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Nanosatellite and Microsatellite Market Growing at CAGR of 19.8% | Key Players Gomspace, Lockheed Martin, L3Harris, Tyvak, NanoAvionics

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Nanosatellite and Microsatellite Market Growing at CAGR of 19.8% | Key Players Gomspace, Lockheed Martin, L3Harris, Tyvak, NanoAvionics

February 26
09:02 2020
Nanosatellite and Microsatellite Market Growing at CAGR of 19.8% | Key Players Gomspace, Lockheed Martin, L3Harris, Tyvak, NanoAvionics

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)…
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 2024

The global Nanosatellite and Microsatellite Market size is expected to grow from USD 1.5 billion in 2019 to USD 3.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 19.8% 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.

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.

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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

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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The major nanosatellite and microsatellite market vendors include 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 Corporation (Japan), Sky and Space Global (UK), Kepler (Canada), GAUSS’ (Italy), SpaceWorks Enterprises (US), and Berlin Space Technologies (Germany). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global nanosatellite and microsatellite market. New product launches, agreements, and collaborations have been the most adopted strategies by major players from 2018 to 2019, which helped them innovate their offerings and broaden their customer base.

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