“The U.S. has been one of the most attractive markets for nanosatellites and microsatellites and an increasing number of small and large players look to expand operations in the country,” the author of the TMR study finds.
An excellent example would be Lockheed Martin Corporation. Although this industry giant has a massive global presence, the company has been increasingly focused on developing advanced launch services in the U.S. aeronautics and space systems market. UK-based Clyde Space Ltd. and Denmark-based GomSpace are other prominent companies that have, of late, expanded their operations in the U.S., making the most of the country’s growing demand for space products.
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Nanosatellite and Microsatellite Market: Opportunity in Numbers
The value of the global nanosatellite and microsatellite market is poised to expand at a strong CAGR of 12.1% from 2016 to 2024. Maintaining this pace, the market will be worth US$2.2 bn by 2024, increasing from US$529.1 mn in 2015. By solution, hardware dominates the nanosatellite and microsatellite market, with a share of over 35% in 2015. Data processing, on the other hand, is likely to register the highest CAGR of 13.2% during the forecast period. Communication is the leading application of nanosatellites and microsatellites. By mass, microsatellites dominate the market and also form the most rapidly expanding segment. While North America leads the global nanosatellite and microsatellite market, Asia Pacific is projected to grow at the fastest pace.
This review is based on the findings of a TMR report titled “Nanosatellite and Microsatellite Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024.”
Favorable Long-term Impact of Low Cost of Production and Development
The fact that nanosatellites and microsatellites find application in an increasing number of industry sectors is probably one of the most significant growth drivers for the market. Nanosatellites and microsatellites are used for navigation and mapping, in the education sector and for scientific research, for various commercial purposes, and in the military and defense. “These satellites are a much more feasible alternative to large satellites as they fulfil the specific research requirements minus the need for massive financial investments,” a lead analyst at TMR says.
“This factor will, however, have a high impact only in the short and medium term,” the analyst predicts. “In the long run, the saturation of the use of nanosatellites and microsatellites in these fields will result in a reduced impact on the global market.”
On the other hand, the impact of the lower cost of production and development of nanosatellites and microsatellites will be impressively high in the medium and long term, with the benefits not entirely reflecting in the short term.