The increasingly competitive world nanosatellite and microsatellite market has been experiencing heavy investments in research and development activities from government as well as private organizations. The entry of numerous new players has also been noticed in the recent past, which is indicative of the increasing potential that this market possesses. The projected launch of nanosatellites and microsatellites in the years to come is also expected to add to this potential.
The players that are operating within the international market for nanosatellite and microsatellite are developing a number of solutions for their customers in a bid to gain a competitive edge amongst other peers, as Transparency Market Research (TMR) states in its new study. The services that these players are offering that comprise manufacturing services, launch service, and data processing. The leading companies that are operating in this market are Sierra Nevada Corporation, Lockheed Martin Corporation, Raytheon, SpaceQuest Ltd., Planet Labs, Inc., RUAG Group, Clyde Space, Inc., Innovative Solutions In Space (ISIS) Group, GomSpace, and Skybox Imaging, Inc.
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According to TMR, the world market for nanosatellite and microsatellite is anticipated to grow to US$ 2.2 bn by 2024, thereby expanding at a growth rate of 12.1% CAGR from the year 2016 to 2024.
The world market for Nanosatellite and microsatellite has been regionally segmented into the geographies of South America, North America, Asia Pacific, Middle East and Africa, and Europe. Out of all of these regions, the region that is expected to grow at a very fast rate is Asia Pacific, states a TMR analyst. However, the region of North American market is the one that has been leading the said market. The U.S. market has been an extremely attractive for nanosatellites and microsatellites, with the entrance of several small and large players who are looking to expand their opportunities in the country.
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