Nano and Microsatellite Market Size
| Icons | Lable | Value |
|---|---|---|
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 3.04 Billion |
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Market Size (2029) | USD 4.94 Billion |
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Largest Share by Orbit Class | LEO |
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CAGR (2024 - 2029) | 10.20 % |
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Largest Share by Region | Asia-Pacific |
Major Players |
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*Disclaimer: Major Players sorted in alphabetical order. |
Nano and Microsatellite Market Analysis
The Nano and Microsatellite Market size is estimated at USD 3.04 billion in 2024, and is expected to reach USD 4.94 billion by 2029, growing at a CAGR of 10.20% during the forecast period (2024-2029).
3.04 Billion
Market Size in 2024 (USD)
4.94 Billion
Market Size in 2029 (USD)
30.13 %
CAGR (2017-2023)
10.20 %
CAGR (2024-2029)
Largest Market by Propulsion Tech
73.93 %
value share, Liquid Fuel, 2022
Due to its high efficiency, controllability, reliability, and long lifespan, liquid fuel-based propulsion technology is an ideal choice for space missions. It can be used in various orbit classes for satellites.
Fastest-Growing Market by Orbit class
10.85 %
Projected CAGR, LEO, 2023-2029
LEO satellites are increasingly being adopted in modern communication technologies. These satellites serve an important role in Earth observation applications.
Largest Market by End User
81.72 %
value share, Commercial, 2022
Increasing usage of nano satellites for telecommunication services generates the need to deploy advanced communication satellites for commercial purposes thereby the requirement of these satellites has become more relevant.
Largest Market by Application
75.75 %
value share, Earth Observation, 2022
Earth observation satellites are used for weather forecasting, forestry mapping, and pollution monitoring. The growing adoption of VAS by private companies and organizations is likely to fuel the growth of satellite-based Earth observation.
Leading Market Player
10.18 %
market share, ICEYE Ltd., 2022
ICEYE Ltd is the leading player in the nano and microsatellites market. The company's satellites provide high-resolution images of the Earth's surface to help make informed decisions based on Earth observation data.
LEO Satellites Are Leading Market Demand
- During launch, a satellite or spacecraft is usually placed into one of many special orbits around the Earth, or it can be launched into an interplanetary journey. There are basically three types of Earth orbits, namely geostationary orbit (GEO), medium Earth orbit, and low Earth orbit. Many weather and communication satellites tend to have high Earth orbits, which are farthest from the surface. Satellites in medium Earth orbit include navigational and specialized satellites that are designed to monitor a specific area. Most science satellites, including NASA's Earth Observation System, are in low Earth orbit.
- The nano and microsatellite market is experiencing strong growth, driven by the growing demand for LEO satellites, which are used for communication, navigation, Earth observation, military reconnaissance, and scientific missions. Between 2017 and 2022, around 2,900 small LEO satellites were manufactured and launched from North America alone, primarily for communication applications. This has led companies such as SpaceX, OneWeb, and Amazon to plan the launch of thousands of satellites into LEO.
- In recent years, the military's use of MEO and GEO satellites has grown due to their advantages, including increased signal strength, improved communications and data transfer capabilities, and greater coverage area. For instance, Raytheon Technologies' and Boeing's Millennium Space Systems are developing the first prototype Missile Track Custody (MTC) MEO OPIR payloads to detect and track hypersonic missiles for the US Space Force.
Understand The Key Trends Shaping This Market
Asia-Pacific will witness significant growth
- The global nano and microsatellite market is expected to grow significantly in the coming years, driven by increasing demand for high-speed internet, communication services, and data transfer across different industries. The market can be analyzed concerning North America, Europe, and Asia-Pacific, the major regions in terms of market share and revenue generation. During 2017-2022*, more than 800 nano and microsatellites were manufactured and launched by various operators in this segment.
