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The low manufacturing cost of miniature satellites is one of the key factors expected to drive the growth of the nanosatellite and microsatellite market.
The nanosatellite and microsatellite market is projected to grow from USD 1.21 billion in 2017 to USD 3.49 billion by 2022, at a Compound Annual Growth Rate CAGR of 23.7% during the forecast period. Factors such as the high demand for miniature satellites in Earth observation applications, low manufacturing cost of miniature satellites, and increased investments in nanosatellite and microsatellite technologies are expected to drive the growth of the market. The implementation of stringent regulations pertaining to the increasing number of satellites being launched can restrain the growth of the market.
Based on component, the service segment is estimated to be the largest segment of the nanosatellite and microsatellite market in 2017.
Based on component, the service segment is estimated to be the largest segment of the nanosatellite and microsatellite market in 2017. Services offered by companies in the market include planning and satellite design, mission management, engineering services, science services, testing, support, and all such services needed for the efficient operation of nanosatellites and microsatellites. The growth of the services segment can be primarily attributed to the high demand for vendors of nanosatellites and microsatellites that provide support services, in addition to developing and designing miniature satellites.
Based on application, the Earth observation and remote sensing segment is expected to be the largest segment of the market in 2017.
The Earth observation and remote sensing segment is estimated to be the largest segment of the nanosatellite and microsatellite market in 2017. The high mobility of nanosatellites and microsatellites, due to their compactness, makes them ideal to forecast disasters with no delay in reporting time and track various weatherrelated phenomena, such as hurricanes, lightning, polar lights, or natural catastrophes.
Based on vertical, the commercial segment is estimated to be the largest segment of the market in 2017.
Based on vertical, the commercial segment of the nanosatellite and microsatellite market is expected to witness the highest growth in the coming years. Companies operational in the commercial vertical can gather realtime data and distribute it across a wide geographic area to their clients with the help of miniature satellites. Civil, government, and defense are other key verticals wherein nanosatellites and microsatellites are widely used.
Europe is expected to be the fastestgrowing market for nanosatellites and microsatellites during the forecast period
The nanosatellite and microsatellite market has been studied for North America, Europe, AsiaPacific APAC, and RoW. The market in Europe includes the U.K., Russia, Germany, and France, who are rapidly gaining technological leadership in satellite manufacturing. The market for nanosatellites and microsatellites in Europe is expected to witness the highest growth during the forecast period due to the increased demand for missions that provide data for Earth observation and scientific exploration.
Indepth interviews were conducted with Chief Executive Officers CEOs, marketing directors, innovation and technology directors, and executives from various key organizations operating in the nanosatellite and microsatellite marketplace.
By Company Type: Tier 1: 17%, Tier 2: 33%, and Tier 3: 50%
By Designation: CLevel: 35%, Director Level: 60%, and Others: 5%
By Region: North America: 48%, Europe: 35%, and APAC: 17%
Key vendors profiled in the report are as follows:
1. RUAG Group Switzerland
2. Clyde Space Inc., U.K.
3. GS Sweden AB GomSpace Denmark
4. Sierra Nevada Corporation U.S.
5. Tyvak, Inc. U.S.
6. Lockheed Martin Corporation U.S.
7. Raytheon Company U.S.
8. PLANET LABS INC. U.S.
9. Innovative Solutions In Space ISIS Europe and
10. SpaceQuest Ltd. U.S.
The nanosatellite and microsatellite market has been segmented based on component, mass, application, vertical, and region. Based on component, the nanosatellite and microsatellite market has been segmented into hardware, software and data processing, service, and launch service. Based on mass, the market has been segmented into 1 kg10 kg nanosatellite and 11 kg100 kg microsatellite. Based on application, the nanosatellite and microsatellite market has been segmented into communication, Earth observation and remote sensing, scientific research, biological experiment, technology demonstration and verification, academic training, mapping and navigation, and reconnaissance. Based on vertical, the nanosatellite and microsatellite market has been segmented into government, civil, commercial, defense, energy infrastructure, and maritime transportation. Based on region, the nanosatellite and microsatellite market has been segmented into North America, Europe, APAC and RoW the Middle East Africa and Latin America.
Key Benefits of Buying the Report:
The report will help market leaders and new entrants in the nanosatellite and microsatellite market in the following ways:
The report will help market leaders/new entrants in this market by providing them the closest approximations of revenues of the nanosatellite and microsatellite market and its subsegments. This report will also help stakeholders better understand the competitor landscape, gain more insight to better position their businesses, and implement suitable gotomarket strategies. The report will help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
Original Article: Nanosatellite and Microsatellite Market by Component Hardware, Software Data Processing, Services, Launch Services, Mass 1 kg10 kg and 11 kg100 kg, Application Earth Observation Remote Sensing, Vertical Global Forecast to 2022 [Updated: 19062017] PriceNEXT ARTICLE
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