Pune, India -- (SBWire) -- 07/16/2018 --Global Nano and microsatellite Market To Expand At A Robust CAGR Of 23% During 2018-2023
The Nano and microsatellite are the miniature forms of satellites with a wet mass of 1-10 kg for nanosatellites and 10-100 kg for microsatellite. Market Research Future (MRFR) has recently published a report asserting that the global nano and microsatellite market will expand at a robust CAGR of 23% during the forecast period of 2018-2023
Global Nano and microsatellite Market: Competitive Analysis
The key players of the global nano and microsatellite market are Boeing Space Systems (U.S.), Aerospace Corporation (U.S.), Lockheed Martin Corporation (U.S.), Planet Labs (U.S.), Sierra Nevada Corporation (U.S.), Innovative Solution in Space (ISIS) Group (Netherland), GomSpace A/S (Denmark), Ruag Group (Switzerland), GeoOptics (Colorado), and Surrey Satellite Technology (U.K).
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The increasing investment of manufacturers in research and development for new product launch to create a significant position in the market is strengthening the completion among the players of the global nano and microsatellite market. The strategic mergers and acquisitions by the leading players in the global market in order to sustain the highly competitive environment are leading to the expansion of the global nano and microsatellite market.
In February 2018, Innovation Solution in Space (ISIS) from the Netherlands, one of the leaders in small satellites market and ThrustMe from France, developer of a complete propulsion system based on a unique patented technology, have signed a memorandum of understanding (MoU) related to the advanced electric propulsion system for ISIS satellites.
In May 2018, Innovation Solution in Space (ISIS) has joined a group of customers who had signed contracts to launch microsatellite on Vega's small spacecraft mission services (SSMS) proof of concept flight (POC flight), a launch service provided by Arianespace, in early 2019.
Nano and Micro Satellite Market Drivers and Restraints:
The rapid advancement in technology and innovation in miniaturization of devices are some of the major factors driving the global nano and microsatellite market. The widespread application of nano and microsatellite for commercial, scientific, and military and defense is fueling the expansion of the global nano and microsatellite market. The increasing necessity for reliable communication infrastructure and increased usage of UAVs (unmanned aerial vehicles) in military and defense industry are positively impacting the growth of the global nano and microsatellite market.
The application of nano and microsatellite for scientific and earth observation/remote sensing purposes in various research organizations, for communication, surveillance, and navigation, is inducing demand for these satellites, leading to the growth of the global nano and microsatellite market. The advantages of nano and microsatellite such as low manufacturing and launching cost, increased capability of carrying out complex military missions due to their compressed size, and more manageable proportions are driving the global nano and microsatellite market to higher verticals.
The increased demand for nano and microsatellite for geological research that includes satellite imaging and use of constellations of these satellites to provide enhanced accuracy of global positioning system for direct air travel are driving the global nano and microsatellite market. The increasing support from the government in order to incentivize the developments in space-based remote sensing industry.
However, the drawbacks of nano and microsatellite such as lack of deorbiting system due to the size and weight constraint and presence of a large number of satellites currently in orbit are likely to act as a restraint on the expansion of the global nano and microsatellite market.
Global Nano and microsatellite Market: Segmental Analysis
The global nano and microsatellite market has been segmented on the basis of purpose and end-users. Based on purpose, the nano and microsatellite market is segmented into earth observation/ remote sensing, science/R&D, communications, and military reconnaissance. Among these, the earth observation/ remote sensing segment is dominating the global nano and microsatellite market due to the heavy investment of space-related organizations in earth observation and increased government investment in metrology and earth observation. The significant growth of communication segment is also fueling the expansion of the global nano and microsatellite market.
Based on end-users, the nano and microsatellite market is segmented into commercial, civil/ government, and military. Among these sectors, the commercial segment is growing rapidly due to the use of nano and microsatellite in communication, mining and agriculture industry. The government segment is anticipated to project significant growth in the global nano and microsatellite market during the forecast period.
Global Nano and microsatellite Market: Regional Analysis
Geographically, the global nano and microsatellite market is segmented into major four regions, North America, Europe, Asia-Pacific and the rest of the world. Among these regions, the North America region is anticipated to dominate the global nano and microsatellite market due to the increasing demand for nano and microsatellite by various end-users in different sectors such as military and defense, research organizations, and telecommunications.
The nano and microsatellite market in Asia-Pacific region is growing significantly due to the increased deployment of these satellites in the commercial sector. Whereas, the nano and microsatellite market in the Europe region is projecting slow growth due to the complex regulatory framework imposed by government and delayed satellite launches in this region.
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Table of Contents
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter's Five Forces Analysis
3.1.1 Threat of New Entrants
3.1.2 Bargaining Power of Buyers
3.1.3 Threat of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power of Buyers
3.2 Value Chain/supply Chain Analysis
4 Market Dynamics
4.1 Introduction
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
Continues....
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Nano Satellite and Microsatellite Market 2018 Global Industry Size, Share, Trends and Regional Analysis by Remote Sensing, R&D, Communications, Military Reconnaissance
Global Nano and Micro Satellite Market Expected to Grow at a CAGR of over 23%, Report Information by Purpose (Earth Observation/ Remote Sensing, Science/R&D, Communications, and Military Reconnaissance), by End-user (Commercial, Civil / Government, and Military), and by Region - Forecast To 2023.