Technavio analysts forecast the global nano and microsatellite marketto grow at a CAGR of almost 23% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global nano and microsatellitemarketfor 2016-2020. The report also presents the market landscape and a corresponding detailed analysis of the five major vendors operating in the market.
|As per Technavio analysis, the global nano and microsatellite market will post a CAGR of 22.95% during the forecast period to reach USD 2.07 billion in 2020 from USD 736.24 million in 2015.|
The nanosatellite and microsatellite are miniaturized forms of the traditional satellites in terms of size and weight. Owing to the fast-paced research initiatives in both private and public sectors, there have been significant advancements in the miniaturization and capability enhancement of electronic technology since 2010. Simultaneously, the satellite constellation approach (a group of artificial satellites operating under shared control) has also gained wide acceptance as the approach is economically viable, scalable with enhanced operational efficiency, and projects high robustness. Therefore, the nano and microsatellites segment has become one the fastest growing segments of the global satellite industry.
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Technavio aerospace and defense analysts highlight the following three factors that are contributing to the growth of the global nano and microsatellite market:
- Growing demand in commercial applications
- Increasing use in military and defense applications
- Cost-effective solution as compared to bigger satellites
Growing demand in commercial applications
The demand for satellite networks and services for commercial applications has largely increased since 2010. The involvement of corporations such as Google and Facebook, along with the requirement of higher bandwidth and more secure networks to enable better commercial services fueled the market. Additionally, the development of commercial satellite platforms for dual (military and civil) purposes is on the rise, resulting in the overall growth of the market. Global navigational services like GPS are supported only by a few of the major satellite systems such as the US NAVSTAR GPS and the Russian GLONASS system.
To meet the growing demand for commercial applications, hundreds of new satellites need to be launched. The regulatory relaxation for the sale of high-resolution satellite images for commercial purposes globally is one of such measures which provide an opportunity for the market. Companies can now enter the market and offer diverse on-demand services based on the use of nano and microsatellites. It will further widen the possibilities for new applications, products, and services.
Increasing use in military and defense applications
According to Avimanyu Basu, a lead space research analyst from Technavio, "The nature of warfare has changed from month-long wars to expeditionary strategic missions that last for a few days. For various military requirements including communication, the military and defense forces around the globe require space technology to meet the demand for more operationally responsive forces."
The use of UAVs and modern equipment like software-based radio (SDR) systems has also largely increased in the military forces. Many modern military UAVs need real-time flight and surveillance data via satellites. Thus, military anddefense forces have now started to use commercial satellite infrastructure to meet their requirement of increased bandwidth. It has aided the growth of the nano and microsatellite market, as large constellations of these satellites can be launched at comparatively lower costs while providing the desired services.
Cost-effective solution as compared to bigger satellites
One of the advantages of the nano and microsatellites in comparison to the conventional large satellites is their financial viability with respect to the manufacturing and launching procedures. Thus, a constellation of such satellites can be utilized to provide low-cost solutions. However, the use of large satellites for the same purpose would otherwise cost tens of millions of dollars. The cost to build a nano or microsatellite is almost negligible in comparison to the traditional large-scale satellite. These nano and microsatellites mostly use the hardware and software already developed and mainly used by the tech industry.
"The majority of the cost, in this case, comes from the cost to launch the satellite into the orbit. The emergence of low-cost launch services for nano and microsatellites have further helped to lower the launch cost as well," asserts Avimanyu
Top vendors are:
- Dauria Aerospace
- Deep Space Industries
- Innovative Solutions In Space
- Lockheed Martin
Browse Related Reports:
- Global Satellite Manufacturing and Launch Market 2016-2020
- Global Satellite-Based Augmentation Systems 2016-2020
- Global Satellite Manufacturing and Launch Market 2015-2019
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