- North America is expected to dominate the global geo satellite market due to several leading market players in the region, such as Planet Labs, Swarm Technologies, and SpaceX. The US government has also invested heavily in developing advanced satellite technology, which is expected to drive market growth in North America further. During 2017-2022*, the region accounted for 61% of the total nano and microsatellites manufactured.
- The nano and microsatellite market in Europe is expected to grow significantly due to the increasing demand for high-speed internet and communication services. The European Space Agency (ESA) has been investing heavily in developing advanced satellite technology, which is expected to further drive market growth in the region. During 2017-2022*, the region accounted for 5% of the total nano and microsatellites manufactured and launched.
- Asia-Pacific is expected to witness significant growth in the nano and microsatellite market due to the increasing demand for satellite-based communication services and navigation systems in countries such as China, India, and Japan.
Global Nano and Microsatellite Market Trends
Rising need for better fuel and operational efficiency boosting market growth
- The satellite manufacturing industry is driven by the demand for satellites in a plethora of applications, ranging from military surveillance, communications, and navigation to Earth observation. The level of sophistication required for manufacturing satellites is very high, and hence, the market is more prominent in technologically advanced nations, such as the United States, Russia, China, France, and Japan.
- The advent of small and nanosatellites has radically affected the satellite manufacturing market. Satellite manufacturers are exploring opportunities to enhance their production processes. In order to meet the aggressive delivery schedules for satellites, in 2022, RUAG Group announced that it was adopting technologies from other industries to augment its satellite production capacity. Boeing is also focusing on integrating technologies prevalent in the aircraft manufacturing industry to bolster its satellite programs. Both companies have integrated automation in their satellite production lines to boost their annual output and adopted a multi-sourcing strategy for certain commercial off-the-shelf (COTS) components to reduce lead time.
- Satellites are classified according to mass. Satellites with a mass between 10 kg and 100 kg are considered microsatellites, while satellites between 1 and 10 kg are considered nanosatellites. Around 1,200 small satellites were launched globally during 2017-2022. There is a growing interest in small satellites because of their shorter development time, which can reduce overall mission costs. These satellites have made it possible to significantly reduce the time required to obtain scientific and technological results.
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Understand The Key Trends Shaping This Market
Increasing space expenditure by different agencies are expected to positively impact the nano and microsatellites categories
- The advent of small and nanosatellites has strongly influenced the satellite manufacturing market. Satellite manufacturers are exploring opportunities to improve their manufacturing processes. Governments worldwide are investing in small satellite technology for various purposes, including scientific research, environmental monitoring, and national security. The level of complexity required to manufacture satellites is very high, and thus, the market is larger in countries with advanced technologies, such as the United States, Russia, China, France, and Japan.
- In North America, global government expenditure for space programs hit a record of approximately USD 103 billion in 2021. The region is the epicenter of space innovation and research, with the presence of the world's biggest space agency, NASA. In 2022, the US government spent nearly USD 62 billion on its space programs, making it the highest spender on space in the world. In the United States, federal agencies such as NASA receive aid from the government every year, known as funding. In 2023, NASA received USD 32.33 billion for its subsidiaries.
- In Europe, the UK Space Agency announced that it would be funding EUR 6.5 million to support 18 projects to boost the UK space industry. The funding will stimulate growth in the UK space industry by supporting high-impact, locally-led schemes and space cluster development managers. The 18 projects are expected to pioneer a range of innovative space technologies to combat local issues, such as by utilizing Earth observation (EO) data to enhance public services. In November 2022, the Government of Spain announced that it would allocate EUR 1.5 billion to the European Space Agency over the next five years, aimed at reinforcing Spain's leadership in space.
Understand The Key Trends Shaping This Market
Nano and Microsatellite Industry Overview
The Nano and Microsatellite Market is fragmented, with the top five companies occupying 35.53%. The major players in this market are Axelspace Corporation, China Aerospace Science and Technology Corporation (CASC), ICEYE Ltd., LeoStella and Planet Labs Inc. (sorted alphabetically).
