June 04, 2019
Global nanosatellite and microsatellite market size is projected to accrue around US $6,111.8 million by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
Organizations are increasingly adopting nanosatellites and microsatellites for technology demonstration, and scientific research & experimentation. The booming commercial sector and low costs associated with these satellites impel the global nanosatellite and microsatellite market growth.
In terms of the application spectrum, the global nanosatellite and microsatellite market is segmented into communication, earth observation, biological experimentation, technology demonstration, scientific research, academic training, and others. The earth observation segment held the highest share in the global market in the year 2017, due to the high usage of nano and micro satellites for the purpose of agricultural monitoring & management, weather monitoring, and synthetic aperture radar imagery.
The report cites that the defense sector also uses these satellites for disaster management, supervising borders, and other military purposes. For instance, companies including Skybox Imaging, Dauria Aerospace, and Planet, have introduced numerous small satellites for remote sensing. In between 2016 and 2025, more than 2,100 satellites are expected to be launched. The well-known companies operating in this business space include BlackSky Global, Planet, Satellogic, and Spire, which are speculated to launch around 1,400 of these satellites.
Speaking of the end-user landscape, the global nanosatellite and microsatellite market is bifurcated into defense, government, commercial, energy, civil & construction, agriculture, oil & gas, and others. According to the study, the demand for earth observation services has significantly increased in various sectors including energy, oil & gas, agriculture, defense and civil engineering, thereby boosting worldwide market growth. Furthermore, technological advancements like miniaturization of components and associated software has enabled numerous established organizations, along with small & medium enterprises, to invest in these satellites, cites the study.
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There has been a tremendous increase in the adoption of nano satellites and micro satellites within the commercial sector, over the recent years, on account of reduced costs, miniaturization of huge satellite components, and standardization of satellite parts. The commercial sector – which comprises forestry, civil engineering, agriculture, insurance, media & entertainment, archaeology, and more, uses these satellites for space-based internet, high-resolution earth imaging, and communication services. For example, a US-based company, Planet, has a constellation of around 36 small satellites in an orbit, which helps provide high-resolution imaging to commercial clients.
Based on the regional analysis included in the report, North America is foreseen to dominate the global market over the forecast timeframe. The growing application of nano satellites and micro satellites in the real estate, government, agriculture, and defense sectors in the region is considered a major market driver. Market researchers also claim that the affordable prices of these satellites drive boosts demand from the commercial sector. Higher investment in the defense sector, coupled with technological enhancements in the telecommunication industry, are slated to boost the market growth for nano and micro satellites over the estimated period.
The ferociously competitive business space of the global nanosatellite and microsatellite market includes leading players such as Planet Labs Inc., SpaceQuest Ltd., Tyvak Inc., Clyde Space, Inc., Lockheed Martin Corporation, Sierra Nevada Corporation, Surrey Satellite Technology Limited, Raytheon Company, Vector Space Systems, GomSpace Group AB, Thales Group, The Boeing Company and Harris Corporation. In a bid to expand their product portfolio, global reach, and suffice the growing consumer needs, these companies are collaborating with other market leaders and launching new products.