The Nano and Microsatellite market is estimated to grow from $702.4M in 2014 to $1887.1M in 2019. This represents a Compound Annual Growth Rate (CAGR) of 21.8% from 2014 to 2019. Commercial sector is expected to be the largest contributor for Nano and Microsatellite by 2019. In terms of regions, APAC is expected to be the biggest market in terms of revenue contribution by 2019 surpassing North America.
The major forces driving this market are price reduction, increasing demand, investments from Silicon Valley, superior mission launches and continual decrease in average satellite mass. The significance of the Nano and Microsatellite has increased, due to increase in number of application areas such as academic training, scientific research, earth observation, remote sensing and many others wherein such satellites can be leveraged. The increase in use of these satellites across a range of commercial applications in all regions of the world has been noted as one of the major factors behind continual increase in Nano and Microsatellite market size.
Players such as Lockheed Martin, Northrop Gruman, Raytheon, Surrey Satellite Technologies, Sierra Nevada Corp, Clyde space, planet labs and many others are expected to provide technological advanced satellites and offer better competitive services. The companies in this industry must take advantage of the growing awareness of Nano and Microsatellite in the high growth markets such as Middle East and Africa (MEA) as well as Asia Pacific (APAC). Earth observation and remote sensing, space science and academic training are the applications having high growth rate in the market.
The new report has segmented the Nano and Microsatellite market by mass: 1kg to 10kgs; 11kgs to 100kgs; by type of solutions: hardware, software, services, launch services; by applications: communication; earth observation and remote sensing; biological experiments; academic training; technology demonstration and verification; scientific research and reconnaissance; by verticals: defense and intelligence; commercial; government and civil; and by regions: North America (NA), Asia Pacific (APAC), Europe (EU), Middle East and Africa (MEA) and Latin America (LA).