Nano and Microsatellite Market Leaders
Axelspace Corporation
China Aerospace Science and Technology Corporation (CASC)
ICEYE Ltd.
LeoStella
Planet Labs Inc.
Other important companies include Astrocast, Capella Space Corp., German Orbital Systems, GomSpaceApS, Satellogic, SpaceQuest Ltd.
*Disclaimer: Major Players sorted in alphabetical order.
Need More Details on Market Players and Competitors?
Nano and Microsatellite Market News
- May 2022: LeoStella has delivered two satellites to BlackSky at New Zealand's Rocket Lab Launch Complex 1, adding to the rapidly increasing revisit capabilities of the growing BlackSky constellation.
- May 2022: As part of the Transporter-5 mission another five satellitesnamely ICEYE-X17, -X18, -X19, -X20 and -X24 were launched.
- March 2022: The China Aerospace Science and Technology Corporation successfully launched the Tiankun-2 satellites into a low-Earth polar orbit on the debut launch of the Long March 6A.
Free with this Report
We offer a comprehensive set of global and local metrics that illustrate the fundamentals of the satellites industry. Clients can access in-depth market analysis of various satellites and launch vehicles through granular level segmental information supported by a repository of market data, trends, and expert analysis. Data and analysis on satellite launches, satellite mass, application of satellites, spending on space programs, propulsion systems, end users, etc., are available in the form of comprehensive reports as well as excel based data worksheets.
Nano and Microsatellite Market Report - Table of Contents
EXECUTIVE SUMMARY & KEY FINDINGS
REPORT OFFERS
1. INTRODUCTION
1.1. Study Assumptions & Market Definition
1.2. Scope of the Study
1.3. Research Methodology
2. KEY INDUSTRY TRENDS
2.1. Satellite Mass
2.2. Spending On Space Programs
2.3. Regulatory Framework
2.3.1. Global
2.3.2. Australia
2.3.3. Brazil
2.3.4. Canada
2.3.5. China
2.3.6. France
2.3.7. Germany
2.3.8. India
2.3.9. Iran
2.3.10. Japan
2.3.11. New Zealand
2.3.12. Russia
2.3.13. Singapore
2.3.14. South Korea
2.3.15. United Arab Emirates
2.3.16. United Kingdom
2.3.17. United States
2.4. Value Chain & Distribution Channel Analysis
3. MARKET SEGMENTATION (includes market size in Value in USD, Forecasts up to 2029 and analysis of growth prospects)
3.1. Application
3.1.1. Communication
3.1.2. Earth Observation
3.1.3. Navigation
3.1.4. Space Observation
3.1.5. Others
3.2. Orbit Class
3.2.1. GEO
3.2.2. LEO
3.2.3. MEO
3.3. End User
3.3.1. Commercial
3.3.2. Military & Government
3.3.3. Other
3.4. Propulsion Tech
3.4.1. Electric
3.4.2. Gas based
3.4.3. Liquid Fuel
3.5. Region
3.5.1. Asia-Pacific
3.5.2. Europe
3.5.3. North America
3.5.4. Rest of World
4. COMPETITIVE LANDSCAPE
4.1. Key Strategic Moves
4.2. Market Share Analysis
4.3. Company Landscape
4.4. Company Profiles (includes Global Level Overview, Market Level Overview, Core Business Segments, Financials, Headcount, Key Information, Market Rank, Market Share, Products and Services, and Analysis of Recent Developments).
