Global market for microsatellites and nanosatellites to experience 20.4% CAGR to 2026, study saysNews
September 21, 2021
NORTHBROOK, Ill. The global market for microsatellites and nanosatellites -- totaling $2.3 billion in 2021 -- is expected to grow to $5.7 billion by 2026, at a compound annual growth rate (CAGR) of 20.4%, according to a recent study by MarketsandMarkets, "Nanosatellite and Microsatellite Market -- Global Forecast to 2026."
According to the study authors, growth in the micro- and nanosatellite areas will be driven by the increased number of commercial companies, researchers, academia, and the government that build CubeSats (standard size 10 x 10 x 10 cm, can be as many as 6 joined together) for global imaging, communications, R&D, and technology demonstrations.
By type, the study authors found, the nanosatellite segment (those having mass, including fuel, between 1 kg and 10 kg and dimensions as small as 10 cubic centimeters) is expected to grow at the higher CAGR during the forecast period, as it will be the popular choice for various space-based projects, ranging from technological research to biological experimentation.
For additional information visit the MarketsandMarkets website.