook, by Country, Volume (Units) and Value (US$ Mn), 2019 - 2030
5.4.1. Key Highlights
184.108.40.206. Rest of Europe
5.4.2. BPS Analysis/Market Attractiveness Analysis
6. Asia Pacific Nanosatellite Market Outlook, 2019 - 2030
6.1. Asia Pacific Nanosatellite Market Outlook, by Satellite Mass, Volume (Units) and Value (US$ Mn), 2019 - 2030
6.1.1. Key Highlights
220.127.116.11. 1-3 Kg
18.104.22.168. 4-7 Kg
22.214.171.124. 7-10 Kg
6.2. Asia Pacific Nanosatellite Market Outlook, by Purpose, Volume (Units) and Value (US$ Mn), 2019 - 2030
6.2.1. Key Highlights
126.96.36.199. Earth Observation and Remote Sensing
188.8.131.52. Scientific Research
6.3. Asia Pacific Nanosatellite Market Outlook, by End-use Type, Volume (Units) and Value (US$ Mn), 2019 - 2030
6.3.1. Key Highlights
6.4. Asia Pacific Nanosatellite Market Outlook, by Country, Volume (Units) and Value (US$ Mn), 2019 - 2030
6.4.1. Key Highlights
184.108.40.206. South Korea
220.127.116.11. Southeast Asia
18.104.22.168. Rest of Asia Pacific
6.4.2. BPS Analysis/Market Attractiveness Analysis
7. Rest of the World Nanosatellite Market Outlook, 2019 - 2030
7.1. Rest of the World Nanosatellite Market Outlook, by Satellite Mass, Volume (Units) and Value (US$ Mn), 2019 - 2030
7.1.1. Key Highlights
22.214.171.124. 1-3 Kg
126.96.36.199. 4-7 Kg
188.8.131.52. 7-10 Kg
7.2. Rest of the World Nanosatellite Market Outlook, by Purpose, Volume (Units) and Value (US$ Mn), 2019 - 2030
7.2.1. Key Highlights
184.108.40.206. Earth Observation and Remote Sensing
220.127.116.11. Scientific Research
7.3. Rest of the World Nanosatellite Market Outlook, by End-use Type, Volume (Units) and Value (US$ Mn), 2019 - 2030
7.3.1. Key Highlights
7.4. Rest of the World Nanosatellite Market Outlook, by Country, Volume (Units) and Value (US$ Mn), 2019 - 2030
7.4.1. Key Highlights
18.104.22.168. Rest of the World
7.4.2. BPS Analysis/Market Attractiveness Analysis
8. Competitive Landscape
8.1. Company Market Share Analysis, 2022
8.2. Competitive Dashboard
8.3. Company Profiles
22.214.171.124. Company Overview
126.96.36.199. Product Portfolio
188.8.131.52. Financial Overview
184.108.40.206. Business Strategies and Development
(*Note: Above details would be available for below list of companies based on availability)
8.3.2. Lockheed Martin Corporation
8.3.3. Raytheon Technologies
8.3.4. AAC Clyde Space, Inc.
8.3.5. EnduroSat AD
8.3.6. Innovative Solution in Space B.V.
8.3.7. Sierra Nevada Corporation
8.3.8. Planet Labs Inc.
8.3.9. Ruag Group
8.3.10. Adcole Space
8.3.11. Alba Orbital
8.3.12. Spacequest Ltd.
8.3.13. Surrey Satellite Technology Ltd.
9.1. Research Methodology
9.2. Report Assumptions
9.3. Acronyms and Abbreviations
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