4.4.1. Astrocast
4.4.2. Axelspace Corporation
4.4.3. Capella Space Corp.
4.4.4. China Aerospace Science and Technology Corporation (CASC)
4.4.5. German Orbital Systems
4.4.6. GomSpaceApS
4.4.7. ICEYE Ltd.
4.4.8. LeoStella
4.4.9. Planet Labs Inc.
4.4.10. Satellogic
4.4.11. SpaceQuest Ltd
5. KEY STRATEGIC QUESTIONS FOR SATELLITE CEOS
6. APPENDIX
6.1. Global Overview
6.1.1. Overview
6.1.2. Porter's Five Forces Framework
6.1.3. Global Value Chain Analysis
6.1.4. Market Dynamics (DROs)
6.2. Sources & References
6.3. List of Tables & Figures
6.4. Primary Insights
6.5. Data Pack
6.6. Glossary of Terms
List of Tables & Figures
- Figure 1:
- SATELLITE MASS (ABOVE 10KG) GLOBALLY, NUMBER OF SATELLITES LAUNCHED, GLOBAL, 2017 - 2022
- Figure 2:
- SPENDING ON SPACE PROGRAMS GLOBALLY, USD, GLOBAL, 2017 - 2022
- Figure 3:
- GLOBAL NANO AND MICROSATELLITE MARKET, VALUE, USD, 2017 - 2029
- Figure 4:
- VALUE OF NANO AND MICROSATELLITE MARKET BY APPLICATION, USD, GLOBAL, 2017 - 2029
- Figure 5:
- VALUE SHARE OF NANO AND MICROSATELLITE MARKET BY APPLICATION, %, GLOBAL, 2017 VS 2023 VS 2029
- Figure 6:
- VALUE OF COMMUNICATION MARKET, USD, GLOBAL, 2017 - 2029
- Figure 7:
- VALUE OF EARTH OBSERVATION MARKET, USD, GLOBAL, 2017 - 2029
- Figure 8:
- VALUE OF NAVIGATION MARKET, USD, GLOBAL, 2017 - 2029
- Figure 9:
- VALUE OF SPACE OBSERVATION MARKET, USD, GLOBAL, 2017 - 2029
- Figure 10:
- VALUE OF OTHERS MARKET, USD, GLOBAL, 2017 - 2029
- Figure 11:
- VALUE OF NANO AND MICROSATELLITE MARKET BY ORBIT CLASS, USD, GLOBAL, 2017 - 2029
- Figure 12:
- VALUE SHARE OF NANO AND MICROSATELLITE MARKET BY ORBIT CLASS, %, GLOBAL, 2017 VS 2023 VS 2029
- Figure 13:
- VALUE OF GEO MARKET, USD, GLOBAL, 2017 - 2029
- Figure 14:
- VALUE OF LEO MARKET, USD, GLOBAL, 2017 - 2029
- Figure 15:
- VALUE OF MEO MARKET, USD, GLOBAL, 2017 - 2029
- Figure 16:
- VALUE OF NANO AND MICROSATELLITE MARKET BY END USER, USD, GLOBAL, 2017 - 2029
- Figure 17:
- VALUE SHARE OF NANO AND MICROSATELLITE MARKET BY END USER, %, GLOBAL, 2017 VS 2023 VS 2029
- Figure 18:
- VALUE OF COMMERCIAL MARKET, USD, GLOBAL, 2017 - 2029
- Figure 19:
- VALUE OF MILITARY & GOVERNMENT MARKET, USD, GLOBAL, 2017 - 2029
- Figure 20:
- VALUE OF OTHER MARKET, USD, GLOBAL, 2017 - 2029
- Figure 21:
- VALUE OF NANO AND MICROSATELLITE MARKET BY PROPULSION TECH, USD, GLOBAL, 2017 - 2029
- Figure 22:
- VALUE SHARE OF NANO AND MICROSATELLITE MARKET BY PROPULSION TECH, %, GLOBAL, 2017 VS 2023 VS 2029
- Figure 23:
- VALUE OF ELECTRIC MARKET, USD, GLOBAL, 2017 - 2029
- Figure 24:
- VALUE OF GAS BASED MARKET, USD, GLOBAL, 2017 - 2029
- Figure 25:
- VALUE OF LIQUID FUEL MARKET, USD, GLOBAL, 2017 - 2029
- Figure 26:
- VALUE OF NANO AND MICROSATELLITE MARKET BY REGION, USD, GLOBAL, 2017 - 2029
- Figure 27:
- VALUE SHARE OF NANO AND MICROSATELLITE MARKET BY REGION, %, GLOBAL, 2017 VS 2023 VS 2029
- Figure 28:
- VALUE OF NANO AND MICROSATELLITE MARKET, USD, ASIA-PACIFIC, 2017 - 2029
- Figure 29:
- VALUE SHARE OF NANO AND MICROSATELLITE MARKET BY APPLICATION, %, ASIA-PACIFIC, 2017 - 2029
- Figure 30:
- VALUE OF NANO AND MICROSATELLITE MARKET, USD, EUROPE, 2017 - 2029
- Figure 31:
- VALUE SHARE OF NANO AND MICROSATELLITE MARKET BY APPLICATION, %, EUROPE, 2017 - 2029
- Figure 32:
- VALUE OF NANO AND MICROSATELLITE MARKET, USD, NORTH AMERICA, 2017 - 2029
