As per a detailed analysis by Market Research Future (MRFR), the nano and microsatellite market is anticipated to garner a CAGR of 23% during the forecast period (2018-2023).
Nano and microsatellites can be defined as the downsized forms of satellites and measure between 1-10 kg and 10-100 kg. They are considered the fastest expanding market in the satellite sector, with CubeSat being one of the most prominent types of downsized satellites in the market.
The extensive use of miniaturized satellites for defense and military applications is considered to encourage the market growth. Nano and micro satellites are low-cost satellites which are specially designed for communication, commercial, space research, and military. The market is predicted to develop as a private venture capitalist and invest in space technology startups.
Market Potential and Pitfalls
nano and micro satellite market has witnessed a tectonic surge over the past few years due to the extensive utilization of miniaturized satellites for defense and military applications. Besides the growth of modern equipment and UAVs, the military requires more bandwidth, data, and reliable communication infrastructure, which can be fulfilled by using nano and microsatellites constellations. The surging demand for these satellites for commercial applications like the Internet and GPS services have also increased. Such factors are likely to contribute to the growth of the market across the globe. Nano and micro satellites are highly used for several applications like science/R&D, observation/remote sensing, military reconnaissance, and communication purposes. Moreover, the use of modern equipment and UAVs by military forces has increased.
These UAVs require real-time flight and surveillance data with the help of satellites. Since it is not possible to meet the surging demand for bandwidth and data by using a limited number of defense and military satellite systems, the military and defense forces are extensively using commercial satellite infrastructure to increase the bandwidth requirements. Thus, there is increased use of nano and microsatellites across the globe. The cost required to construct nano and microsatellites has reduced drastically, though launching at the orbit requires significant amount. The development of a reusable space launch vehicle will minimize the launch cost. Such factors are likely to favor the market growth in the foreseeable future.
On the contrary, the dearth of the deorbiting system owing to the size and weight constraints is predicted to deter the growth of the market during the assessment period. Also, the increasing number of satellites in orbit, the market is likely to face challenges in the coming years.
Global Nano and Micro Satellite Market: Segmental Analysis
The purpose segment of nano and microsatellite market comprises earth observation or remote sensing, science/R&D, communication, and military reconnaissance. The earth observation/remote sensing segment is anticipated to dominate the purpose segment due to the surging investment by the government in earth observation and metrology. Also, the increased investment of space-related organizations in earth observation is likely to trigger its growth.
Based on end-users, the market includes commercial, civil or government, and military. Among these, the commercial segment is presumed to expand at a rapid pace due to the increased use of nano and microsatellite in communication, mining, and agriculture sector. The increased focus on geological research like satellite imaging is expected to augment the demand of the end-user segment.
The nano and microsatellite market span across the Asia Pacific, North America, Europe, South America, and the Middle East & Africa.
Considering the global scenario, the North American region is predicted to dominate the global market due to the surging demand for nano and microsatellites by the end-users from sectors like research organization, telecommunication, and military & defense. The growth in this region is driven by the presence of industry bigshots like Planet Labs Inc., Sierra Nevada Corporation, and others. These companies are carrying out several activities which are further contributing to the growth of the market.
The surging need for satellite-based infrastructure, especially in the emerging nations of India and China has influenced the development of the market in the Asia Pacific region. The launch of PSLV – C28 is one of the best examples of a low-cost satellite which was launched in 2015 by the ISRO.
May 11, 2019: As per a Turkish defense technology company, Turkey is likely to launch their latest two miniature satellites to space by the next year. STM Defense Technology and Engineering Company have aimed to develop Elif Dirgin, small satellites.
The prominent players operating in the global nano and microsatellite market comprises Innovative Solution in Space (ISIS) Group (Netherland), Boeing Space Systems (U.S.), Aerospace Corporation (U.S.), GomSpace A/S (Denmark), Sierra Nevada Corporation (U.S.), Lockheed Martin Corporation (U.S.), GeoOptics (Colorado), Ruag Group (Switzerland), Surrey Satellite Technology (U.K), and Planet Labs (U.S.).
Global Nano and Micro Satellite Market 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