Microsatellite market are the miniature forms of satellites with a wet mass of 1-10 kg for nanosatellites and 10-100 kg for microsatellite. Market Research Future (MRFR) has recently published a report asserting that the global Microsatellite market will expand at a robust CAGR of 23% during the forecast period of 2018-2023
Market Drivers and Restraints:
The rapid advancement in technology and innovation in miniaturization of devices are some of the major factors driving the global Microsatellite Market . The widespread application of Microsatellite marketfor commercial, scientific,military and defense is fueling the expansion of the global Microsatellite Market . The increasing necessity for reliable communication infrastructure and increased usage of UAVs (unmanned aerial vehicles) in military and defense industry are positively impacting the growth of the global Microsatellite Market .
The application of Microsatellite market for scientific and earth observation/remote sensing purposes in various research organizations, for communication, surveillance, and navigation, is inducing demand for these satellites, leading to the growth of the global Microsatellite Market . The advantages of Microsatellite market such as low manufacturing and launching cost, increased capability of carrying out complex military missions due to their compressed size, and more manageable proportions are driving the global Microsatellite Market to higher verticals.
The increased demand for Microsatellite market for geological research that includes satellite imaging and use of constellations of these satellites to provide enhanced accuracy of global positioning system for direct air travel are driving the global Microsatellite Market . The increasing support from the government in order to incentivize the developments in space-based remote sensing industry.
However, the drawbacks of Microsatellite market such as lack of deorbiting system due to the size and weight constraint and presence of a large number of satellites currently in orbit are likely to act as a restraint on the expansion of the global Microsatellite Market .
Global Microsatellite Market: Segmental Analysis
The global Microsatellite Market has been segmented on the basis of purpose and end-users. Based on purpose, the Microsatellite Market is segmented into earth observation/ remote sensing, science/R&D, communications, and military reconnaissance. Among these, the earth observation/ remote sensing segment is dominating the global Microsatellite Market due to the heavy investment of space-related organizations in earth observation and increased government investment in metrology and earth observation. The significant growth of communication segment is also fueling the expansion of the global Microsatellite Market .
Based on end-users, the Microsatellite Market is segmented into commercial, civil/ government, and military. Among these sectors, the commercial segment is growing rapidly due to the use of Microsatellite market in communication, mining and agriculture industry. The government segment is anticipated to project significant growth in the global Microsatellite Market during the forecast period.
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Global Microsatellite Market : Regional Analysis
Geographically, the global Microsatellite Market is segmented into major four regions, North America, Europe, Asia-Pacific and the rest of the world. Among these regions, the North America region is anticipated to dominate the global Microsatellite Market due to the increasing demand for Microsatellite market by various end-users in different sectors such as military and defense, research organizations, and telecommunications.
The Microsatellite Market in Asia-Pacific region is growing significantly due to the increased deployment of these satellites in the commercial sector. Whereas, the nano and microsatellite market in the Europe region is projecting slow growth due to the complex regulatory framework imposed by government and delayed satellite launches in this region.
Global Microsatellite Market : Competitive Analysis
The increasing investment of manufacturers in research and development for new product launch to create a significant position in the market is strengthening the completion among the players of the global Microsatellite Market . The strategic mergers and acquisitions by the leading players in the global market in order to sustain the highly competitive environment are leading to the expansion of the global Microsatellite Market .
In February 2018, Innovation Solution in Space (ISIS) from the Netherlands, one of the leaders in small satellites market and Thrust Me from France, developer of a complete propulsion system based on a unique patented technology, have signed a memorandum of understanding (MoU) related to the advanced electric propulsion system for ISIS satellites.
In May 2018, Innovation Solution in Space (ISIS) has joined a group of customers who had signed contracts to launch microsatellites on Vega’s small spacecraft mission services (SSMS) proof of concept flight (POC flight), a launch service provided by Arianespace, in early 2019.
The key players of the global Microsatellite Market are Boeing Space Systems (U.S.), Aerospace Corporation (U.S.), Lockheed Martin Corporation (U.S.), Planet Labs (U.S.), Sierra Nevada Corporation (U.S.), Innovative Solution in Space (ISIS) Group (Netherland), GomSpace A/S (Denmark), Ruag Group (Switzerland), GeoOptics (Colorado), and Surrey Satellite Technology (U.K).