Nanosatellite and Microsatellite Market Growing at a CAGR 20.4% | Key Player Lockheed Martin, L3harris, Sierra Nevada Corporation, Planet Labs, Pumpkin

September 14 13:08 2021
Nanosatellite and Microsatellite Market Growing at a CAGR 20.4% | Key Player Lockheed Martin, L3harris, Sierra Nevada Corporation, Planet Labs, Pumpkin
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)
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

MarketsandMarkets forecasts the global nanosatellite and microsatellite market size 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. 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.

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 hyperspectral 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.

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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 hyperspectral 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 hyperspectral 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.

The nanosatellite and microsatellite market is thriving, and in the coming five years, it is expected to present huge potential opportunities in the satellite communication segment to various satellite equipment manufacturers, satellite service providers, and satellite launchers. In this research report, the nanosatellite and microsatellite market has been segmented into component, type, orbit, application, and vertical. Further, it is segmented across geographical regions, such as North America, Europe, APAC, and RoW. The market has been segmented into diverse verticals, including government, civil, commercial, defense, energy and infrastructure, and maritime and transportation. In terms of application, the nanosatellite and microsatellite market has been segmented into communication, Earth observation and remote sensing, scientific research, biological experiments, technology demonstration and verification, academic training, mapping and navigation, and reconnaissance.

The key and emerging market players 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). These players have adopted various strategies to grow in the global nanosatellite and microsatellite market

GomSpace is a global provider for designing, integrating, and manufacturing high-end nanosatellites for customers in academic, government, and commercial sectors. The company offers integrated systems, nanosatellite subsystems, and advanced miniaturized radio technology. GomSpace offers a wide range of solutions in the field of nanosatellite and microsatellite. The company offers mission payloads, power systems, communication systems, command and data handling, and orbit control systems. GomSpace has expertise in attitude and orbit control systems design for nanosatellites and includes extensive flight heritage from GOMX in-orbit technology demonstration program. GomSpace’s command and data handling provide multiple powerful onboard computers miniaturized to small Printed Circuit Boards (PCBs), yet it includes several features needed to run the satellite platform. The company provides solutions such as IoT, Global Tracking, Communications, Defense and Security, Remote Sensing, and Science Missions. Gomspace has subsidiaries in Sweden, Luxembourg, and offices in the US and Singapore. The company serves industries that include space agencies, commercial businesses, military and national authorities, universities, and ambitious science groups. The company has a presence in more than 50 countries.

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Lockheed Martin is a global provider of security and aerospace solutions. The company offers research, design, development, manufacturing, integration, and sustainability of advanced technology systems, products, and services. The company offers a wide range of management, engineering, technical, scientific, logistics, system integration, and cybersecurity services. Lockheed Martin’s space segment offers the LM 50 product line, consisting of satellites, ranging up to 100 kg. The LM 50 product line is focused on small, low-cost spacecraft technology. Because of the small size of the spacecraft, there is only a limited Size, Weight, and Power (SWaP) available for LM 50 class payloads. The company operates through four business segments: aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS), and space, previously known as space systems.

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