Nanosatellite and Microsatellite Market, by Component (Hardware, Software & Data Processing, Launch Service), Application (Communications, Reconnaissance, Scientific Research, Earth Observation, Remote Sensing, Climate, Mapping, and Navigation), End-User (Commercial, Government, Defense & Security, and Civi): Global Opportunity Analysis and Industry Forecast, 2020–2027

The global nanosatellite and microsatellite market is anticipated to witness growth due to advancement in microelectronics technology and rising satellite launches worldwide. In addition, nanosatellite and microsatellite are capable of collecting data for commercial firms and allow them to sell the same at lower prices.

Nanosatellite and Microsatellite Market, Analysis:

Nanosatellite and microsatellites are low-cost satellites intended for commercial, communications, armed forces, and space research purposes. Recent technological advancements in the field of small satellite transformed the way of communication and area of research. The demand for the nanosatellite and microsatellite industries will expand as private investment capital is going to spend further in space technology startups.

Advancement in space technology is expected to drive the global nanosatellite and microsatellite market:

Rising demand for mini satellites to perform complex missions such as observing Earth’s orbits a key factor behind the forecasted growth in the global nanosatellite & microsatellite market in the coming years. National Aeronautics and Space Administration's CubeSat Launch Initiative (CSLI) has recently launched the inexpensive variants of the nanosatellite and microsatellite. Because of the low cost of production compared to large satellites, many organizations are interested in investing in nanosatellite and microsatellites for commercial use.

Lack of dedicated launch vehicles is anticipated to restrain the growth of the global nanosatellite and microsatellite market in the forecasted period:

Reusable launch vehicle is a launch system that can deploy loads into orbit more than once. It is estimated that the lack of dedicated launch vehicles for launching mini satellites into space will hamper the global market in the forecasted period. In addition, there are several laws and regulations that are limiting the launch of these launch vehicles. For instance, according to The 1976 Convention on Registration of Objects Launched into Outer Space act that is implemented on satellite launches is another significant factor which is expected to limit the global market. 

Rapid growth of communication networks is anticipated to create enormous opportunities for the global nanosatellite and microsatellite market:

Fast expansion of the communication industry along with precise adoption of Internet of Things (IoT) is estimated to facilitate growth opportunities for the global nanosatellite and microsatellites market. Small companies are entering the nanosatellite and microsatellite market with the support of established investment and defense firms such as Goldman Sachs and Boeing. In addition, growing R&D activities on mini satellites is also creating tremendous opportunities in the global nanosatellite and microsatellite market.  

Nanosatellite and Microsatellite Market, by Components:

Hardware segment will be the most lucrative till 2027

By components, the global nanosatellite and microsatellites market is divided into hardware, software & data processing, and launch services. Amongst these, hardware component dominates the market shares as it is the core of mini satellites and easily available.

Nanosatellite and Microsatellite Market, by Applications:

Earth observation & remote sensing will be the most lucrative till 2027

By applications, the global nanosatellite and microsatellites market is classified into communications, reconnaissance, scientific research, earth observation, remote sensing, climate, mapping and navigation. Out of these, earth observation and remote sensing holds majority of the market shares due to its enhanced parallel computing and communication functionality along with the ability to take decisions regarding time and data.

Nanosatellite and Microsatellite Market, by End-Users:

Commercial sector is projected to be the fastest growing till 2027

By end-users, the global nanosatellite and microsatellites market is segmented into commercial, government, defense & security, and civil. Among these, the commercial segment stands to be profited the most. This is mainly due to the use of nanosatellite and microsatellites for complicated space missions such as navigation, marine, space & earth observation, and others.

Nanosatellite and Microsatellite Market, by Region:

Asia-Pacific region will have lucrative opportunities for the market investors

The global nanosatellite and microsatellites market is analyzed across North-America, Europe, Asia-Pacific, and LAMEA regions. North America is expected to dominate the market shares and continue to lead in the predicted future. This is due to the presence of established space organizations such as SpaceX and NASA in this region. The Asia-Pacific region is expected to be the fastest growing region due to rising development of network infrastructure and increasing R&D activities. 

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Key Participants in the Global Nanosatellite and Microsatellites Market:

Merger & acquisition and advanced product development are the frequent strategies followed by the market players

Some of the key-players of the global nanosatellites and microsatellites market are Gom Space, Lockheed Martin Corp., L3Harris Technologies, Sierra Nevada Corp., AAC Clyde Space, Planet Labs Inc., Tyvak Nano-Satellite Systems, AST & Science LLC, Innovative Solutions In Space, Space Quest Ltd., and others.

Market players prefer inorganic growth strategies to expand into local markets. The global nanosatellites and microsatellites market players are emphasizing more on merger & acquisition and advanced product development. These are the frequent strategies followed by established organizations. To emphasize more on the competitor analysis of market players, the Porter’s five force model is explained in the report.

Source: Research Dive Analysis

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