- Figure 33:
- VALUE SHARE OF NANO AND MICROSATELLITE MARKET BY APPLICATION, %, NORTH AMERICA, 2017 - 2029
- Figure 34:
- VALUE OF NANO AND MICROSATELLITE MARKET, USD, REST OF WORLD, 2017 - 2029
- Figure 35:
- VALUE SHARE OF NANO AND MICROSATELLITE MARKET BY APPLICATION, %, REST OF WORLD, 2017 - 2029
- Figure 36:
- NUMBER OF STRATEGIC MOVES OF MOST ACTIVE COMPANIES, GLOBAL NANO AND MICROSATELLITE MARKET, ALL, 2017 - 2029
- Figure 37:
- TOTAL NUMBER OF STRATEGIC MOVES OF COMPANIES, GLOBAL NANO AND MICROSATELLITE MARKET, ALL, 2017 - 2029
- Figure 38:
- MARKET SHARE OF GLOBAL NANO AND MICROSATELLITE MARKET, %, ALL, 2022
Nano and Microsatellite Industry Segmentation
Communication, Earth Observation, Navigation, Space Observation, Others are covered as segments by Application. GEO, LEO, MEO are covered as segments by Orbit Class. Commercial, Military & Government are covered as segments by End User. Electric, Gas based, Liquid Fuel are covered as segments by Propulsion Tech. Asia-Pacific, Europe, North America are covered as segments by Region.
- During launch, a satellite or spacecraft is usually placed into one of many special orbits around the Earth, or it can be launched into an interplanetary journey. There are basically three types of Earth orbits, namely geostationary orbit (GEO), medium Earth orbit, and low Earth orbit. Many weather and communication satellites tend to have high Earth orbits, which are farthest from the surface. Satellites in medium Earth orbit include navigational and specialized satellites that are designed to monitor a specific area. Most science satellites, including NASA's Earth Observation System, are in low Earth orbit.
- The nano and microsatellite market is experiencing strong growth, driven by the growing demand for LEO satellites, which are used for communication, navigation, Earth observation, military reconnaissance, and scientific missions. Between 2017 and 2022, around 2,900 small LEO satellites were manufactured and launched from North America alone, primarily for communication applications. This has led companies such as SpaceX, OneWeb, and Amazon to plan the launch of thousands of satellites into LEO.
- In recent years, the military's use of MEO and GEO satellites has grown due to their advantages, including increased signal strength, improved communications and data transfer capabilities, and greater coverage area. For instance, Raytheon Technologies' and Boeing's Millennium Space Systems are developing the first prototype Missile Track Custody (MTC) MEO OPIR payloads to detect and track hypersonic missiles for the US Space Force.
| Application | |
| Communication | |
| Earth Observation | |
| Navigation | |
| Space Observation | |
| Others |
| Orbit Class | |
| GEO | |
| LEO | |
| MEO |
| End User | |
| Commercial | |
| Military & Government | |
| Other |
| Propulsion Tech | |
| Electric | |
| Gas based | |
| Liquid Fuel |
| Region | |
| Asia-Pacific | |
| Europe | |
| North America | |
| Rest of World |
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Market Definition
- Application - Various applications or purposes of the satellites are classified into communication, earth observation, space observation, navigation, and others. The purposes listed are those self-reported by the satellite’s operator.
