Global Nanosatellite and Microsatellite Market Evaluation Targets Advancement Anticipated until 2024

In order to study the various trends and patterns prevailing in the overall market for Nanosatellite and Microsatellite, Market Research Reports Search Engine (MRRSE) has included a new report titled “Nanosatellite and Microsatellite Market” to its wide online database. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future. Readers can access the regional as well as segment-wise analysis for acquiring precise information about the global market structure.

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The players within the global nanosatellite and microsatellite market are developing a number of solutions for their customers so as to gain a competitive edge among other peers, states MRRSE in its new study. The services they are offering include data processing, launch service, and manufacturing services. The leading companies operating in the market are: Lockheed Martin Corporation, Planet Labs, Inc., Skybox Imaging, Inc., Innovative Solutions In Space (ISIS) Group, RUAG Group, GomSpace, Clyde Space, Inc., Raytheon, SpaceQuest Ltd., and Sierra Nevada Corporation.

According to MRRSE, the global nanosatellite and microsatellite market is expected to rise to US$2.2 bn by 2024, expanding at a 12.1% CAGR from 2016 to 2024. On the basis of solution, the hardware segment has been leading but the data processing segment is anticipated to expand at the fastest pace, exhibiting a CAGR of 13.2% from 2016 to 2024. On the basis of mass, the microsatellites segment is leading in the market and is also expected to be the fastest expanding segment.

By application, the communication segment is presently leading. By geography, the fastest growth can be expected from Asia Pacific, states a MRRSE analyst. However, the North American market is the one that is leading. The U.S. has been the most attractive market for nanosatellites and microsatellites, with the entrance of many small and large players who are seeking expansion opportunities in the country.

The global demand for nanosatellites and microsatellites is driven by an increasing number of sectors finding applications in their field. Nanosatellites and microsatellites are used for mapping and navigation, boosting their market. In the education sector too, nanosatellites and microsatellites are finding their use. In addition to this, scientific research, military and defense, and for various other commercial purposes, these satellites are being used. Nanosatellites and microstaellites are have emerged as a vital and feasible solution, which is also cost effective for space research. Earth observation and communication with between space and earth are some of the other application boosting the demand for these devices.

“More feasible than large satellites, these micro and nano satellites require comparatively less capital investment, which is a key growth driver,” said a MRRSE analyst. In the long run however, there will be a saturation and will negatively impact the growth of this market worldwide. On a positive note however, the low cost of production and development of nanosatellites and microsatellites will definitely boost demand.

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The report also highlights the competitive landscape of the nanosatellite and microsatellite market, positioning all the major players according to their geographic presence, products/solutions offered, focus on research and development, and key recent developments. The comprehensive nanosatellite and microsatellite market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting the nanosatellite and microsatellite market’s growth.

The major companies profiled in nanosatellite and microsatellite market study include Lockheed Martin Corporation, Clyde Space, Inc., RUAG Group, Planet Labs, Inc., GomSpace, Innovative Solutions In Space (ISIS) Group, Sierra Nevada Corporation, Terra Bella (Formerly Skybox Imaging, Inc.), and SpaceQuest Ltd. Details such as financials, business strategies, recent developments, and other such strategic information pertaining to these players have been duly provided as part of company profiling.

The nanosatellite and microsatellite market is segmented as below:

Nanosatellite and Microsatellite Market

By Solution

Hardware
Software
Data Processing
Launch Services

By Application

Navigation and Mapping
Scientific Research
Power
Communication
Reconnaissance
Others (Biological Experiments, Earth Observation and Remote Sensing)

By Industry Type

Agency
Defense
Educational
Non-profit
Energy and Infrastructure
Others (Maritime and Transportation, Independent)

By Band

X-band
K-band
Ka-band
Others

By Mass

1 Kg – 10 Kg (Nanosatellites)
11 Kg – 100 Kg (Microsatellites)

By Geography

North America
The U.S.
Canada

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