Nanosatellite/microsatellite market to grow to $13.9 billion by 2030: reportNews
September 07, 2022
SAN FRANCISCO, California. A new report predicts that the global market for nanosatellites and microsatellites will explode between now and 2030, growing at a compound annual growth rate (CAGR) of 23.3% over that period to $13.9 billion.
The report states that a surge in Earth observation missions and the development of Small Satellite Launch Vehicles (SSLVs) will be the major drivers in the market.
"The progression toward low-cost satellite-based internet services is enabling a transition toward the adoption of these satellites," the report states. "The Earth observation/remote sensing segment growth can be attributed to the development of low-mass and low-power navigation sensors for small satellites, which provides impetus to new remote sensing and Earth observation missions."
Asia-Pacific will be the fastest-growing regional market over the forecast period due to increased government support for space programs in that region, as well as increased nanosatellite launches by various academic institutions, the report states.