According to MarkNtel Advisors, the Global Nanosatellite and Microsatellite Market is expected to grow at a CAGR of 19.76% during the forecast period, i.e., 2022-27. It owes to the mounting number of space projects & complexities in them, emerging satellite miniaturization trends, and massive R&D investments by the governments & private associations in developing cost-effective Nanosatellites & Microsatellites.
Additionally, due to their low costs compared to other satellites, they are being highly adopted for risky, uncertain, & experimental projects. Moreover, the growing commercialization of Nanosatellites & Microsatellites for non-governmental applications like earth observation and rapidly increasing short-duration space projects shall also augment the market growth in the years to come.
Defense Sector to Lead the Global Nanosatellite & Microsatellite Market Through 2027
The increasing adoption of these satellites in the Defense sector is primarily for their use in giving an early warning if any ballistic missile is detected and for surveillance & reconnaissance operations like consistent area coverage. Besides, numerous countries are substantially investing in the military & defense sector to strengthen their national security, thereby adopting advanced technology-equipped devices and, in turn, benefitting the market.
Moreover, these satellites are highly efficient in automatically sensing nuclear explosions & their location and can effectively conduct tactical & strategic operations. Therefore, owing to these benefits, the Global Nanosatellite & Microsatellite Market is observing immense demand across the Defense sector.
North America to Dominate the Global Nanosatellite & Microsatellite Market through 2027
North America is an early adopter of new technologies across different verticals. The surging demand for these satellites in the region owes principally to the surging need to strengthen national security across its regional countries entwined with rapid digitalization across different industries. Additionally, various initiatives by NASA & other private associations toward the R&D on Nanosatellites & Microsatellites are also contributing to the increasing overall market scalability.
Moreover, countries like Canada are developing advanced technologies in the space sector. The US is likely to display the fastest market growth across North America, owing to the extensive presence of prominent market players in the country and the mounting use of Nanosatellites & Microsatellites for earth observation, remote sensing, communications, military operations, etc.
Key Market Competitors
According to MarkNtel Advisors, the leading players in the Global Nanosatellite & Microsatellite Market are AAC Clyde Space, Astrocast, Dauria Aerospace, EnduroSat, GAUSS, GomSpace, Lockheed Martin, L3Harris, NanoAvionics, Northrop Grumman, OHB SE, Planet Labs, Pumpkin, Raytheon, RUAG Space, Sierra Nevada Corporation, Spire Global, SpaceQuest, Surrey Satellite Technology, and TYVAK.
Key Questions Answered in the Study: