“Nanosatellites and microsatellites market”
Nanosatellites and Microsatellites Market Size – 2018 USD 1.47 Billion, Market Growth – 22.9% CAGR, Market Trends – The Advent of Earth Monitoring.
The development of aerospace industries due to the increase in demand among academics is propelling the growth of the market.
The global nanosatellite and microsatellite market is expected to reach $ 7.72 billion by 2026, according to a new report from Reports and Data. Nanosatellites and microsatellites are mainly used for aerospace research, Earth observation and communication purposes. In addition to these utilities, applications of nanosatellites and microsatellites have also been observed in the sector for commercial purposes and for defense and the military. Nanosatellites and microsatellites are primarily used for research and confirmation of large-scale scientific objectives. Being smaller and cheaper than larger satellites, the global market for nanosatellites and microsatellites is growing.
The latest technologies, such as solar panel technology and star tracker technology, also allow small satellites to strengthen their position in the satellite industry. Satellites manufacturing requirements are driven by demand from different end user verticals, increasing demand for small factor satellites.
The Asia-Pacific region encourages intensive research in aerospace. Organizations like ISRO are making small-scale satellites to participate in the race with the rest of the regions. The communication segment here pushes the market growth due to the large consumer market as well as a large number of mobile network providers.
The main participants are RUAG Group, Clyde Space Inc., GS Sweden AB (GOMSPACE), Sierra Nevada Corporation, PLANET LABS INC., TYVAK INC, Lockheed Martin Corporation, Raytheon Company, Innovative Solutions In Space and Spacequest Ltd., among others.
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Other key findings from the report suggest
- It is observed that nanosatellites held the largest market share of 53.6% in 2018. This is due to the ease of launching these devices. Their low mass and small size allow the simultaneous launch of several machines on the same launcher. Their masses vary from 1 to 10 kg depending on their utility.
- Earth observation / remote sensing is expected to experience the highest CAGR of 23.3% during the forecast period. Indeed, Earth monitoring and remote sensing traditionally involved enormous costs, and with the introduction of small-scale satellites, their advantageous properties such as ease of mobility, inexpensive constructions and compactness, allow a rapid response. of the survey from the uplink.
- Commercially, the use of microphones, as well as nanosatellites, is growing due to the requirement of network service providers to provide maximum coverage over their range of operations. This segment is expected to observe the highest CAGR of 23.5% during the forecast period.
- Asia-Pacific is expected to grow with the highest CAGR of 22.1% during the forecast period. Nations like China and India are rapidly catching up with the growth of nano and microsatellites. Research and development in this region is advancing at a significant rate, which is propelling the growth of the market.
To identify key industry trends, click on the link below: https://www.reportsanddata.com/report-detail/nanosatellite-and-microsatellite-market
For the purpose of this report, reports and data have been segmented into the global nanosatellites and microsatellites market on the basis of mass type, application type, end-users, and region:
Mass Type Outlook (Revenue, USD Billion; 2016-2026)
Outlook Application Type (Revenue, USD Billion; 2016-2026)
- Communication and navigation
- Earth Observation / Remote Sensing
- Scientific Research
- Technology and academic training
End User Outlook (Revenue, USD Billion; 2016-2026)
- Defense & Security
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Regional Outlook (Revenue, USD Billion; 2016-2026)
- North America
- Asia Pacific
- Latin America
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