The Europe Nanosatellite And Microsatellite Market would witness market growth of 21.7% CAGR during the forecast period (2022-2028).
CubeSats have numerous environmental, humanitarian, and commercial applications, though. Their small weight and size allow them to travel into orbit with greater payloads without raising fuel expenses, which substantially reduces launch costs. CubeSats are speeding the expansion of the compact satellite sector, boosting space access, and advancing research in low-Earth orbit by deploying over 250 small spacecraft from the International Space Station.
The emergence of small satellites in the telecom industry has allowed service providers to speed up the rollout of 5G globally and opened up new market prospects for those involved in Satcom or satellite communication sector. Small satellite development for 5G deployment can be very advantageous in terms of wide-area coverage, affordability, and dependability.
Small satellite manufacturers may now better compete in the larger satellite sector owing to cutting-edge technologies like new solar panel cells and star trackers. Small launch vehicles are in higher demand as a result of the difficulty of launching small satellites from big vehicles in recent years. Small satellites were previously launched alongside larger satellites as an auxiliary payload, which raised launch and financial constraints.
Due to the rise in demand for Earth observation, remote sensing, and scientific exploration, Europe holds a significant market. It is expected that the European Space Agency (ESA) along with other state and national space agencies would launch a number of tiny satellites to collect data for disaster management, climate monitoring, navigation, and surveillance. It is estimated that the frequency of space exploration initiatives in the region would expand in the coming years, hence stimulating the need for small satellites.
The Russia market dominated the Europe Nanosatellite And Microsatellite Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $578.7 million by 2028.The UK market is anticipated a CAGR of 20.7% during (2022 - 2028). Additionally, The France market would showcase a CAGR of 22.7% during (2022 - 2028).
Based on End-Use, the market is segmented into Commercial, Government, Defense & Security and Civil. Based on Application, the market is segmented into Earth Observation/Remote Sensing, Communication & Navigation, Scientific Research and Technology & Academic Training. Based on Mass, the market is segmented into Nanosatellites and Microsatellites. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Nanosatellite And Microsatellite Market will Hit $8 Billion by 2028, at a CAGR of 22.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Dauria Aerospace, GomSpace Group AB, ISISPACE Group, Sierra Nevada Corporation (SNC), Spire Global, Inc., AAC Clyde Space, Surrey Satellite Technology Limited (SSTL), The Boeing Company, and Tyvak International
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