Nanosatellite and Microsatellite Market to register 12.10% CAGR till 2024 - MRRSE
Global nanosatellite and microsatellite market is expected to rise to US$2.2 bn by 2024, expanding at a 12.1% CAGR from 2016 to 2024.
[UKPRwire, Sat Aug 10 2019] The rising research activities and the increasing investments for the enhancement of space technologies are expected to enhance the growth of the global nanosatellite and microsatellite market in the coming few years. The rising use of satellites in several application areas is predicted to enhance the growth of the global nanosatellite and microsatellite market in the next few years.
According to the market research study by MRRSE, the global market for nanosatellite and microsatellite was worth US$2.2 bn by the end of 2024. The market is expected to register a promising 12.10% CAGR between 2016 and 2024.
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The rise in the demand for miniature satellite in Earth observation application and the low manufacturing cost of miniature satellites are the key factors that are projected to encourage the growth of the global nanosatellite and microsatellite market in the next few years. The rising investments in nanosatellite and microsatellite technologies and the advancements in space technologies are further estimated to enhance the growth of the market in the coming few years.
On the flip side, the lack of dedicated launch vehicles for the launching miniature satellites into space and the concerns related to space debris are estimated to hamper the growth of the overall market in the coming few years. Moreover, the implementation of rules and regulations for the rising number of satellites being launched is another major factor that is predicted to restrict the market growth in the near future. Nonetheless, the rising internet access for the areas without broadband connectivity and the rising demand for satellites in diverse application areas are estimated to support the market growth and generate lucrative opportunities for the players in the coming few years.
North America to Dominate Global Nanosatellite and Microsatellite Market
The global nanosatellite and microsatellite market has been categorized on the basis of geography into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these, North America is projected to hold a large share of the market and register a healthy growth rate in the next few years, thanks to the rising contribution from the U.S. In addition to this, the advanced technologies that are expected to facilitate space research and the presence of established space research universities and agencies are some of the other key factors that are predicted to enhance the market growth in the near future. Furthermore, Asia Pacific is estimated to offer lucrative opportunities in the coming few years. The rising focus on development of network infrastructure and rising research and development activities are estimated to accelerate the growth of the Asia Pacific market in the near future.
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The global market for nanosatellite and microsatellite is competitive in nature and is estimated to witness a high level of competition among the key players in the next few years. The rising investments for research and development activities and innovations is projected to support the growth of the market and offer potential growth opportunities for the market players in the next few years. Moreover, the increasing number of mergers and acquisitions and collaborations are predicted to enhance the growth of the overall market in the next few years. Some of the key players operating in the nanosatellite and microsatellite market across the globe are Raytheon, Spacequest Ltd., Innovative Solution in Space (ISIS) Group, Clyde Space, Inc., Skybox Imaging, Inc., Planet Labs Inc., Ruag Group, Lockheed Martin Corporation, Gomspace, and Sierra Nevada Corporation.
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