Nanosatellite and Microsatellite are sectors of the small satellites. A microsatellite is used when the wet mass of the satellite is between 10 kg and 100kg while when the wet mass of the satellite is 1 kg to 10 kg, it is referred to as a nanosatellite. These satellites are primarily used for communication purposes, earth observation, and space research. Besides these usages, both nanosatellites and microsatellites are also utilized in the military & defense sector for commercial purposes. Nanosatellites and microsatellites are mainly used for research requirements and scientific objectives on a wide scale. With the rising pace of earth observation, communication, and space research, the demand for these satellites has augmented tremendously. Moreover, the nanosatellites are low-cost bearing as compared to the traditional satellites. Hence these satellites help to remove the obstacles of heavy investments in the space industry.
According to the study, “Global Nanosatellite and Microsatellite Market to reach USD 5.51 billion by 2026” the key companies operating in the global nanosatellite and microsatellite market are AAC Clyde Space AB, ISIS - Innovative Solutions In Space B.V., Axelspace Corporation, NanoAvionics (AST&Science LLC), Berlin Space Technologies GmbH, Surrey Satellite Technology Limited (Airbus), Lockheed Martin Corporation, RUAG Group, Raytheon Company and Tyvak Nano-Satellite Systems, Inc. (Terran Orbital Corporation).
Based on type, the nanosatellite and microsatellite market is segmented as nanosatellite and microsatellite. Based on components, the market is segmented as software, hardware, data processing, launch services, and space services. Based on mass, the market is segmented as 1KG-10KG nano-satellite and 11KG-100KG micro-satellite. Based on the band, the market is segmented as k-band, x-band, and ka-band. Based on application, the market is segmented as earth observation & remote sensing, communication & navigation, biological experiments, scientific research, academic training, technology demonstration & verification, mapping, and reconnaissance. The earth observation & remote sensing segment dominates the market owing to the rise in need for earth observation data in geo-information products along with the increasingly central role of Big Data reinforces the growth potential of commercial activities. The communication & navigation segment is projected to account for major revenue contribution in the global market due to the increase in advanced technologies such as Internet Protocol Television (IPTV) and Over-The-Top (OTT) services during the forecast period. In addition, based on end-user, the market is segmented as government, commercial, civil, defense, maritime & transportation, and energy & infrastructure.
The nanosatellite and microsatellite market is driven by rise in demand for earth observation related application, followed by an increase in focus on reducing the cost of miniatures satellite. However, an increase in government policies and limited access to space may impact the market. Moreover, increase in number of application areas and a rise in demand for satellite imagery from non-governmental players are key opportunities for the market. Furthermore, the rise in demand for Leo-based services is a major trend for the market.
Based on geography, the North-American region holds the major share in the global market owing to growth in the adoption of nanosatellites and microsatellites and the presence of large space organizations & private companies in the region. Whereas, the European and Asian-Pacific regions are estimated to witness higher growth rate due to the rise in investments in the satellite sector coupled with supporting government initiatives over the forecast period. The global nanosatellite and microsatellite market is valued approximately The US $1.53 billion in 2019 and is expected to grow with a healthy growth rate of more than 20.1% over the forecast period 2019 to 2026.
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Global Nanosatellite and Microsatellite Market Outlook
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