The market for nanosatellites and microsatellites is expected to skyrocket from $889.8 million in 2015 to more than $2.5 billion in 2020, according to a report by MarketsandMarkets.
If those figures hold true, the estimated CAGR for that time frame would be 23.2 percent.
Nanosatellites and microsatellites have drawn a considerable amount of praise as of late, mostly due to the fact that the mini-satellites don’t cost as much as larger satellites and are rather versatile, having been made for commercial, communication, and space study-based endeavors. In its research, MarketsandMarkets found that nanosatellites and microsatellites will become even more affordable and will be sought after for use in more vertical markets, while Silicon Valley-based companies will look to invest in the technology with increased regularity. All three of these changes will provide the greatest boost to growth in the markets.
The study concluded that the Earth Observation and Remote Sensing application market will likely experience the highest progression in terms of CAGR during the 2015 to 2020 period due to an increased desire for hyper-spectral imaging systems and enhanced computational and communication systems. The research also suggests that nanosatellites will become more prevalent in the education, defense, and training sectors.
The abundance of big space organizations and private companies in North America that specialize and use satellite technologies will help the region to likely have the greatest share of the nanosatellite and microsatellite market from 2015 to 2020. Though North America will have the greatest market share, the report predicts that the Middle East and Africa (which it grouped into one region) will have the highest CAGR during the forecast period.
The report defined the market for nanosatellites and microsatellites based on “solution, mass, application, vertical, and region along with providing an in-depth analysis and market size estimations,” according to MarketsandMarkets. For more information on the report, and to purchase the full report, click here.
Filed Under: Aerospace + defense