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Nanosatellite and Microsatellite Market: Industry Insights, Trends and Forecast upto 2024
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According to TMR, the global nanosatellite and microsatellite market is expected to rise to US$2.2 bn by 2024, expanding at a 12.1% CAGR from 2016 to 2024. On the basis of solution, the hardware segment has been leading but the data processing segment is anticipated to expand at the fastest pace, exhibiting a CAGR of 13.2% from 2016 to 2024. On the basis of mass, the microsatellites segment is leading in the market and is also expected to be the fastest expanding segment.
By application, the communication segment is presently leading. By geography, the fastest growth can be expected from Asia Pacific, states a TMR analyst. However, the North American market is the one that is leading. The U.S. has been the most attractive market for nanosatellites and microsatellites, with the entrance of many small and large players who are seeking expansion opportunities in the country.
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The global demand for nanosatellites and microsatellites is driven by an increasing number of sectors finding applications in their field. Nanosatellites and microsatellites are used for mapping and navigation, boosting their market. In the education sector too, nanosatellites and microsatellites are finding their use. In addition to this, scientific research, military and defense, and for various other commercial purposes, these satellites are being used. Nanosatellites and microstaellites are have emerged as a vital and feasible solution, which is also cost effective for space research. Earth observation and communication with between space and earth are some of the other application boosting the demand for these devices.
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“More feasible than large satellites, these micro and nano satellites require comparatively less capital investment, which is a key growth driver,” said a TMR analyst. In the long run however, there will be a saturation and will negatively impact the growth of this market worldwide. On a positive note however, the low cost of production and development of nanosatellites and microsatellites will definitely boost demand.
This review is based on the findings of a TMR report titled “Nanosatellite and Microsatellite Market (Solution type - Hardware, Software, Data Processing, Launch Services; Application - Navigation and Mapping, Scientific Research, Power, Communication, Reconnaissance; Industry Type - Defense, Educational, Energy and Infrastructure; Band - X-band, K-band, Ka-band; Mass - 1 Kg - 10 Kg (Nanosatellites), 11 Kg - 100 Kg (Microsatellites)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR Syndicated Research report covers a different sector – such as pharmaceuticals, chemical, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, our syndicated reports thrive to provide clients to serve their overall research requirement.
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