U.S. to Steer Growth of Global Nanosatellite and Microsatellite Market as Space Research Spending Increases: Transparency Market Research

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Jul 14, 2016, 11:00 ET

ALBANY, New York, July 14, 2016 /PRNewswire/ --

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.

Browse the Press Release: http://www.transparencymarketresearch.com/pressrelease/nanosatellite-microsatellite-market.htm

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.

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.

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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.

Browse the Regional Analysis:

http://www.europlat.org/nanosatellite-and-microsatellite-market.htm

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."

Nanosatellite and Microsatellite Market

By Solution

Hardware
Software
Data Processing
Launch Services

By Application

Navigation and Mapping
Scientific Research
Power
Communication
Reconnaissance
Others (Biological Experiments, Earth Observation and Remote Sensing)

By Industry Type

Agency
Defense
Educational
Non-profit
Energy and Infrastructure
Others (Maritime and Transportation, Independent)

By Band

X-band
K-band
Ka-band
Others

By Mass

1 Kg - 10 Kg (Nanosatellites)

11 Kg - 100 Kg (Microsatellites)

By Geography

North America
The U.S.
Canada
Europe
The U.K.
Germany
France
Spain
Italy
Rest of Europe
Asia Pacific
Japan
China
India
Indonesia
Rest of APAC
Middle East and Africa
UAE
Saudi Arabia
South Africa
Rest of MEA
Latin America
Brazil
Rest of Latin America

Related Research Reports by Transparency Market Research:

Commercial Satellite Imaging Market: http://www.transparencymarketresearch.com/commercial-satellite-imaging-market.html
Satellite Backhaul Market: http://www.transparencymarketresearch.com/satellite-backhaul-market.html
Mobile Satellite Services (MSS) Market : http://www.transparencymarketresearch.com/mobile-satellite-services-mss-market.html
Satellite Transponders Market : http://www.transparencymarketresearch.com/satellite-transponders-market.html

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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SOURCE Transparency Market Research