Nanosatellite and Microsatellite industry report that analyzes the market by industry outlines increasing demand for Nanosatellite and Microsatellite market will help the market grow in 2025 with good CAGR
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Progressive Markets added a report titled, "Global Nanosatellite and Microsatellite Market- Size, Trend, Share, Opportunity Analysis, & Forecast, 2014-2025". According to the report, the global nanosatellite and microsatellite market is projected to grow at a remarkable CAGR of 23.7% during the forecast period, 2017-2025.
Advancements in technology have led to the growth of the microsatellite segment of the satellite industry. The growing demand for efficient tools for space development and military, communication, space research, and commercial purposes fueled the need for low-priced satellites that require minimal sources for their production and functioning.
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The lower unit costs of small-satellites facilitate easier implementation of systems that are spatially distributed.
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Organizations across the globe are investing heavily in the research and development of nanosatellites and microsatellites with an aim to provide enhanced features and further reduce the cost of manufacturing of these satellites. Owing to initiatives such as CubeSat Launch Initiative (CLSI) by NASA, organizations can now avail inexpensive versions of microsatellite and nanosatellite auxiliary payloads services, by launching these satellites at a comparatively much lower cost of $100,000.
The widespread adoption of CubeSat standards, microelectronics, and innovations in the space industry is expected to propel the growth of the global nanosatellite and microsatellite market.
Drivers & Restraints:
The report presents a comprehensive analysis of the factors that influence the dynamics of the market, such as the drivers, restraints, and opportunities. Applications such as earth observations fuel the need for small satellites as they offer higher resolution, better accuracy, and quick access to imagery.
The huge amounts invested in the development of nanosatellite and microsatellite technologies is expected to drive the growth of the small satellite market. The low manufacturing costs of these satellites have resulted in the implementation of the technology across various frontiers.
However, the increasing number of mandates and regulations imposed on a large number of satellites launched restrict the growth of the global nanosatellite and microsatellite market. The technological advancements in the space industry offer several opportunities for the new entrants to set a strong foothold in the nanosatellite and microsatellite industry.
Nanosatellite and Microsatellite Market Key Segments:
The report analyzes the global nanosatellite and microsatellite market across five major segments- mass, component, vertical, application, and the geography. By mass, the small satellite industry is divided into nanosatellites, that weigh between 1 kg-10 kg, and microsatellites that weigh in the range of 11 kg- 100 kg.
The components include service, launch service, hardware, and software & data processing tools. The technology is used in several business verticals including commercial, energy & infrastructure, government, defense, civil, and maritime & transportation.
The diverse applications include scientific research, mapping & navigation, biological experiment, earth observation & remote sensing, reconnaissance, academic training, communication, and technology demonstration & verification. Based on the geography, the report analyzes the market presence in the regions of North America, Asia-Pacific, Europe, and LAMEA.
The global nanosatellite and microsatellite market share analysis (2014–2025) is included for each of the aforesaid segments.
The prominent players that account for most of the nanosatellite and microsatellite market size include Sierra Nevada Corporation, Clyde Space Ltd., Tyvak Inc., Innovative Solutions In Space, GomSpace, SpaceQuest Ltd., Lockheed Martin Corporation, Raytheon Company, RUAG Group, and Planet Labs Inc. The company overview, financials and business segments, and the recent developments made in the global market provide a better understanding of the market dynamics and assist organizations to formulate strategic business moves.
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Key Benefits of the report:
The report presents an overview of the current and emerging satellite industry trends and identifies the top market dynamic factors that contribute to the overall growth and development of the nanosatellite and microsatellite market. Competitive intelligence aids in determining the prevailing growth opportunities across the geographical segmentation of the market.
Porter's Five Forces Model analyzes the threat of substitutes and new entrants, the intensity of competitive rivalry, and the bargaining power of suppliers and buyers in the nanosatellite and microsatellite market.
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