Nano and micro satellite are satellites of low mass and size, usually under 500 kg. Lower manufacturing and operating cost is the key factor driving the nano and micro satellite market. Based on solution, the market is segmented into software & data processing, launch service, hardware, and service. In 2016, the software & data processing segment dominated the market followed by hardware and the same is anticipated to continue in the near future. The service segment is expected to expand at the highest CAGR during the forecast period 2017 – 2025. Rise in demand for miniature satellites is projected to be one of the major factors driving the market in the coming years.
Based on application, the market is segmented into earth observation & remote sensing, communication, technology demonstration & verification, scientific research, reconnaissance, biological experiments, mapping & navigation and others. In 2016, mapping & navigation segment dominated the market followed by communication, and the same is expected to continue in the coming years. Reduction in manufacturing cost is a major factor boosting the mapping & navigation segment in the nano and micro satellite market.
Based on end user, the market is segmented into civil, government, defense, commercial, maritime & transportation, and energy & infrastructure. The commercial segment is expected to expand at the highest CAGR during the forecast period. Some of the major factors boosting the market are low manufacturing cost, increase in investment in nano and micro satellites by developing and developed countries, and increasing demand for nano and micro satellites.
The geographical split of the market includes North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. In 2016, North America is the major market followed by Europe. The U.S. is expected to be the major market in the North America region. Increasing demand for nano and micro satellites from different government agencies such as the U.S. Department of Defense and NASA is one of the major factors boosting the market for nano and micro satellites in North America. In addition, increasing demand for nano and micro satellites from telecom and research organizations is another major factor driving the market in North America. Europe is expected to be the second largest market for nano and micro satellites. The U.K. and Germany are expected to be the major markets in Europe. Some of the major factors driving the market for nano and micro satellites in Europe are increase in the use of nano and micro satellites in several sectors such as military and civil and use of satellites for research purposes. Asia Pacific is anticipated to be the fastest growing market during the forecast period 2017 – 2025, with China expected to dominate the market now and during the forecast period. However, India is projected to be the fastest growing market in Asia the Pacific region. Increasing investment in the defense sector by different countries such as India, China, and South Korea is anticipated to be the major factor boosting the market for nano and micro satellites. Latin America and Middle East & Africa are expected to expand at a healthy rate during the forecast period. Increase in the demand for satellites in different applications such as reconnaissance, scientific research, and mapping & navigation is one of the major factors driving growth of the nano and micro satellite market in Latin America and Middle East & Africa.
The major players in the nano and micro satellite market are Lockheed Martin Corporation (United States), GS Sweden AB (Sweden), RUAG Group (Switzerland), Sierra Nevada Corporation (United States), Clyde Space, Inc. (Scotland), Raytheon Company (United States), Spacequest Ltd.(United States), Planet Labs, Inc.(United States), Innovative Solutions in Space (Netherlands), and Tyvak Inc.(United States) among others.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
Note : All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of Transparency Market Research.