Nano And Microsatellite Market
Nano And Microsatellite Market Size Is Projected to Reach $8.69 Billion In 2030, at a CAGR Of 14.9% by 2020-2030. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
As per Market analysts, the global market is anticipated to witness growth owing to the factors such as the utilization of miniaturized satellites for military and defense applications as well as the growth of UAVs and modern equipment. However, the Market will face challenges and restraints due to the high development cost and the expensive maintenance during the forecast period.
The need for more data, bandwidth, and reliable communication in the Nano and Micro Satellite Industry will support the growth. As per Market analysts, the Nano and Micro Satellite Market based companies will face certain challenges during the forecast period. The Market research report provides in-depth analysis of the component, mass, application, and end user segments. The Market research report presents factors such as lack of skilled professionals that could slow down the Nano and Micro Satellite Industry growth.
Top Boosters and Challenges
The challenges thrown by the COVID-19 outbreak have culminated into disruptions for all the industries worldwide. Major nations are now at a standstill with lockdown imposed to curb the spread of the deadly pandemic. Despite the COVID-19 impact on the space industry being relatively lesser compared to other industries like aviation, travel, and more, a few challenges in the form of delayed launches and weakened supply chains of vital components have been quite significant. Financial crunch for startups and SMEs has slowed down business continuity, while the onset of the novel coronavirus has steered the focus of the government from space exploration programs to other essential services and products. The otherwise robust investments that go into satellite manufacturing have reduced considerably since the SARS-CoV-2 outbreak, resulting in a broader demand and supply gap.
However, given the high application scope of satellites, such as earth observation and remote sensing, communication, biological experiments, scientific research, reconnaissance, academic training, along with use in intelligence, defense, commercial, government and civil, it is safe to assume that the market can remain strong in the coming years. Rising trend of miniaturization of various technologies like electronics, and the mounting deployment of satellite constellations can also do wonders for the nano and micro satellite market.
Over the years, the demand for satellite communication and earth observation has observed a notable spike, backed by the rising focus of government bodies on curbing different pandemics and the elevated demand for analytics and big data services. The sustained demand for space surveillance data in recent years has contributed massively to the market growth. Growing demand for LEO-based services, and the rising need for high-speed but low-cost broadband in emerging countries can provide excellent opportunities to the leading players in the nano and microsatellite market.
Renowned Players
Some of the highly renowned Nano and Micro Satellite Market Players active in the global industry include The Aerospace Corporation (US), Clyde Space Ltd (UK), Boeing (US), RUAG Group (Switzerland), Airbus SAS (Netherlands), Raytheon Company (US), Sierra Nevada Corporation (US), SpaceQuest Ltd (US), GeoOptics (US), Innovative Solutions In Space BV (Netherlands), Lockheed Martin Corporation (US), Planet Labs Inc. (US), GomSpace (Denmark), Vector Launch Inc. (US), Tyvak Nano-Satellite Systems, Inc. (US), to name a few.
Regional Outlook
The regions where the Nano and Microsatellite Market is projected to grow at varying rates include Europe, the Middle East & Africa/MEA, Asia Pacific/APAC, Latin America and North America,
Since 2018, North America’s dominance in the global market has remained unsurpassed, given the significant demand for nano and microsatellites from NASA and US Department of Defense. The increasing applications related to Earth observation for detecting climatic changes, monitoring agricultural fields, mitigating disasters and more also benefit the regional market. Government agencies are now highly focused on using satellite imagery to analyze the COVID-19 impact on air quality as well as atmosphere, which can mean higher demand for nano and micro satellites in the region.
The APAC market is all set to obtain the fastest growth rate, due to the rising availability of low-cost and advanced satellites and the growing applications in the military sector. A significant demand for nano and micro satellites is observed in China and India, in light of the escalating need for better internet connectivity among citizens.
Segmental Analysis
The key segments studied in the report include component, mass, application and end-user.
The main components covered in the market report are software & data processing, service, hardware, launch service. In 2018, the market was led by the hardware segment while the highest growth rate can be procured by the software & data processing segment during the assessment timeline.
Depending on mass, the key categories are one kg-10 kg and 11 kg-100 kg. Since 2018, the 1 kg-10 kg segment has remained at the top position and can record the fastest CAGR as well.
The applications outlined in the study include scientific research, earth observation and remote sensing, academic training, communication, biological experiment, mapping and navigation, reconnaissance and technology demonstration and verification. As of 2018, the communication segment led the market, but it is the earth observation and remote sensing segment that can advance at the highest rate in the years to come.
Commercial, defense, government, civil, energy & infrastructure, maritime & transportation, and more are the key end-users in the worldwide market. The commercial segment has taken the leading position since 2018 and is also projected to record the highest growth rate, as a result of the escalating demand for high-speed Internet connectivity, digital television and direct-to-home (DTH) television.
Recent News
September 2020
Technische Universität Berlin and Exolaunch have entered an agreement for the SALSAT nanosatellite. The agreement entails that Exolaunch will be supplying mission management, integration and launch services for Technische Universität Berlin’s Soyuz-2 rideshare mission by month-end.
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) – Forecast 2030
Related Links:
- Military Satellite Market Research Report: by Orbit Type (Low Earth Orbit, Medium Earth Orbit and Geosynchronous Orbit), Payload Type (Communication Payload, Navigation Payload, Imaging Payload and Others), Satellite Type (Small Satellite and Medium-to-Heavy Satellite), System (Electro-Optic/Infrared Sensor (EO/IS), Radar and SATCOM), Application (ISR, Communication and Navigation) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2030
- Space Technology Market Research Report: Information by Subsystem (Orbit, Launch Platform, Launch Vehicle and Payload), End-Use (Civil, Commercial and Military) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2030
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