Nano and Micro Satellite Market is driven by rise in demand for miniature satellites is projected to be one of the major factors driving the market in the coming years

Albany, NY -- (SBWire) -- 07/18/2017 --Nano and micro satellite are satellites of low mass and size, usually under 500 kg. Lower manufacturing and operating cost is the key factor driving the nano and micro satellite market. Based on solution, the market is segmented into software & data processing, launch service, hardware, and service. In 2016, the software & data processing segment dominated the market followed by hardware and the same is anticipated to continue in the near future. The service segment is expected to expand at the highest CAGR during the forecast period 2017 – 2025. Rise in demand for miniature satellites is projected to be one of the major factors driving the market in the coming years.

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Based on application, the market is segmented into earth observation & remote sensing, communication, technology demonstration & verification, scientific research, reconnaissance, biological experiments, mapping & navigation and others. In 2016, mapping & navigation segment dominated the market followed by communication, and the same is expected to continue in the coming years. Reduction in manufacturing cost is a major factor boosting the mapping & navigation segment in the nano and micro satellite market.

Based on end user, the market is segmented into civil, government, defense, commercial, maritime & transportation, and energy & infrastructure. The commercial segment is expected to expand at the highest CAGR during the forecast period. Some of the major factors boosting the market are low manufacturing cost, increase in investment in nano and micro satellites by developing and developed countries, and increasing demand for nano and micro satellites.

The geographical split of the market includes North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. In 2016, North America is the major market followed by Europe. The U.S. is expected to be the major market in the North America region. Increasing demand for nano and micro satellites from different government agencies such as the U.S. Department of Defense and NASA is one of the major factors boosting the market for nano and micro satellites in North America. In addition, increasing demand for nano and micro satellites from telecom and research organizations is another major factor driving the market in North America. Europe is expected to be the second largest market for nano and micro satellites. The U.K. and Germany are expected to be the major markets in Europe. Some of the major factors driving the market for nano and micro satellites in Europe are increase in the use of nano and micro satellites in several sectors such as military and civil and use of satellites for research purposes.

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Asia Pacific is anticipated to be the fastest growing market during the forecast period 2017 – 2025, with China expected to dominate the market now and during the forecast period. However, India is projected to be the fastest growing market in Asia the Pacific region. Increasing investment in the defense sector by different countries such as India, China, and South Korea is anticipated to be the major factor boosting the market for nano and micro satellites. Latin America and Middle East & Africa are expected to expand at a healthy rate during the forecast period. Increase in the demand for satellites in different applications such as reconnaissance, scientific research, and mapping & navigation is one of the major factors driving growth of the nano and micro satellite market in Latin America and Middle East & Africa.

The major players in the nano and micro satellite market are Lockheed Martin Corporation (United States), GS Sweden AB (Sweden), RUAG Group (Switzerland), Sierra Nevada Corporation (United States), Clyde Space, Inc. (Scotland), Raytheon Company (United States), Spacequest Ltd.(United States), Planet Labs, Inc.(United States), Innovative Solutions in Space (Netherlands), and Tyvak Inc.(United States) among others.