Global Nano and Micro Satellite Market to Demonstrate a Strong Growth Over 2024

There is a tremendous market for Nano and micro satellite. Market Research Future (MRFR) report that the global nano and micro satellite market will demonstrate a healthy growth over the next several years. Utilization of miniaturized satellites is one the rise owing to their cost benefits and wide application range. Advances in satellite technology has led to development of compact satellites. These satellites are low-weight and can be used in multiple segments.

The growth of the telecommunication industry has further necessitated compact and powerful satellites. Other factors such as growth of the internet, introduction of GPS services and development higher networks with higher band are collectively influencing the market growth.

Global Nano and Micro Satellite Market: Segmental Analysis

MRFR’s report includes a detailed segmental analysis of the market based on component, mass, application and end user.

On the basis of component, key segments include software & data processing, launch service and hardware. The hardware segmented currently accounts for the largest market share in terms of value. Whereas, the software & data processing segmented is expected to exhibit the strongest CAGR during the assessment period. In nano and micro satellite, software tools have a crucial role. Through software tools operations such as commands and data handling, altitude determination and control, and satellite space mobility are executed. Some of the other important functionalities of software & data processing include information extraction, data assessment among others.

On the basis of mass, key segments include 11 kg-100 kg and 1 kg-10 Kg. The 1kg-10kg segment represent a significant share of the Nano and Micro Satellite Industry and is expected to retain its leading position over 2024. This is main owing to the increased usage of 1kg-10kg satellites as they are more affordable compared to satellites that are heavier and larger. Cost benefits and manufacturing convenience are two major factors driving the popularity of satellite weighing 1kg-10 kg.

 

On the basis of application, the market has been segmented into technology demonstration and verification, earth observation and remote sensing, communication, mapping and navigation, scientific research, biological experiment, reconnaissance, and academic training. Of these, the communication segment currently holds the largest market share whereas the remote segment and earth observation segments are likely to register a relatively higher growth rate during the review period.

On the basis of the end user, the market has been segmented into commercial, maritime & transportation, energy & infrastructure, government, civil and defense. The commercial segment accounts for the dominant share of the market and this trend is likely to continue in 2019 and beyond. Emergence of high-speed Internet, direct-to-home (DTH) television, and digital television has drawn significant commercial interest toward commercial satellites.

Global Nano and Micro Satellite Market: Regional Analysis

The market has been assessed in across Asia Pacific, Europe, North America and the Middle East & Africa (MEA). The North America nano and micro satellite is expected to be highly attractive during the forecast period. The U.S. is a leading space science country and is home to space agencies such as NASA, SpaceX, Blue Origin among other.

The country is expected to remain an important destination for market players during the forecast period. Apart from North America, market players will find growth opportunities in Asia Pacific. Countries such as China and India are aggressively competing to become a dominant power in space. It is projected that the APAC nano and micro satellite market will exhibit the fast growth during the forecast period.

Global Nano and Micro Satellite Market: Competition Analysis

MRFR in its report has profiled some of the leading companies namely Clyde Space Ltd (UK), Sierra Nevada Corporation (US), Tyvak Nano-Satellite Systems, Inc. (US), Raytheon Company (US), SpaceQuest Ltd (US), GeoOptics (US), Vector Launch, Inc. (US), RUAG Group (Switzerland), Planet Labs, Inc. (US), Airbus SAS (Netherlands), Boeing (US), The Aerospace Corporation (US), Lockheed Martin Corporation (US), Innovative Solutions In Space BV (Netherlands), and GomSpace (Denmark).

Nano and Micro Satellite industry Research Report: Information by Component (Hardware, Software & Data Processing, Service and Launch Service), Mass (1 kg-10 kg and 11 kg-100 kg),  Application (Earth Observation and Remote Sensing, Scientific Research, Communication, Academic Training, Mapping and Navigation, Biological Experiment, Technology Demonstration and Verification and Reconnaissance), End User (Defense, Commercial, Civil, Government, Maritime & Transportation and Energy & Infrastructure) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2025 @ https://www.marketresearchfuture.com/reports/nano-micro-satellite-market-1254