The ongoing efforts to upgrade the facilities and the equipment in sectors such as military and defense, education, research and development, and navigation and mapping have fueled the demand for nanosatellites and microsatellites. The majority of the leaders in these sectors are opting for nanosatellites and microsatellites as they are comparatively cheaper than larger satellites. The remarkable rate of investments for research and development of nanosatellites and microsatellites is also projected to boost the global nanosatellite and microsatellite market between 2016 and 2024.
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These headstrong market drivers are expected to create an opportunity worth US$2.2 bn by 2024 for the global nanosatellite and microsatellite market, encouraging the market to rise at a CAGR of 12.1% CAGR. A large number of new entrants are also making their way into the global market as the demand for nanosatellites and microsatellites is anticipated to remain steady during the forecast period.
Geographically, the global nanosatellite and microsatellite market is segmented into North America, Europe, the Middle East and Africa, Latin America, and Asia Pacific. As of 2015, North America held a dominant share in the global market with a significant demand for nanosatellites and microsatellites attributable to the U.S. market. The region’s magnificent progress in the field of space research, which is aided by several universities and agencies is projected to accelerate the demand for these satellites in the coming years.
The increasing commercial investments and growing funding by the government of the U.S. and Canada are also projected to propel the market in the region during the forecast period. For instance, the keen interest shown by the Canada Space Agency has had an incredible impact on the growth rate of the nanosatellite and microsatellite market in Canada.
Demand for Improved Defense Equipment Keeps Asia Pacific Market at the Forefront
In addition to North America, Asia Pacific is also expected to an emerging nanosatellite and microsatellite market. The rise of this regional market is due to the rapid technological advancements in countries such as Japan and China. Both of these countries have made a significant contribution to the development of nanosatellites and microsatellites in recent past. The increasing research and development activities in Asia Pacific’s developing countries such as India, the Philippines, Indonesia, and Australia are also expected to boost the demand for nanosatellites and microsatellites. The demand will be supplemented by the pressing need to upgrade defense and security measures in these countries.
Defense Sector Leads the Way for Global Nanosatellite and Microsatellite Market
A report published by Transparency Market Research states that nanosatellites and microsatellites are used in areas of communication, scientific research, power, navigation and mapping, reconnaissance, Earth observation, remote sensing, and biological experiments. The communications segment held a sizeable share in the global market in 2015. This segment is expected to witness a substantial growth rate as the defense sector is adopting nanosatellites and microsatellites for developing seamless communication networks for its soldiers in remote locations. Analysts predict that the demand for nanosatellites and microsatellites will spike for Earth observation and remote sensing purposes as well, in the next few years.
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Several players in the global nanosatellite and microsatellite market are trying to setup constellations of nanosatellites and microsatellites to provide their users improved Internet speed with extra bandwidth.