Global Nanosatellite and Microsatellite Market is anticipated to reach USD 4.97 billion by 2025. Nanosatellites and microsatellites (NaM) are mostly used for observing the earth, communication, and to serve space research purposes. In addition, Nanosatellites and Microsatellites find their applications in Defense and Military verticals for commercial purposes. Nanosatellites and microsatellites are mostly used for scientific objectives, and research requirements on a large scale. They are low-cost satellites.
The factors that propel the growth of the Nanosatellite and Microsatellite industry include high demand for miniature satellites to study the earth, increased investments in nanosatellite and microsatellite technologies, and low manufacturing cost of miniature satellites. The market is estimated to grow at a significant CAGR in the forecast period as the scope, product types, and its applications are growing across the globe.
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The market may be explored by component, mass, vertical, application, and geography. The key components that could be explored in the Nanosatellite and Microsatellite market include Service, Launch Service, Hardware, and Software and Data Processing. The “Software and Data Processing” segment led the market in 2016 and is anticipated to maintain its dominance by 2025 as data and software processing is important to extract illegal information from raw data found from miniature satellites.
The Nanosatellite and Microsatellite industry could be explored based on mass as 11 Kg-100 Kg (Microsatellite), and 1 Kg-10 Kg (Nanosatellite). The key Applications that could be explored in the market include Earth Observation and Remote Sensing, Communication, Scientific Research, Academic Training, Biological Experiments, Technology Demonstration and Verification, Reconnaissance, and Mapping and Navigation. The “Earth Observation and Remote Sensing” segment led the Nanosatellite and Microsatellite Market in 2016 and is anticipated to maintain its dominance by 2025.
The key verticals that could be explored in the Nanosatellite and Microsatellite industry include Commercial, Government, Energy and Infrastructure, Civil, Defense, and Maritime and Transportation. The “Commercial” segment led the market in 2016 and is anticipated to maintain its dominance by 2025 due to increased demand for data in agriculture, mining, finance.
North America accounted for the major share of the Nanosatellite and Microsatellite Market Size in 2016 and will continue to lead in the forecast period. The factors that could be attributed to the growth include increase in the demand for these satellites from different end-use segments such as research organizations, telecommunications, and military & defense. Further, the rising demand from the military segment is anticipated to influence industry development in the forecast period.
Some of the key players that fuel the growth of the Nanosatellite and Microsatellite industry comprise Raytheon Company, Planets Labs Inc., Space Quest Ltd., Skybox Imaging, Inc., Sierra Nevada Corporation, Innovative Solutions in Space, Clyde Space Ltd., GomSpace, RUAG Group, and Lockheed Martin Corporation. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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Nanosatellite and Microsatellite Mass Outlook (Revenue, USD Million; 2014 – 2025)
Nanosatellite and Microsatellite Application Outlook (Revenue, USD Million; 2014 – 2025)
• Communication and navigation
• Earth observation/remote sensing
• Scientific research
• Technology and academic training
Nanosatellite and Microsatellite End-Use Outlook (Revenue, USD Million; 2014 – 2025)
• Defense and Security
Nanosatellite and Microsatellite Regional Outlook (Revenue, USD Million; 2014 – 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/telecommunications-and-networks
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