Nano satellite Market Size to Reach USD 1,336.9 Million in 2030 | Rise in Demand for Earth Observation Related Applications is a Key Factor Driving Industry Demand, According to Emergen Research
VANCOUVER, BC, Feb. 2, 2022 /PRNewswire/ -- The global nano satellite market size was USD 220.4 Million in 2020. Increase in number of space exploration missions in recent years, lower cost of launching as compared to conventional satellites, and rise in investment by key market players are major factors driving market revenue growth.
Drivers: Advancements in space technologies
Advancements in satellite miniaturization coupled with development and deployment of more innovative technologies are other key factors expected to drive revenue growth of the market during the forecast period. Nano satellites are equipped with advanced devices such as accelerometer, which helps to measure speed of the satellite, and magnetometer, which provides a compass reading and detects magnetic fields. Nano satellites are also mounted with gyroscope, which measures and maintains orientation and angular velocity satellite, and a barometer to detect pressure, among others. These technologies enable nano satellite resources to work efficiently. Furthermore, rapid escalation in production and launch of nano satellites is expected to drive market revenue growth over the forecast period.
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Restraints: Stringent government regulations
Stringent government regulation is a major factor restraining growth of the global nano satellite market. Nano satellites often rideshare, either by secondary payloads on rockets for launching the large satellites, or for carrying cargo to the locations such as the International Space Station (ISS). These impose various restrictions to nano satellite integration and launch schedules, including orbit destinations, and loss of flexibility for the subsystems in nano satellites.
Growth Projections
The global nano satellite market size is expected to reach USD 1,336.9 Million in 2030 and register a revenue CAGR of 20.4% over the forecast period, according to the latest report by Emergen. Increasing adoption of miniaturization technologies across civil, commercial, and military sectors, and increasing initiatives of academic institutions, private companies, and space agencies to launch new nanosatellite missions are key factors driving global nano satellite market revenue growth.
COVID-19 Direct Impact
The COVID-19 pandemic had an adverse effect on market growth. Lack of funds from private investors and government along with technological challenges have resulted in slow development of nano satellites. The COVID-19 pandemic had led to implementation of stringent lockdown regulations across several countries, which resulted in disrupted supply chain of aeronautical parts and delayed the launch of various satellites. However, many large companies have been able to recover after the pandemic; however small and medium size enterprises are still in the process.
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Current Trends and Innovations
Advancements in satellite technologies such as advanced ground systems, in-orbit services, advanced payload systems, and others is boosting growth of the nano satellite market. Advancements in tracking, telemetry, and command-to-control satellites is making ground systems a top satellite technology trend. Ground stations use Radiofrequency (RF) communication terminals, electronically steered, and phased-array antennas to track satellites with minimal human intervention. Moreover, increase in satellite constellations requires modern inter-satellite links for coordination of constellation movement. For this, smart RF and optical communication technologies are used for better in-orbit relays in upstream and downstream data transfer. This innovation will prove very useful in boosting development of nano satellites.
Geographical Outlook
Market in Europe accounted for moderate revenue share in 2020, which is expected to expand at a rapid rate during the forecast period. Countries in Europe are more developed in terms of advanced technologies, and companies are investing substantially in development of nano satellite technologies, which is creating opportunities for nano satellite providers and boosting market growth.
Market in North America accounted for largest revenue share in 2020 and is expected to register a rapid rate over the forecast period. The U.S. launches a vast number of nano satellites for various applications such as observation of the Earth and remote sensing, mapping and navigation, communications, and military operations. The number of launches is expected to increase in the near future owing to increased defense spending and need to upgrade communication networks and links.
Strategic Initiatives
In March 2021, NASA announced the launch of new inexpensive variants of the nano satellite under its CubeSat Launch Initiative (CSLI), which will provide opportunities for smaller satellite payloads built by small non-profit organizations, high schools, and universities to fly on upcoming satellite launches. NASA provides these CubeSat developers a cost-effective pathway through innovative technology partnerships for conducting technology demonstrations and scientific investigations in space. Similar initiatives by other space industry giants is expected to support market growth.
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Some Key Highlights From the Report
- 1kg-3kg segment accounted for moderate revenue share in 2020 and is expected to register rapid growth rate over the forecast period. The cost of launching nano satellites is much lower as compared to conventional satellites owing to lighter weights and smaller size.
- Communication segment accounted for largest revenue share in 2020 and is expected to register fastest growth rate over the forecast period. Nano satellite communicate using radio waves. Signals received from Earth and retransmitted with the help of a transponder, which acts as an integrated radio signals receiver and transmitter.
- Commercial segment accounted for significantly large revenue share in 2020 and is expected to register rapid growth rate over the forecast period owing to increasing use for applications such as communication, voice and video data, video chats, and others.
- Some major companies included in the global market report are ACC Clyde Space, GomSpace A/S, ISISPACE Group, Israel Aerospace Industries (IAI) Ltd., Lockheed Martin Corporation, Alen pace, Axelspace Corporation, NanoAvionics, Planet Labs PBC, SRM Institute of Science and Technology, Sierra Nevada Corporation, EnduroSat, Sky and Space Global Ltd., and The Boeing Company.
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Emergen Research has segmented the global nano satellite market on the basis of mass, application, end-use, and region:
- Mass Type Outlook (Revenue, USD Billion; 2018–2030)
- 1kg-3kg Nano Satellite
- 4kg-6kg Nano Satellite
- 7kg-10kg Nano Satellite
- Application Outlook (Revenue, USD Billion; 2018-2030)
- Communication
- Earth Observation and Remote Sensing
- Scientific Research
- Biological Experiments
- Technology Demonstration and Verification
- Academic Training
- Mapping and Navigation
- Space Exploration
- End-use Outlook (Revenue, USD Billion; 2018–2030)
- Government
- Civil
- Commercial
- Military
- Academic
- Others
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- Regional Outlook (Revenue, USD Billion; 2018–2030)
- North America
- a. U.S.
- b. Canada
- c. Mexico
- Europe
- a. Germany
- b. U.K.
- c. France
- d. Spain
- e. BENELUX
- f. Rest of Europe
- Asia Pacific
- a. China
- b. India
- c. Japan
- d. South Korea
- e. Rest of APAC
- Latin America
- a. Brazil
- b. Rest of LATAM
- Middle East & Africa
- a. Saudi Arabia
- b. UAE
- c. Israel
- d. Rest Of MEA
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