The nano and microsatellite market is estimated to register a CAGR of over 18% during the forecast period, 2019 - 2024.
- The growing success rate of CubeSats in several space applications, such as education, earth observation, remote sensing, science, and defense, is driving many organizations to launch them in space.
- Additionally, the decreasing costs of launching the nano and microsatellites have propelled many schools and universities to launch their own satellites with the help of various satellite launching platforms around the world. This is one of the primary reason driving the market, as many venture capitalists are investing in startups in space technology.
- Earth observation applications now have a high-demand, and the market for these is expected to grow further. Over the last 10 years, the demand for nano and microsatellites for earth observation has grown by leaps and bounds, and this demand is expected to drive the growth of the market studied during the forecast period.
Key Market Trends
The Nanosatellite Segment is Expected to have the Highest Share in the Market During the Forecast Period
The market studied is currently dominated by the nanosatellite segment, due to the growing R&D from schools, universities, and startups. In the past decade, schools, and universities have been highly involved in developing nanosatellites for research and earth observation applications. The segment is also expected to be the fastest growing segment in the market, as the investments in this segment are growing year-on-year. One of the main reasons for the growing investments in this segment is the relatively low cost of developing these satellites and the high success rate of launching these satellites in low-earth orbits.
North America is Expected to Dominate the Market During the Forecast Period
As of 2019, North America has the highest market share in the nano and microsatellite market. The United States launched more than 50% of the world's nano and microsatellites to date. In addition, every year, the country is launching a huge number of nano and microsatellites for various applications, including earth observation, remote sensing, communications, and military operations. In 2018 alone, the United States launched around 150 of these satellites, and about twice the number of those nano and microsatellites are planned to be launched in 2019 by the country. However, during the forecast period, Europe is expected to be the fastest-growing region, as companies in the region are investing more in nanosatellite technologies. Sky and Space Global Ltd, a British public company, is planning to launch a constellation of 200 nanosatellites in equatorial low earth orbit for narrowband communications. The launches are expected to be completed during the forecast period. Moreover, many universities and startups in Europe are collaborating with launch service providers to launch their own nano and microsatellites.
Planet Labs and Spire are two of the major players in the nano and microsatellite market. Both these companies are based in the United States. However, many new startups, schools, and universities from Europe and Asia-Pacific are also launching their own nano and microsatellites. With the building of these nano and microsatellites becoming affordable and the success rate in launching these satellites becoming better, many players are expected to venture into this market, thereby making it more fragmented in the years to come.
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