Northbrook, IL -- (SBWIRE) -- 03/08/2022 -- According to a 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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Space Services segment to to hold the larger market size during the forecast period

The space services segment is another important part of the market as vendors develop and design nanosatellites and microsatellites, along with providing support services, such as platform and mission design, mission support, and space mission training. This section includes revenues from all functions, such as planning and mission design, management, engineering services, science services, testing, support, and all such services needed for the efficient life cycle management of a nanosatellite or a microsatellite. These services account for a major share of the total nanosatellite and microsatellite market. This segment is expected to grow significantly with an increasing demand for nanosatellites and microsatellites in the commercial and civil sectors.

Commercial segment is expected to grow at a highest CAGR during the forecast period

Among verticals, commercial segment is expected to grow at highest CAGR 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 Alén Space, by 2022, up to 75% of all nanosatellites will be launched into orbit for commercial reasons.

Europe region to record the highest CAGR in the Nanosatellite and Microsatellite market

The European space context is growing fast with commercial space activities and greater involvement from private sectors. The small satellite industry of Europe has adopted various technological shifts such as digitalization, miniaturization, AI, and reusable launcher. These business models have increased the access and usage of space. The UK government further encourages the development of a fleet of small satellites. For instance, in May 2019, a pair of Glasgow-built nanosatellites could revolutionize the process of how data is downloaded from space and launched into space. The adoption of nanosatellites and microsatellites in the region is expected to witness steady growth during the forecast period. Constant innovations in the space industry have led to the growth of new satellite configurations, miniaturization of payload components, progress in the efficiency of subsystems, and the development of thermal control architecture, onboard propulsion systems, sensors, and power supplies.

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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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