Global Nanosatellite and Microsatellite Market is anticipated to reach USD 4.97 billion by 2025. Nanosatellites and microsatellites (NaM) are mostly used for observing the earth, communication, and to serve space research purposes. In addition, Nanosatellites and Microsatellites find their applications in Defense and Military verticals for commercial purposes. Nanosatellites and microsatellites are mostly used for scientific objectives, and research requirements on a large scale. They are low-cost satellites.
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Key Players:
Some of the key players that fuel
the growth of the Nanosatellite and Microsatellite industry comprise Raytheon
Company, Planets Labs Inc., Space Quest Ltd., Skybox Imaging, Inc., Sierra
Nevada Corporation, Innovative Solutions in Space, Clyde Space Ltd., GomSpace,
RUAG Group, and Lockheed Martin Corporation.
Growth Drivers:
The factors that propel the
growth of the Nanosatellite and Microsatellite industry include high demand for
miniature satellites to study the earth, increased investments in nanosatellite
and microsatellite technologies, and low manufacturing cost of miniature
satellites. The market is estimated to grow at a significant CAGR in the
forecast period as the scope, product types, and its applications are growing
across the globe.
The market may be explored by
component, mass, vertical, application, and geography. The key components that
could be explored in the Nanosatellite and Microsatellite market include
Service, Launch Service, Hardware, and Software and Data Processing. The
“Software and Data Processing” segment led the market in 2016 and is anticipated
to maintain its dominance by 2025 as data and software processing is important
to extract illegal information from raw data found from miniature satellites.
The Nanosatellite and
Microsatellite industry could be explored based on mass as 11 Kg-100 Kg
(Microsatellite), and 1 Kg-10 Kg (Nanosatellite). The key Applications that
could be explored in the market include Earth Observation and Remote Sensing,
Communication, Scientific Research, Academic Training, Biological Experiments,
Technology Demonstration and Verification, Reconnaissance, and Mapping and
Navigation. The “Earth Observation and Remote Sensing” segment led the
Nanosatellite and Microsatellite Market in 2016 and is anticipated to maintain
its dominance by 2025.
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