Nanosatellite & Microsatellite Market
Nanosatellite & Microsatellite Market (Solution: Hardware, Software, Data Processing, and Launch Services; Application: Navigation & Mapping, Scientific Research, Power, Communication, Reconnaissance, and Others [Biological Experiments, Earth Observation and Remote Sensing]; Industry Type: Agency, Defense, Educational, Non-profit, Energy & Infrastructure, and Others; Band: X-band, K-band, Ka-band, and Others [Maritime and Transportation, Independent]; and Mass: 1 Kilogram - 10 Kilograms [Nanosatellites] and 11 Kilograms - 100 Kilograms [Microsatellites]) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
The nanosatellite and microsatellite market is expected to record stellar growth in the forecast period 2019-2027. This can be attributed to the rapid rise in research activities and spur in the investments for space technology advancements. In addition, the growing satellite use across a plethora of applications may increase the growth rate across the forecast period. Nanosatellites and microsatellites are useful for commercial companies for gathering data and enable them to distribute the same at lower rates. These satellites are used for video chat, internet communication, and other communication types in the form of voice, data, and videos. A prime advantage of nanosatellites and microsatellites is their cost-effectiveness. This is expected to bring a boom in the nanosatellite and microsatellite market.
- A considerable demand for nanosatellites and microsatellites in applications such as earth observation is expected to bring a surge in the growth rate of nanosatellite and microsatellite market. The Department of Science and Technology (DOST), Philippines plan to launch two nanosatellites, Maya-3 and Maya-4 soon. Such launches are expected to boost the nanosatellite and microsatellite market in the forecast period. Tyvak, a leading satellite company also recently launched the Tyvak-0129, a 6U nanosatellite. Such technological advancements are also expected to propel the nanosatellite and microsatellite market across the forecast period.
- The communications sector’s rapid growth and the consistent adoption of the Internet of Things (IoT) together may accelerate the growth rate of the nanosatellite and microsatellite market to a great extent. The recent launch of Hiber’s first nanosatellite for delivering internet connectivity to remote regions with the help of the Hiberband modem is a classic instance. Earlier, only established companies displayed prominence in the nanosatellite and microsatellite market but with the backing of established investment and defense firms such as Goldman Sachs and Boeing, small companies are also setting their foot in the nanosatellite and microsatellite market.
Global Nanosatellite & Microsatellite Market: Overview
Rising research activities and increasing investments in the advancement of space technologies are expected to promote growth of the global nanosatellite & microsatellite market in the next few years. Growing use of satellites in several applications is projected to drive the global nanosatellite & microsatellite market in the next few years.
According to the research study by Transparency Market Research, the global market for nanosatellites & microsatellites is projected to reach value of US$ 2.9 Bn by 2027, registering a promising CAGR of 11.10% between 2019 and 2027.
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Advancements in Space Technologies to Drive Global Nanosatellite & Microsatellite Market
Rise in the demand for miniature satellites in earth observation applications and low manufacturing costs of miniature satellites are key factors projected to promote growth of the global nanosatellite & microsatellite market in the next few years. Rising investments in nanosatellite and microsatellite technologies and advancements in space technologies are other factors estimated to augment the global market in the next few years.
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On the flip side, lack of dedicated launch vehicles for the launch of miniature satellites into space and concerns related to space debris are estimated to hamper the global market in the next few years. Moreover, implementation of rules and regulations on the number of satellites being launched is another major factor projected to restrain the global market in the near future. However, increasing Internet access for areas without broadband satellite connectivity and rising demand for satellites in a diverse range of applications are estimated to drive the global nanosatellite & microsatellite market and generate lucrative opportunities for market players in the next few years.
North America to Dominate Global Nanosatellite & Microsatellite Market
Based on geography, the global nanosatellite & microsatellite market has been categorized into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Among these, North America is projected to hold a major share of the global market during the forecast period. The market in the region is estimated to register a significant growth rate in the next few years, owing to rising contribution from the U.S. In addition to this, advanced technologies that are expected to facilitate space research and presence of established space research universities and agencies are some of the other key factors projected to drive the market in North America in the near future. Furthermore, Asia Pacific is estimated to offer lucrative opportunities to the nanosatellite & microsatellite market in the next few years. Growing focus on the development of network infrastructure and rising research and development activities are estimated to fuel the Asia Pacific market in the near future.
