Market Trends of nano and microsatellite Industry
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.
_globally__Number_of_Satellites_Launched__Global__2017_-_2022.svg)
Understand The Key Trends Shaping This Market
Download PDF
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
Download PDF