- End User - The primary users or end users of the satellite is described as civil (academic, amateur), commercial, government (meteorological, scientific, etc.), military. Satellites can be multi-use, for both commercial and military applications.
- Launch Vehicle MTOW - The launch vehicle MTOW (maximum take-off weight) means the maximum weight of the launch vehicle during take-off, including the weight of payload, equipment and fuel.
- Orbit Class - The satellite orbits are divided into three broad classes namely GEO, LEO, and MEO. Satellites in elliptical orbits have apogees and perigees that differ significantly from each other and categorized satellite orbits with eccentricity 0.14 and higher as elliptical.
- Propulsion tech - Under this segment, different types of satellite propulsion systems have been classified as electric, liquid-fuel and gas-based propulsion systems.
- Satellite Mass - Under this segment, different types of satellite propulsion systems have been classified as electric, liquid-fuel and gas-based propulsion systems.
- Satellite Subsystem - All the components and subsystems which includes propellants, buses, solar panels, other hardware of satellites are included under this segment.
| Keyword | Definition |
|---|---|
| Attitude Control | The orientation of the satellite relative to the Earth and the sun. |
| INTELSAT | The International Telecommunications Satellite Organization operates a network of satellites for international transmission. |
| Geostationary Earth Orbit (GEO) | Geostationary satellites in Earth orbit 35,786 km (22,282 mi) above the equator in the same direction and at the same speed as the earth rotates on its axis, making them appear fixed in the sky. |
| Low Earth Orbit (LEO) | Low Earth Orbit satellites orbit from 160-2000km above the earth, take approximately 1.5 hours for a full orbit and only cover a portion of the earth’s surface. |
| Medium Earth Orbit (MEO) | MEO satellites are located above LEO and below GEO satellites and typically travel in an elliptical orbit over the North and South Pole or in an equatorial orbit. |
| Very Small Aperture Terminal (VSAT) | Very Small Aperture Terminal is an antenna that is typically less than 3 meters in diameter |
| CubeSat | CubeSat is a class of miniature satellites based on a form factor consisting of 10 cm cubes. CubeSats weigh no more than 2 kg per unit and typically use commercially available components for their construction and electronics. |
| Small Satellite Launch Vehicles (SSLVs) | Small Satellite Launch Vehicle (SSLV) is a three-stage Launch Vehicle configured with three Solid Propulsion Stages and a liquid propulsion-based Velocity Trimming Module (VTM) as a terminal stage |
| Space Mining | Asteroid mining is the hypothesis of extracting material from asteroids and other asteroids, including near-Earth objects. |
| Nano Satellites | Nanosatellites are loosely defined as any satellite weighing less than 10 kilograms. |
| Automatic Identification System (AIS) | Automatic identification system (AIS) is an automatic tracking system used to identify and locate ships by exchanging electronic data with other nearby ships, AIS base stations, and satellites. Satellite AIS (S-AIS) is the term used to describe when a satellite is used to detect AIS signatures. |
| Reusable launch vehicles (RLVs) | Reusable launch vehicle (RLV) means a launch vehicle that is designed to return to Earth substantially intact and therefore may be launched more than one time or that contains vehicle stages that may be recovered by a launch operator for future use in the operation of a substantially similar launch vehicle. |
| Apogee | The point in an elliptical satellite orbit which is farthest from the surface of the earth. Geosynchronous satellites which maintain circular orbits around the earth are first launched into highly elliptical orbits with apogees of 22,237 miles. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: Identify Key Variables: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. For sales conversion to volume, the average selling price (ASP) is kept constant throughout the forecast period for each country, and inflation is not a part of the pricing.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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