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The global market for nanosatellites & microsatellites is competitive in nature and it is estimated to witness a high level of competition among key players during the forecast period. Rising investments in research and development activities are projected to boost the global market and offer potential growth opportunities to market players in the next few years. Moreover, increasing number of mergers and acquisitions and collaborations is anticipated to propel the global market in the next few years. Some of the key players operating in the global nanosatellite & microsatellite market are Raytheon, Spacequest Ltd., Innovative Solution in Space (ISIS) Group, Clyde Space, Inc., Skybox Imaging, Inc., Planet Labs Inc., Ruag Group, Lockheed Martin Corporation, Gomspace, and Sierra Nevada Corporation.
Global Nanosatellite & Microsatellite Market: Overview
Nanosatellite and microsatellite are basically segments of the global satellite industry. They have witnessed significant rise in research and development activities, technological advancements, and growth in areas of application. The market has, thus, expanded at a promising pace in the recent past and it continues to register a promising growth rate at present. Nanosatellites and microsatellites refer to satellites that are made from micro- and nano-scale elements and that are much lighter in weight and smaller in size as compared to the conventional satellites.
Advancements in the field of telecommunication, research and among others have led to development of microsatellites and nanosatellites that can effectively perform complicated and multifaceted functions with significantly reduced requirements in terms of power and mass. This provides a lucrative opportunity for research related to government, civil, military activities, and space explorations. Space-based research has made the use of low-budgeted microsatellites and nanosatellites feasible.
Global Nanosatellite & Microsatellite Market: Trends and Opportunities
This report provides a comprehensive account of the past and present dynamics of the global nanosatellite & microsatellite market, highlighting key market drivers, restraints, trends, and opportunities, and their potential impact on future growth prospects for the global 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 would be key to growth of the global market in the next few years. However, delay in launches and government budget constraints are a few factors restraining the market. Rising use of nanosatellites and microsatellites in various applications in developing economies can serve as a lucrative opportunity for the global nanosatellite & microsatellite market.
Global Nanosatellite & Microsatellite Market: Segmentation
Based on solution, the global nanosatellite & microsatellite market has been segmented into hardware, software, data processing services, and launch services. In terms of application, the global nanosatellite & microsatellite market has been divided into communication, scientific research, navigation & mapping, power, and reconnaissance. Based on industry type, the global market has been classified into defense, commercial, agency, educational, non-profit, energy and infrastructure. Geographically, the global nanosatellite & microsatellite market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Global Nanosatellite & Microsatellite Market: Competition Landscape
The report also presents a complete analytical account of the competition landscape of the global nanosatellite & microsatellite market, providing details regarding leading vendors in the market based on their geographical presence; products, solutions, and/or services that they offer; areas of research and development, and recent developments. The data collected regarding the market is a result of detailed primary research mechanisms, secondary research, and inputs from in-house market experts. The data collected is analyzed by considering the influence of a large set of legal, political, economic, social, and technological factors, along with growth dynamics of the global nanosatellite & microsatellite market in the current scenario.
Northrop Grumman, Planet Labs, Ruag, Gomspace, Sierra Nevada Corporation, Surrey Satellite Technologies Limited, Clyde Space, Raytheon and Geooptics, and Lockheed Martin are some of the key players operating in the global nanosatellite & microsatellite market.
The global nanosatellite & microsatellite market has been segmented as follows:
Global Nanosatellite & Microsatellite Market, by Solution
- Data Processing
- Launch Service
Global Nanosatellite & Microsatellite Market, by Application
- Navigation & Mapping
- Scientific Research
- Others (Biological Experiments, Earth Observation, and Remote Sensing)
Global Nanosatellite & Microsatellite Market, by Industry Type
- Energy & Infrastructure
- Others (Maritime & Transportation and Independent)
Global Nanosatellite & Microsatellite Market, by Band
Global Nanosatellite & Microsatellite Market, by Mass
- 1 Kilogram – 10 Kilograms (Nanosatellites)
- 11 Kilogram – 100 Kilograms (Microsatellites)
Global Nanosatellite & Microsatellite Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America