In a recently published report by Research Nester titled “Nano and Micro Satellite Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the nano and micro satellite market in terms of market segmentation by application, by end users and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global nano and micro satellite market was valued at USD 1.29 Billion in 2018 and is estimated to reach USD 5.1 Billion by 2027. The market is anticipated to record a CAGR of around 20.8% over the forecast period i.e. 2019-2027 owing to advancements in technology on account of their simple and faster construction and design requirements. The low cost of these satellites has widened the range of possible space missions in various verticals. The market is segmented by application & end users. The market is segmented by application into scientific research, earth observation/ remote sensing, communication & navigation, technology and academic training, others. The market is further segmented by end users into defense & security, commercial, government, civil, others.
North America is anticipated to hold largest share in the market and witness healthy growth in the near future owing to the rising contribution from the U.S. Additionally, advanced technologies that are estimated to assist space research and the presence of space research universities are the factors that are predicted to enhance the growth of the market. Europe is anticipated to be the fastest growing region on account of the companies investing more in the nano satellite technology. Furthermore, startups and universities in Europe are now collaborating with the launch service providers in order to launch their own nano and micro satellites. Asia Pacific is projected to offer lucrative opportunities in the near future attributing to increasing focus on the development of network infrastructure and research and development activities.
Low Manufacturing Cost and Advancements in Technology
Rise in the demand for micro satellite in the Earth observation application and the low manufacturing cost of the nano and micro satellites are the factors that are predicted to enhance the growth of the market. Investments in the nano and micro satellites technologies have been increasing since the last few years which has brought some innovations in the market. The demand for these satellite is increasing in various applications. These factors are anticipated to propel the market growth and create vast opportunities for the manufacturers in the market in the near future.
However, lack of dedicated launch vehicles and concern for space debris are expected to operate as key restraints to the growth of the global nano and micro satellite market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the nano and micro satellite market which includes company profiling of Raytheon, Spacequest Ltd., Innovative Solution in Space (ISIS) Group, Clyde Space, Inc., Skybox Imaging, Inc., Planet Labs Inc., Ruag Group, Lockheed Martin Corporation, and Sierra Nevada Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the nano and micro satellite market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.