Nanosatellite and Microsatellite Market Size, Share, Trends, Key Players, Demand and Opportunities by 2023

The nanosatellite and microsatellite market has witnessed a considerable growth in the recent past. The market is mainly driven by factors such as introduction of CubeSat standard by the U.S. based National Aeronautical Space Administration (NASA), advancement in microelectronics technology, the increase in satellite launch manifesting capacity at ****** level, government initiatives and rising commercial applications of satellite services.

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Image result for nanosatellite and microsatelliteThe commercial sector was the largest application market of nanosatellite and microsatellite. Commercial nanosatellite and microsatellites are widely used for the imagery and data services under public domain. Civil application of nanosatellite and microsatellite is expected to be one of the most promising segments during the forecast period.

North America was the largest nanosatellite and microsatellite market, followed by Europe. The market dominance of North America is attributed to the launch of CubeSat Launch Initiative (CSLI) in the region. Based on data sets released by the U.S. government, North America is also expected to be the fastest growing regional market for next five years. The major future nanosatellite and microsatellite program includes, NSF Geospace & Atmospheric CubeSat, NASA EDSN, F6, SeeMe and ALASA payloads, NRO Colony I & II, and QB50.

European nanosatellite and microsatellite market was dominated by Russia, holds the majority of the ****** satellite launched in 2014; The U.K. is other major market in the region. Asia Pacific nanosatellite and microsatellite market is driven by China, India and Japan. Considerable market penetration is expected from the ongoing research and development in space science in the developing countries such as India and China. Development of navigation and communication satellites for the offshore defense (naval defense) is expected to boost the nanosatellite and microsatellite market during the forecast period.

Several new companies announced their entrance in nanosatellite and microsatellite launchers including Rocket Lab, Firefly Space Systems, CubeCab and bloostar. Some of the competitors in the nanosatellite and microsatellite market are Surrey Satellite Technologies Limited, Sierra Nevada Corporation, Ruag, Raytheon, Planet Labs, Northrop Grumman, Lockheed Martin, Gomspace, Geooptics and Clyde Space.