Microsatellites or simple sequence repeats are used as molecular markers in the analysis of short tandem repeats for population, kinship and various other studies. Miniaturization of space technology has given major boost to the technologies like microsatellites and nanosatellites. Both these technologies are potentially and economically viable with numerous commercial and industrial applications. Increasing adoption of technology across different industrial verticals is driving the global microsatellite market. Increasing cost effectiveness and technological advancements in the market are creating greater scope for the existing businesses in the industry.
Segmentation in Microsatellite Industry
The industry is specifically segmented into different segments like solutions, mass of the satellites, their applications, deployment across various industrial verticals and geographic regions. Following are the details of the sub-segmentation within the global microsatellite market:
- Solutions: Software, hardware, data processing service, and launch services
- Mass: 11kg to 100kg and 1kg to 10 kg
- Applications: Earth observation, communications, scientific research, remote sensing, biological experiments, academic training, technological demonstration and verification, reconnaissance, etc.
- Verticals: Government, commercial, civil, defense, and intelligence
- Geography: Europe, North America, Asia Pacific, Middle East and Africa, and Latin America
Highly useful nature of the products in this industry is a strong driver for the overall growth of the market revenue and reach of this technology across the world. Cost effectiveness of nanosatellites and microsatellites is also another factor influencing the growth of the industry in terms of adoption, applications and overall growth in the revenue channels. Several other major drivers for the industry include continually dropping costs, rising demand, growth in investment from Silicon Valley, and increasing number of superior mission launches. Growing investments from key players of the market is also a strong factor to lookout for the existing businesses.
As per the latest market research reports, the global microsatellite market is poised to grow at an estimated CAGR of over 21% from 2014 to 2019. According to the expert researchers, at the projected compound annual growth rate, the market will grow from $702.4 million in 2014 and become worth $1887.1 million in 2019. Technological advancements within the market are also estimated to play key role in the future developments within the industry. Modular designs for multi-mission projects and gradual increase in the capacities of these satellites are also expected to play strong role in the growth in opportunities for the industry during the next few years to come.