Global Nano- and Micro satellite Market - Market Forecast and Analysis (2018 - 2023)
The global nano- and microsatellite market was valued at USD XX billion is expected to register a CAGR of 23.5% during 2017-2022 (the forecast period).
Nano and micro satellites range between 1-10 kg and 10-100 kgs, respectively. These satellites are the fastest growing segments in the satellite industry. Their ease to build and lower operating and manufacturing costs are making them immensely popular in, both, civilian and military applications. The factors driving this business sector include diminishing manufacturing, launching costs, increased investment in R&D by both public and private players, rising acceptance of satellite constellation approach and major upcoming mission dispatches.
The cost to build a nano or micro satellite is almost negligible in comparison to the traditional large-scale satellite. This is one of the primary reason driving the market. Due to this reason, many venture capitalists are investing in startups in space technology. Moreover, these miniaturized satellites mostly use the hardware and software already developed and used by the tech industry. Companies are entering the market with ease and offer diverse on-demand services. Thus, the possibilities for new applications and products & services are further widening. For instance, currently, many private players are providing internet-based space exploration to the general public. Diminishing manufacturing and launching costs have resulted in a rise in upcoming launches, worldwide, by, both militaries as well as private conglomerates for earth observation, surveillance, and communication applications.
Too many satellites in orbit
Nano and micro satellites, currently, do not have a deorbiting system, due to size and weight constraints. However, with thousands of satellites in orbit, this factor might create issues for the market. Various international agencies, such as the FCC, the UN, and the IADC, have proposed mitigating guidelines that state the importance of deorbiting.
The market has been segmented by:
Application - navigation & mapping, scientific research, power communications, reconnaissance End-users - into military, government and commercial Mass- 1 - 10 Kg (Nanosatellites), 11 - 100 Kg (Microsatellites) Geography - North America, South America, Europe, Middle East & Africa, and Asia-Pacific. The commercial and civilian markets for nano- and micro satellites hold the largest share and have scope for high growth during 2017-2022 (the forecast period). The North America is projected to have the fastest growing market, followed by APAC and EMEA.
Some of the Important Players in the Global Nano- and Microsatellite Market include:
Dauria Aerospace Aerospace Corporation Airbus Defense and Space Northrop Grumman Corporation Deep Space Industries SpaceQuest GeoOptics The Sierra Nevada