Global Nanosatellite Microsatellite and Market: Snapshot
The rising research activities and the increasing investments for the enhancement of space technologies are expected to enhance the growth of the global nanosatellite and microsatellite market in the coming few years. The rising use of satellites in several application areas is predicted to enhance the growth of the global nanosatellite and microsatellite market in the next few years.
According to the market research study by Transparency Market Research, the global market for nanosatellite and microsatellite was worth US$2.2 bn by the end of 2024. The market is expected to register a promising 12.10% CAGR between 2016 and 2024.
Advancements in Space Technologies to Drive Nanosatellite and Microsatellite Market
The rise in the demand for miniature satellite in Earth observation application and the low manufacturing cost of miniature satellites are the key factors that are projected to encourage the growth of the global nanosatellite and microsatellite market in the next few years. The rising investments in nanosatellite and microsatellite technologies and the advancements in space technologies are further estimated to enhance the growth of the market in the coming few years.
On the flip side, the lack of dedicated launch vehicles for the launching miniature satellites into space and the concerns related to space debris are estimated to hamper the growth of the overall market in the coming few years. Moreover, the implementation of rules and regulations for the rising number of satellites being launched is another major factor that is predicted to restrict the market growth in the near future. Nonetheless, the rising internet access for the areas without broadband connectivity and the rising demand for satellites in diverse application areas are estimated to support the market growth and generate lucrative opportunities for the players in the coming few years.
North America to Dominate Global Nanosatellite and Microsatellite Market
The global nanosatellite and microsatellite market has been categorized on the basis of geography into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these, North America is projected to hold a large share of the market and register a healthy growth rate in the next few years, thanks to the rising contribution from the U.S. In addition to this, the advanced technologies that are expected to facilitate space research and the presence of established space research universities and agencies are some of the other key factors that are predicted to enhance the market growth in the near future. Furthermore, Asia Pacific is estimated to offer lucrative opportunities in the coming few years. The rising focus on development of network infrastructure and rising research and development activities are estimated to accelerate the growth of the Asia Pacific market in the near future.
The global market for nanosatellite and microsatellite is competitive in nature and is estimated to witness a high level of competition among the key players in the next few years. The rising investments for research and development activities and innovations is projected to support the growth of the market and offer potential growth opportunities for the market players in the next few years. Moreover, the increasing number of mergers and acquisitions and collaborations are predicted to enhance the growth of the overall market in the next few years. Some of the key players operating in the nanosatellite and microsatellite market across the globe 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 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.