The development of aerospace industries owing to the rise in demand among the acedemicians is propelling the market growth.
Nanosatellite and Microsatellite Market Size – USD 1.47 Billion in 2018, Market Growth – CAGR of 22.9%, Market Trends – The advent of earth monitoring.
The global nanosatellite and microsatellite market is forecast to reach USD 7.72 Billion by 2026, according to a new report by Reports and Data. Nanosatellites and microsatellites are mainly used for aerospace research, earth observation, and communication purposes. Besides these utilities, application of nanosatellites and microsatellites have also been observed in commercial purposes sector and for defense and military. Nanosatellites and microsatellites are essentially used for research and for confirming scientific objectives on a large scale. Being smaller in size and cheaper than larger satellites, the global market for nanosatellites and microsatellites is growing significantly.
Latest technologies, such as solar panel cell technology and star tracker technology, are also enabling small satellites to strengthen their position in the satellite industry. The requirements for manufacturing satellites is propelled by the demand from the various end-user verticals, which increases the demand for small factor satellites.
The afore-mentioned factors create opportunities for the market growth while restraints such as unreliability and restrictions on the number of satellites to be launched, pose as limitations in the market. However, each factor would have an impact on the market during the forecast period. Consistent developments in the nanosatellite and microsatellite market owing to innovative efforts have enhanced the efficiency as well as consistency of their performance.
Key participants are – RUAG Group, Clyde Space Inc., GS Sweden AB (GOMSPACE), Sierra Nevada Corporation, PLANET LABS INC., TYVAK INC, Lockheed Martin Corporation, Raytheon Company, Innovative Solutions In Space, and Spacequest Ltd. among others.
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The region of Asia Pacific are promoting heavy research in the field of aerospace. Organizations like ISRO are manufacturing small scale satellites to take part in the race with the rest of the regions. The communication segment here pushes the growth of the market because of the vast consumer market as well as a large number of mobile network providers.
Further key findings from the report suggest
- Nanosatellites are observed to have held the largest market share of 53.6% in the year 2018. This is because of the ease of launching these devices. Their low mass and small size allow for the simultaneous launching of several devices on a single-vehicle launcher. Their masses vary from 1-10 Kgs depending upon their utility.
- Earth Observation/Remote Sensing is set to experience the highest CAGR of 23.3% during the forecast period. This is because earth monitoring and remote sensing involved huge costs conventionally, and with the introduction of small scale satellites, their advantageous properties like ease of mobility, inexpensive builds, and compactness, allow for a quick survey response from the uplink.
- Commercially the use of micro, as well as nanosatellites, are growing due to the requirement from network service providers in order to provide maximum coverage over their range of operations. This segment is set to observe the highest CAGR of 23.5% during the forecast period.
- Asia Pacific is expected to grow with the highest CAGR of 22.1% during the forecast period. Nations like China and India are quickly catching up with the growth of Nano and Microsatellites. Research and development in this region is progressing at a significant rate, causing the market growth to propel.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/nanosatellite-and-microsatellite-market
For the purpose of this report, Reports and Data have segmented into the global Nanosatellite and Microsatellite Market on the basis of mass type, application type, end-users, and region:
Mass Type Outlook (Revenue, USD Billion; 2016-2026)
Application Type Outlook (Revenue, USD Billion; 2016-2026)
- Communication & Navigation
- Earth Observation/Remote Sensing
- Scientific Research
- Technology and Academic Training
End-Users Outlook (Revenue, USD Billion; 2016-2026)
- Defense & Security
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Regional Outlook (Revenue, USD Billion; 2016-2026)
- North America
- Asia Pacific
- Latin America
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