Nanosatellite and Microsatellite Market is Expected to Reach US$ 8.9 Billion by 2032

MILWAUKEE - Aug. 20, 2022 - PRLog -- According to a market report, published by Sheer Analytics and Insights, the global Nanosatellite and microsatellite market was valued at $1.3 billion in 2021 and it is expected to reach $8.9 billion at a CAGR of 17.60% between 2022 and 2032. Nano-satellites and microsatellites are built in a fraction of the time and cost of larger satellites by reducing the reliance on deployable structures and complex mechanisms. These satellites have their own set of limitations. The ability of small satellites to conduct a range of missions is limited by their payload capacities. There are some major factors such as lack of propulsion systems for on-orbit maneuvering; strong attitude determination and control systems and power generation of small satellites are expected to drive the growth of the Nano-satellite and microsatellite market during the forecast period. Therefore, some key players are focusing on investing in this technology to develop more satellites and relatively high success rates for launching in lower-earth orbit. Increasing developments and advanced technologies in materials components are expected to boost the growth of the Nano-satellite and microsatellite during the upcoming years.

The communications sector is rapidly growing at present days, which has opened up new and more lucrative opportunities for players operating in the global Nano-satellite and microsatellite market. New advanced technologies are increasing and are widely adopted due to the advent of IoT. Furthermore, government from various countries are increasing their investment to support the growth of the global Nano-satellite and microsatellite due to the increasing demand for these satellites to improve communication, navigation, earth monitoring, and remote sensing technology. Due to the cost-effective technology, reduced development, and production costs, the global Nano-satellite and Microsatellite market is estimated to have significant growth during the forecast period.

According to the study, key players such as GomSpace Commercial (Denmark), Lockheed Martin Aerospace (U.S), L3Harris technologies (U.S), Sierra Nevada Corporation (U.S), AAC Clyde Space (Sweden), Planet Labs Company (U.S), Airbus Aerospace and Defense Company (Netherlands) among others.

Browse The Full Report at https://www.sheeranalyticsandinsights.com/market-report-research/nanosatellite-and-microsatellite-market-21

The Global NanoSatellite and Microsatellite Market Has Been Segmented Into:

By Component Type:

• Hardware
• Software and Data Processing
• Space Services
• Launch Services

By Application Type:

• Communication
• Earth Monitoring
• Scientific Research
• Biological Research
• Mapping and Navigation
• Academic Training

By End-Users:

• Government
• Defense and Military
• Commercial
• Civil
• Broadcasting

By Regions:

North America

Europe

Asia-Pacific

LAMEA