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Nanosatellite and Microsatellite Market Growing at a CAGR 21.3% | Key Player GomSpace, Lockheed Martin, L3Harris, Sierra Nevada Corporation, AAC Clyde Space

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Nanosatellite and Microsatellite Market Growing at a CAGR 21.3% | Key Player GomSpace, Lockheed Martin, L3Harris, Sierra Nevada Corporation, AAC Clyde Space

July 31
18:32 2020
Nanosatellite and Microsatellite Market Growing at a CAGR 21.3% | Key Player GomSpace, Lockheed Martin, L3Harris, Sierra Nevada Corporation, AAC Clyde Space

GomSpace (Denmark), Lockheed Martin (US), L3Harris (US), Sierra Nevada Corporation (US), AAC Clyde Space (Scotland), Planet Labs (US), Tyvak (US), NanoAvionics (US), Innovative Solutions In Space (Netherlands), SpaceQuest (US), Raytheon (US), RUAG (Switzerland), Surrey Satellite Technology Limited (England), Dauria Aerospace (Russia), Axelspace Corp
Nanosatellite and Microsatellite Market by Component (Hardware, Software & Data Processing, Launch Services), Type (Nanosatellite and Microsatellite), Application, Vertical (Government, Defense, Civil), and Region – Global Forecast to 2025

The global Nanosatellite and Microsatellite Market size is expected to grow from USD 1.8 billion in 2020 to USD 4.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.3% during the forecast period. The satellites are used for several applications, such as communication, earth observation and remote sensing, scientific research, biological experiments, academic training, reconnaissance, and various other applications by the defense, intelligence, civil, commercial, and/or government verticals. Continuous advancements in the miniaturization of technologies, such as electronics, low-mission costs, and the increasing use of satellite constellations, are major drivers of the market.

Earth observation and remote sensing to account for the largest market size 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 hyperspectral imaging systems compatible with nanosatellite and microsatellite missions enable small satellites to generate high-quality complex images.

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The commercial vertical to account for the largest market size during the forecast period

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 the same at lower prices to customers across a wide geographic area. Nanosatellites and microsatellites are used for commercial purposes, such as communication, in the form of voice, data, and videos, internet communication, and video chat. Between 2013 and 2017, almost half the nanosatellites were launched for military or civil missions and the remaining half for business purposes.

The software and data processing segment is projected to grow at the highest CAGR during the forecast period. This segment includes revenues from various software packages and data processing suites that are required for accepting and extracting actionable information from raw satellite data at the ground station. This segment contributes to a very small portion of the total nanosatellite and microsatellite market, which accounts for approximately 6% 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 is now capable of monitoring agriculture, environmental protection, and geology down on Earth further contribute to the growth of this segment. Software and data processing has the potential to significantly expand our knowledge of what damages the environment, how change occurs, and at what pace does devastation take place.

The nanosatellite segment is projected to grow at a higher CAGR during the forecast period. Satellites with a mass (including fuel) between 1 kg and 10 kg are known as 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 of nanosatellites. Nanosatellites are cheaper to build and launch in space. They further provide a cost-effective platform for training and research, especially for countries where heavy investments in the space industry can act as a hindrance for satellite development and launch.

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In terms of geographic coverage, the global nanosatellite and microsatellite market has been segmented into 4 major regions, namely, North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). Europe is projected to be the fastest-growing region in the nanosatellite and microsatellite market. The market for nanosatellites and microsatellites in Europe has been growing due to the rise in demand for missions that provide data for earth observation and scientific exploration. Agencies, including the European Space Agency (ESA) and other national space agencies, are expected to launch small satellites to gather data for climate monitoring, disaster management, navigation, and surveillance.

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