Dublin, Sept. 13, 2021 (GLOBE NEWSWIRE) -- The "Nanosatellite and Microsatellite Market Research" report has been added to ResearchAndMarkets.com's offering.
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%
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.
Market Dynamics
Drivers
- Proliferation of Leo-Based Services to Better Connect Remote and Inaccessible Regions
- Rapid Escalation of the Production and Launch of Small Satellites to Revolutionize the Space Industry
- Rising Demand for Earth Observation Related Applications
Restraints
- Limited Access to Space
- Stringent Government Regulations to Hinder the Growth
Opportunities
- Growth in the Demand for Satellite Imagery from Non-Governmental Players
- Increase in the Number of Application Areas
- Increase in the Number of Space Exploration Missions
- Growing Technological Advancements to Transform Space Exploration
Challenges
- Raising Capital and Funding of Satellite Manufacturing and Launch
- Concerns Related to Space Debris
Case Study Analysis
- Nanoavionics
- Gomspace
- Alen Space
- Gomspace
Companies Mentioned
- Aac Clyde Space
- Alen Space
- Alexspace
- Astrocast
- Dauria Aerospace
- Endurosat
- Exolaunch
- Gauss
- Gomspace
- L3Harris
- Lockheed Martin
- Millennium Space Systems
- Nanoavionics
- Northrop Grumman
- OHB Se
- Planet Labs
- Pumpkin
- Raytheon
- Ruag Space
- Sierra Nevada Corporation
- Spacequest
- Spire Global
- Surrey Satellite Technology
- Swarm
- Tyvak
For more information about this report visit https://www.researchandmarkets.com/r/flgsxu
