Nanosatellite and Microsatellite Market: Snapshot
The increasingly competitive nanosatellite and microsatellite market has been witnessing heavy investments in research and development from private as well as government organizations. The entry of several new players has also been observed in the recent past, which is indicative of the rising potential this market possesses. The projected launch of nanosatellites and microsatellites in the coming years is also expected to add to this potential.
The demand for nanosatellites and microsatellites stems from various industry sectors, including military and defense, education and scientific research, commercial, and navigation and mapping. Given the capital intensive nature of large satellites, nanosatellites and microsatellites are the perfect alternative and serve a number of needs in the aforementioned sectors. This growing demand is projected to spur the market to expand at a strong 12.1% CAGR from 2016 to 2024, with the opportunity expected to be worth US$2.2 bn by the end of the forecast period.
Demand Rising for Nanosatellites and Microsatellites for Communication Services
Nanosatellites and microsatellites find application in scientific research, communication, navigation and mapping, power, reconnaissance, and others including Earth observation, biological experiments, and remote sensing. In 2015, communications held the dominant share in the market. Defense organizations have been launching communication nanosatellites and microsatellites to provide communication signals to soldiers stationed in remote locations or in dense forests. A number of companies in the telecom sector are also taking various initiatives to launch constellations of nanosatellites and microsatellites to offer their users faster internet services and additional bandwidth. Applications such as remote sensing and Earth observation are likely to gain momentum in the coming years.
North America Nanosatellite and Microsatellite Market Benefits from Increased Government Funding
The global market for nanosatellites and microsatellites has been geographically segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In 2015, North America accounted for the largest share in the nanosatellite and microsatellite market, with the U.S. emerging as the leading contributor. This can be attributed to advanced technologies facilitating space research in the country and the presence of established space research agencies and universities. In addition, commercial investments and government funding toward space activities have boosted the development of nanosatellites and microsatellites in the region. The nanosatellite and microsatellite market in Canada is anticipated to expand at a fast pace in the coming years thanks to efforts from the Canada Space Agency.
Asia Pacific is one of the most lucrative markets for nanosatellites and microsatellites. Technologically advanced countries such as China and Japan have significantly contributed to the development of nanosatellites and microsatellites in the recent past. Moreover, the shifting focus toward R&D and the continuous development of network infrastructure in Philippines, India, Australia, and Indonesia are likely to give the APAC market a major boost in the coming years. The urgent need for more effective national security measures has also played a key role in influencing the development and launch of nanosatellites and microsatellites.
Latin America as well as the MEA region both present lucrative opportunities for players to capitalize on.
Global Nanosatellite and Microsatellite Market: Overview
The nanosatellite and microsatellite segments of the global satellite industry have witnessed massive rise in the number of research and development activities, technological advancements, and a significant rise in the areas of application. The market has, thus, expanded at a promising pace in the recent past and continues to exhibit a promising pace of expansion in present times. Nanosatellites and microsatellites refer to the satellites that are made from micro- and nano-scale elements, leading to satellites that are much lesser in mass and size as compared to conventional satellites.
Vast advancements in the field have led to the development of effective micro- and nanosatellites that effectively carry out complicated and multifaceted functions with significantly reduced power and mass requirements. This provides an extensive opportunity for research related to government, civil, military activities and mainly space explorations. Space based research have made the use of low-budgeted micro and nanosatellites economically feasible.
Global Nanosatellite and Microsatellite Market: Trends and Opportunities
This report provides a comprehensive account of the past and present growth dynamics of the global nanosatellite and microsatellite market, highlighting the key growth drivers, restraints, trends, and opportunities, and their potential impact on the future growth prospects of the market. An overview of the regulatory scenario governing key regional markets is also included in the report.
The report states that factors such as cost reduction, increasing demand, investments from the Silicon Valley, continuous reduction in the average satellite mass and superior mission launches will be key to the overall development of the market in the next few years. However, factors such as delay in launches and government budget constraints are some restraining factors for this market. The use of such satellites in various applications and emerging economies can serve a good opportunity for this market.
Global Nanosatellite and Microsatellite Market: Segmentation
The nanosatellite and microsatellite market is segmented on the basis of solutions into hardware, software, data processing services, and launch services. On the basis of applications, the global nanosatellite and microsatellite market is segmented into areas such as communication, earth observation, scientific research, navigation and mapping, biological experiments, power, communication, reconnaissance, academic training, technology demonstration and verification and biological experiments. On the basis of verticals the market is segmented in to defense and intelligence, government, commercial and civil. On the basis of geography, the global nanosatellite and microsatellite market is segmented into North America, Europe, APAC and rest of the world (RoW).
Global Nanosatellite and Microsatellite Market: Competitive Dynamics
The report also presents a complete analytical account of the vendor landscape of the nanosatellite and microsatellite market, providing details regarding the leading vendors in the market based on their geographic presence, the products, solutions, and/or services they offer, area of research and development, and recent developments. The data gathered regarding the market are the result of detailed primary research mechanisms, secondary research, and inputs from in-house industry experts. The data gathered with the help of these mechanisms is analyzed by considering the influence of a vast set of legal, political, economic, social, and technological factors, along with the growth dynamics of the nanosatellite and microsatellite market in the current scenario.
Northrop Grumman, Planet Labs, Ruag, Gomspace, Sierra Nevada Corporation, Surrey Satellite Technologies Limited, Clyde Space, Raytheon and Geooptics, Lockheed Martin among others are some of the key players in Nanosatellite and Microsatellite market.