Global micro satellite market is segmented on the basis of mass, component, application, and geography. Micro satellites are widely used to study plant genetics. Micro satellite is specially designed for space research, communication, commercial, and military applications. In satellite industry, microsatellite is one of the fastest rising segments across the globe. The factors that play an important role in the micro satellite market are the growing use of microsatellite in the military and defense applications. The micro satellite market is expected to grow in the next couple of years due to increasing investments in micro satellite technologies, high demand for miniature satellites in earth observation application, and low manufacturing cost of miniature satellites.
The key target audience of the micro satellite market is system integrators, satellite integrators, satellite suppliers, satellite component manufacturers, launch service providers, professional service providers, ground station operators, payload suppliers, aerospace companies, security companies, scientific institutions, government and civil organizations related to the market, small satellite companies, contractors, technologists, meteorological organizations, component suppliers, R&D staff, and consultants.
Based on mass, the micro satellite market is segmented into 11 – 50 kg, 51 – 100 kg, and so on. Based on component, the micro satellite market is segmented into hardware, service, software & data processing, launch service, and so on. Based on application, the micro satellite market is segmented into commerce, science & environment, national security, communication, scientific research, biological experiments, academic training, mapping & navigation, earth observation & remote sensing, technology demonstration & verification, reconnaissance, and so on.
The segment “earth observation & remote sensing” is expected to witness the highest growth in the micro satellite market due to the low cost of miniature satellites and the rapidly growing use of micro satellite to capture the earth images. Based on end user, the micro satellite market is segmented into civil, commercial, defense, government, energy & infrastructure, maritime & transportation and so on.
The “commercial” segment is expected to grow in the years to come. Besides, government, civil and defense are the other end-users wherein micro satellite is used. Based on geography, the micro satellite market is segmented into Europe, Asia Pacific, Middle East & Africa, Latin America, and North America.
North America is expected to lead the microsatellite market in the upcoming years. This could be attributed to the high demand for micro satellite from NASA, defense, research organizations and firms in the telecommunication sector. Also, Asia Pacific is expected to grow at the highest CAGR in future.
Key players operating in the micro satellite industry are RUAG Group, GS Sweden AB, Clyde Space Inc., Sierra Nevada Corporation, OSC, Tyvak Inc., Lockheed Martin Corporation, Innovative Solutions In Space, Raytheon Company, Planet Labs Inc., GeoOptics, Gomspace, ISIS, Raytheon, SNC, Northrop Grumman, SSTL, Axelspace and CASC.
Research Support Specialist, USA