(MENAFN – GetNews) According to report published by Grand View Research, The global nanosatellite and microsatellite market size was estimated at USD 1.28 billion in 2018 and is expected to develop at a 22.2% CAGR from 2019 to 2025.
The global nanosatellite and microsatellite market size is expected to reach USD 4.95 billion by 2025, expanding at a CAGR of 22.2% over the forecast period, according to a new report by Grand View Research, Inc. Upsurge in earth observation missions, along with development of Small Satellite Launch Vehicles (SSLV), is expected to propel market growth.
The emerging role of small satellites in the telecom sector has enabled telecom providers to accelerate 5G deployment globally, along with creating market opportunities for satellite communication (satcom) industry stakeholders. Deploying small satellites for 5G deployment can particularly benefit in the form of wide area coverage, cost-effectiveness, and reliability. At the same time, latest technologies, such as new solar panel cell technology and star tracker technology, are also allowing small satellites to strengthen their position in the broader satellite industry.
The growth of the communications sector, coupled with the continued adoption of Internet of Things (IoT), is expected to open opportunities in the global market. The continued adoption of IoT will particularly encourage start-ups to launch their small satellites. For instance, Hiber is expected to launch its first nanosatellite in 2019 to deliver internet connectivity to remote locations using Hiberband modem and support potential IoT projects globally.
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Government support is a key factor encouraging companies to launch nanosatellites and microsatellites for communication and navigation, earth observation, and remote sensing applications. Several governments are developing means to utilize the information obtained from such satellites in a more efficient manner for the public sector. For instance, the UK Space Agency’s Space for Smarter Government Program (SSGP) allows departments to share expertise, data, and services related to nanosatellites and microsatellites as well as information obtained from these satellites.
However, despite substantial growth of the global market, frequent delays in satellite launches are leading to skepticism. Nevertheless, independent launch vehicles being developed and low-cost sensors being manufactured by key companies are likely to help overcome these growth barriers.
Further key findings from the report suggest:
- The nanosatellites segment is expected to grow at a significant rate over the forecast period. The progression toward low-cost satellite-based internet services is enabling a transition towards the adoption of these satellites
- The earth observation/remote sensing segment is poised to grow at a steady rate over the forecast period as the development of low-mass and low-power navigation sensors in small satellites provides impetus to new remote sensing and earth observation missions
- The civil segment is expected to grow at a CAGR of close to 25% over the forecast period as commercialization of small satellites introduces academic institutions and research organizations to space technology
- Asia Pacific is expected to be the fastest-growing regional market over the forecast period, owing to increased nanosatellite launches by various academic institutions and increased government support for developing space programs
- Key players in the market include GomSpace, Innovative Solutions in Space (ISIS), SpaceQuest Ltd., and Sierra Nevada Corporation.
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Grand View Research has segmented the global nanosatellite and microsatellite market on the basis of mass, application, end use, and region:
Nanosatellite and Microsatellite Mass Outlook (Revenue, USD Million, 2014 – 2025)
- Nanosatellites
- Microsatellites
Nanosatellite and Microsatellite Application Outlook (Revenue, USD Million, 2014 – 2025)
- Communication & Navigation
- Earth Observation/Remote Sensing
- Scientific Research
- Technology and Academic Training
Nanosatellite and Microsatellite End-use Outlook (Revenue, USD Million, 2014 – 2025)
- Government
- Defense and Security
- Commercial
- Civil
Nanosatellite and Microsatellite Regional Outlook (Revenue, USD Million, 2014 – 2025)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
Key Topics Covered
Table of Content
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research Scope and Assumptions
1.3 List of Data Sources
Chapter 2 Executive Summary
2.1 Nanosatellite and Microsatellite-Industry Snapshot & Key Buying Criteria, 2014 – 2025
Chapter 3 Nanosatellite And Microsatellite Industry Outlook
3.1 Market Segmentation & Scope
3.2 Nanosatellite and Microsatellite-Market Size and Growth Prospects
3.3 Nanosatellite and Microsatellite-Value Chain Analysis
3.4 Nanosatellite and Microsatellite-Market dynamics
3.4.1 Market driver analysis
3.4.1.1 Increase in the demand for miniaturized satellites in commercial and defense & military segments
3.4.1.2 Lower manufacturing cost and time as compared to larger satellites
3.4.2 Market restraint analysis
3.4.2.1 Legal and regulatory issues related to satellite launch
3.5 Key Opportunities Prioritized
3.6 Nanosatellite and Microsatellite Volume (Units), 2014 – 2025
3.7 Nanosatellites and Microsatellites Launch Cost (2014 – 2018)
3.8 Nanosatellites and Mocrosatellites Launch Providers and Prices (USD)
3.9 Nanosatellite and Microsatellite-Key Company Analysis, 2018
3.10 Business Environment Analysis Tools
3.10.1 PEST analysis
3.10.2 Porter’s five forces analysis
…. continue
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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