Credit: ASDReports

A new report has assessed the nanosatellite and microsatellite market, an appraisal that projects out to 2022 the worldwide demand for small spacecraft.

Based on mass, the smallsat market has been segmented into 1 kg-10 kg (nanosatellite) and 11 kg-100 kg (microsatellite).

Based on application, the nanosatellite and microsatellite market has been segmented into communication, Earth observation and remote sensing, scientific research, biological experiment, technology demonstration and verification, academic training, mapping and navigation, and reconnaissance.

Key factors

“The low manufacturing cost of miniature satellites is one of the key factors expected to drive the growth of the nanosatellite and microsatellite market,” the new assessment notes. “The nanosatellite and microsatellite market is projected to grow from USD 1.21 billion in 2017 to USD 3.49 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period,” explains ASDReports, a research group in Amsterdam, the Netherlands.

Factors such as the high demand for miniature satellites in Earth observation applications, low manufacturing cost of miniature satellites, and increased investments in nanosatellite and microsatellite technologies are expected to drive the growth of the market.

However, the study cautions that the implementation of stringent regulations pertaining to the increasing number of satellites being launched can restrain the growth of the market.

Credit: NASA

Services segment

ASDReports explains that, based on component, the service segment is estimated to be the largest segment of the nanosatellite and microsatellite market in 2017.

Services offered by companies in the market include planning and satellite design, mission management, engineering services, science services, testing, support, and all such services needed for the efficient operation of nanosatellites and microsatellites.

The growth of the services segment can be primarily attributed to the high demand for vendors of nanosatellites and microsatellites that provide support services, in addition to developing and designing miniature satellites.

Earth observation

As for the services that small satellites can provide, the new study points out that the Earth observation and remote sensing segment is expected to be the largest segment of the market in 2017.

Earth remote sensing spacecraft.
Credit: Planet

“The high mobility of nanosatellites and microsatellites, due to their compactness, makes them ideal to forecast disasters with no delay in reporting time and track various weather-related phenomena, such as hurricanes, lightning, polar lights, or natural catastrophes.”

Largest, fastest-growing markets

North America is estimated to be the largest market for nanosatellites and microsatellites in 2017, due to the high demand for these satellites from NASA and the U.S. Department of Defense, as well as research organizations and companies in the telecommunication sector.

Europe is expected to be the fastest-growing market for nanosatellites and microsatellites during the forecast period. “The market in Europe includes the U.K., Russia, Germany, and France, who are rapidly gaining technological leadership in satellite manufacturing. The market for nanosatellites and microsatellites in Europe is expected to witness the highest growth during the forecast period due to the increased demand for missions that provide data for Earth observation and scientific exploration.”

Resources

For more information on this new ASDReports study “Nanosatellite and Microsatellite Market by Component (Hardware, Software & Data Processing, Services, Launch Services)”, go to:

https://www.asdreports.com/news-26674/nanosatellite-microsatellite-market-worth-349-bn-usd-2022

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