Nanosatellites and microsatellites are gaining immense popularity and are used extensively to perform targeted launch requirements. As a result, a large number of military-contractors and commercial players are getting involved in developing microsatellite launch vehicles. Nanosatellites and microsatellites are primarily used for verification and technology demonstration to provide a cost-effective methodology for projects. Some of these development projects include flight testing, demonstration, and investigation of advanced space technologies such as avionics, lightweight propulsion and power systems, and spacecraft structures.
In 2015, the global nanosatellite and microsatellite market was worth US$529.1 mn. The market is poised to register a robust 12.10% CAGR between 2016 and 2024, reaching a value of US$2.2 bn by the end of 2024.
Growing Investments from Silicon Valley to Bolster Global Nanosatellite and Microsatellite Market
The rising demand for miniature satellites and reduction in manufacturing cost are the primary factors estimated to augment the growth of the global nanosatellite and microsatellite market in the forecast period. In addition, the increasing investments from Silicon Valley and growing demand from developing nations are estimated to generate potential opportunities for the key players in the next few years. These satellites are comparatively more feasible than large satellites as they cater to the particular research requirements without the need for enormous financial investments. These factors are projected to encourage the growth of the overall market in the next few years.
The delay in launches and raising funds and capital for manufacturing and launching processes are some of the primary factors restricting the growth of the global nanosatellite and microsatellite market. However, the rising number of applications and growing partnerships among spacecraft agencies and satellite producers are estimated to generate potential opportunities in the coming years.
Lucrative Opportunities to Propel Nanosatellite and Microsatellite Market in Asia Pacific
In 2015, North America led the global nanosatellite and microsatellite market, accounting for a massive share. The emergence of innovative and advanced technologies and presence of several established research universities and agencies are driving the nanosatellite and microsatellite market in North America. This region is projected to witness robust growth in the near future. However, Asia Pacific is expected to be one of the most lucrative markets in the world. The rising focus on research and development activities and development of wide network infrastructure in India, Indonesia, Philippines, and Australia are projected to accelerate the growth of the market in the next few years.
Nanosatellites and microsatellites are used in diverse industrial sectors, owing to which the market is estimated to witness significant growth throughout the forecast period. Some of the key application segments of the global nanosatellite and microsatellite market are scientific research, navigation and mapping, earth observation and remote sensing, biological experiments, reconnaissance, communication, and power.
Browse the full Global Nanosatellite and Microsatellite Market report at http://www.mrrse.com/nanosatellite-microsatellite-market
Ruag Group, Innovative Solution in Space Group, Spacequest Ltd., Clyde Space, Inc., Skybox Imaging, Inc. (Terra Bella), Gomspace, Lockheed Martin Corporation, Sierra Nevada Corporation, Planet Labs Inc., and Raytheon are some of the leading players operating in the nanosatellite and microsatellite market across the globe. The prominent players in the market are making noteworthy efforts to provide turnkey solutions, including launch, data processing, and manufacturing services in order to enhance their global presence and sustain in the competitive environment.