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 Transparency Market Research (TMR) 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 TMR, 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.
Asia Pacific to Emerge as Fastest Growing Regional Segment in Market
By application, the communication segment is presently leading. By geography, the fastest growth can be expected from Asia Pacific, states a TMR 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.
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Cost Effectiveness and Feasibility of Nanosatellite and Microsatellite Driving Demand
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 TMR 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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