Nanosatellite and Microsatellite Market worth $5.7 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 26, 2021 /PRNewswire/ -- According to a new 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", published by MarketsandMarkets™, the global Nanosatellite and Microsatellite Market size is expected to grow 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.
Nanosatellite and microsatellite are emerging as a separate class of spacecraft, inclusive of platforms, such as the CubeSat. Nanosatellites and microsatellites incorporate recent software and hardware improvements, most notable ones derived from IT and electronics industries, and benefit from the resulting high capability that is feasible in small packages. Compared to traditional satellites, nanosatellites and microsatellites have shorter development cycles, smaller development teams, and consequently, lower cost, both for the development and launch of satellites. CubeSats, a class of small satellites, have the additional benefit of containerization, and a standardized form-factor, enabling mass production and easier launch vehicle integration, further lowering the overall cost.
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Software and Data Processing segment to grow at the highest CAGR during the forecast period
This segment includes revenues from various software packages as well as data processing suites that are required for accepting and extracting actionable information from raw satellite data at the ground station. It includes revenues from onboard nanosatellite and microsatellite software. The software performs functions, such as commands and data handling, attitude determination and control, and satellite space protocol. This segment contributes to a small portion of the total Nanosatellite and Microsatellite Market, accounting for approximately six percent during the forecast period. However, the software and data processing segment is expected to grow at the highest CAGR during the forecast period. Factors such as advanced data processing in space are now capable of monitoring agriculture, environmental protection, and geology down on Earth. This, in turn, has the potential to significantly expand the knowledge of what damages the environment, how this change occurs, and at what pace this devastation takes place. With the help of satellite technology and specialized hyper spectral imaging cameras, this is becoming possible. SaaS cloud-based solutions increase efficiency and cost-effectiveness, along with scalability, remote access to services, and automatic updates of nanosatellites and microsatellites.
Earth Observation and Remote Sensing segment is expected to grow at a higher CAGR during the forecast period
Nanosatellites and microsatellites have brought novel opportunities for Earth observation and remote sensing using inexpensive small satellites to capture images of the Earth and gather specific data. Nanosatellites and microsatellites are expected to play a major role in remote sensing missions due to their enhanced computational and communication capabilities, along with competencies in making decisions about the time and data to be shared. Successful programs to develop and examine advanced hyper spectral imaging systems compatible with nanosatellite and microsatellite missions enable small satellites to generate high-quality complex images. These images can be processed, analyzed, and interpreted quickly using the existing hyper spectral data analyzing software programs. They help in monitoring situations such as cyclones, storms, El Niño, floods, fires, volcanic activities, earthquakes, landslides, oil slicks, environmental pollution, and industrial and power plant disasters.
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North America region to record the highest growing region in the Nanosatellite and Microsatellite Market
North America leads to the adoption of nanosatellites and microsatellites and provides great opportunities for growth in the overall market. The region has always been an early adopter of new technology or software, and North America 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 digitization across industries, along with the surging demand for Earth observation satellites. These satellites offer extremely high-resolution Earth images and videos as close as one meter or less of the Earths 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.
Key and innovative vendors in Nanosatellite and Microsatellite Market are 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).
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