Market Research Report
Nanosatellite and Microsatellite Market by Component (Hardware, Software & Data Processing, Launch Services, Space Services), Type (Nanosatellite, Microsatellite), Application, Vertical (Government, Defense), Orbit, and Region - Global Forecast to 2026
|Nanosatellite and Microsatellite Market by Component (Hardware, Software & Data Processing, Launch Services, Space Services), Type (Nanosatellite, Microsatellite), Application, Vertical (Government, Defense), Orbit, and Region - Global Forecast to 2026|
Published: August 26, 2021
Content info: 211 Pages
Delivery time: 1-2 business days
The global nanosatellite and microsatellite market size is expected to grow from USD 2.3 billion in 2021 to USD 5.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.4% during the forecast period. Commercial companies, researchers, academia, and the government are building CubeSats for various operational missions. Commercial companies use these miniature satellites for global imaging and communications while researchers and academia continue to use them for R&D. These CubeSats provide an affordable means of demonstrating exciting new technologies, along with driving the drastic miniaturization of systems and encouraging a new approach to spacecraft integration
"By Type, Nanosatellite segment to grow at the higher CAGR during the forecast period"
Satellites with mass (including fuel) between 1 kg and 10 kg are nanosatellites with dimensions as small as 10 cubic centimeters. Historically, the first nanosatellite was launched at the beginning of this millennium, which triggered a series of opportunities in various space-based projects, ranging from technological research to biological experimentation. Several innovative methods of control and development have enormously boosted the optimum usage.
A CubeSat is a nanosatellite's extended design with a standard unit volume of 10 x 10 x 10 cm and can be clubbed up to six units depending upon the mission or assignment. Several low-mission costs with considerable efficiency have majorly attracted the commercial and civil sectors in the past, followed by the government, energy, and the military defense and intelligence sectors to some extent. The constant innovation and technological advances of miniaturizations of electronics are expected to boost the commercial sector significantly. This, in turn, will affect the proportion of nanosatellite launches during the next couple of years for its economic value and the capabilities of such missions. It is expected that the demand from across the verticals for nanosatellite services will increase tremendously over the next few years. These services help meet the various business challenges; thus, creating growth opportunities and accelerating technological innovation.
"By Verticals, the Commercial segment to hold the larger market size during the forecast period"
Private companies can invest in small satellites as they are cheaper, faster to build, and can be launched for commercial purposes. The geospatial technology using Earth-imaging small satellites for agriculture, education, intelligence navigation, mapping, and other uses has driven the commercial sector in the past decade. Nanosatellites or microsatellites help commercial companies gather global real-time data and distribute it at a surprisingly low price across a wide geographic area to their customers. Nanosatellites and microsatellites are used for commercial purposes, such as communication, voice, data, and videos, internet communication, and video chat. Between 2013 and 2017, almost half the nanosatellites were launched on military or civil missions and the remaining half for business purposes. The outlook for the next few years is expected to be different. According to Alen Space, by 2022, up to 75% of all nanosatellites will be launched into orbit for commercial reasons.
Telecommunication players such as Telesat currently use small satellites to provide internet access to the world at the same speed as fiber-optic cables, which is not otherwise possible through conventional satellites.
Telecommunication players, such as OneWeb, are currently using nanosatellites to provide internet access to the world at the same speed as fiber-optic cables. This was not possible through conventional satellites.
"By region, Europe to grow at the highest CAGR during the forecast period"
Europe has always been an early adopter of new technology or software. The European market grows at a faster rate initially as compared to any other region. North America has always been an early adopter of new technology or software. The North American market grows at a faster rate initially as compared to any other region. The demand for nanosatellites and microsatellites in North America is being driven by the booming digitalization across industries, along with the surging demand for Earth observation satellites, which offer extremely high-resolution Earth images and videos as close as one meter or less of the Earth's surface. To meet the growing business need, more nanosatellite and microsatellite missions are being undertaken via NASA and other private space agencies. Canada is developing new techniques and cutting-edge technology to boost innovation in nanosatellites and microsatellites.
This research study outlines the market potential, market dynamics, and major vendors operating in the nanosatellite and microsatellite market. Key and innovative vendors in the nanosatellite and microsatellite market include GomSpace (Denmark), Lockheed Martin (US), L3Harris(US), Sierra Nevada Corporation(US), AAC Clyde Space(Scotland), Planet Labs(US), Surrey Satellite Technology(England), Pumpkin(US), OHB SE(Germany), TYVAK (US), NanoAvionics (US), Northrop Grumman (US), GAUSS(Italy), Spire Global(US), SpaceQuest(US), Dauria Aerospace(Russia), RUAG Space(Switzerland), Raytheon(US), EnduroSat(Bulgaria), Astrocast(Switzerland), Millennium Space Systems(US), Swarm(US), Alen Space(Spain), Excolaunch(Germany), and Axelspace(Japan).
The Nanosatellite and Microsatellite Market is segmented into component, type, application, verticals, and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service and product launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the Nanosatellite and Microsatellite Market.
Reasons to Buy the Report