Nanosatellites
and microsatellites have emerged as a vital, feasible, and cost-effective
solution for space research, communication, and Earth observation. Transparency
Market Research has found that players within the global
nanosatellite and microsatellite market have been offering
a number of turnkey solutions, such as data processing services, manufacturing
services, and launch services, in order to stay competitive and enhance their
market positioning.
Planet Labs, Inc., Innovative Solutions In Space (ISIS) Group,
Lockheed Martin Corporation, RUAG Group, Clyde Space, Inc., GomSpace, Raytheon,
Skybox Imaging, Inc., SpaceQuest Ltd., and Sierra Nevada Corporation are some
of the leading and promising companies in this space.
“The U.S. has been one of the most attractive markets for nanosatellites
and microsatellites and an increasing number of small and large players
look to expand operations in the country,” the author of the TMR study finds.
An excellent example would be Lockheed Martin Corporation.
Although this industry giant has a massive global presence, the company has
been increasingly focused on developing advanced launch services in the U.S.
aeronautics and space systems market. UK-based Clyde Space Ltd. and
Denmark-based GomSpace are other prominent companies that have, of late,
expanded their operations in the U.S., making the most of the country’s growing
demand for space products.
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Favorable Long-term Impact of Low Cost of
Production and Development
The fact that nanosatellites and microsatellites find
application in an increasing number of industry sectors is probably one of the
most significant growth drivers for the market. Nanosatellites and
microsatellites are used for navigation and mapping, in the education sector
and for scientific research, for various commercial purposes, and in the
military and defense. “These satellites are a much more feasible alternative to
large satellites as they fulfil the specific research requirements minus the
need for massive financial investments,” a lead analyst at TMR says.
“This factor will, however, have a high impact only in the short
and medium term,” the analyst predicts. “In the long run, the saturation of the
use of nanosatellites and microsatellites in these fields will result in a
reduced impact on the global market.”
On the other hand, the impact of the lower cost of production
and development of nanosatellites and microsatellites will be impressively high
in the medium and long term, with the benefits not entirely reflecting in the
short term.
Nanosatellite and Microsatellite Market:
Opportunity in Numbers
The value of the global nanosatellite and microsatellite market
is poised to expand at a strong CAGR of 12.1% from 2016 to 2024. Maintaining
this pace, the market will be worth US$2.2 bn by 2024, increasing from US$529.1
mn in 2015. By solution, hardware dominates the nanosatellite and
microsatellite market, with a share of over 35% in 2015. Data processing, on
the other hand, is likely to register the highest CAGR of 13.2% during the
forecast period. Communication is the leading application of nanosatellites and
microsatellites. By mass, microsatellites dominate the market and also form the
most rapidly expanding segment. While North America leads the global
nanosatellite and microsatellite market, Asia Pacific is projected to grow at
the fastest pace.
This review is based on the findings of a TMR report titled
“Nanosatellite and Microsatellite Market: Global Industry Analysis, Size,
Share, Growth, Trends, and Forecast 2016-2024.”
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