The nanosatellite and microsatellite market is expected to record stellar growth in the forecast period 2019-2027. This can be attributed to the rapid rise in research activities and spur in the investments for space technology advancements. In addition, the growing satellite use across a plethora of applications may increase the growth rate across the forecast period. Nanosatellites and microsatellites are useful for commercial companies for gathering data and enable them to distribute the same at lower rates. These satellites are used for video chat, internet communication, and other communication types in the form of voice, data, and videos. A prime advantage of nanosatellites and microsatellites is their cost-effectiveness. This is expected to bring a boom in the nanosatellite and microsatellite market.
- A considerable demand for nanosatellites and microsatellites in applications such as earth observation is expected to bring a surge in the growth rate of nanosatellite and microsatellite market. The Department of Science and Technology (DOST), Philippines plan to launch two nanosatellites, Maya-3 and Maya-4 soon. Such launches are expected to boost the nanosatellite and microsatellite market in the forecast period. Tyvak, a leading satellite company also recently launched the Tyvak-0129, a 6U nanosatellite. Such technological advancements are also expected to propel the nanosatellite and microsatellite market across the forecast period.
- The communications sector’s rapid growth and the consistent adoption of the Internet of Things (IoT) together may accelerate the growth rate of the nanosatellite and microsatellite market to a great extent. The recent launch of Hiber’s first nanosatellite for delivering internet connectivity to remote regions with the help of the Hiberband modem is a classic instance. Earlier, only established companies displayed prominence in the nanosatellite and microsatellite market but with the backing of established investment and defense firms such as Goldman Sachs and Boeing, small companies are also setting their foot in the nanosatellite and microsatellite market.
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Global Nanosatellite & Microsatellite Market: Overview
Rising research activities and increasing investments in the advancement of space technologies are expected to promote growth of the global nanosatellite & microsatellite market in the next few years. Growing use of satellites in several applications is projected to drive the global nanosatellite & microsatellite market in the next few years.
According to the research study by Transparency Market Research, the global market for nanosatellites & microsatellites is projected to reach value of US$ 2.9 Bn by 2027, registering a promising CAGR of 11.10% between 2019 and 2027.
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Advancements in Space Technologies to Drive Global Nanosatellite & Microsatellite Market
Rise in the demand for miniature satellites in earth observation applications and low manufacturing costs of miniature satellites are key factors projected to promote growth of the global nanosatellite & microsatellite market in the next few years. Rising investments in nanosatellite and microsatellite technologies and advancements in space technologies are other factors estimated to augment the global market in the next few years.
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On the flip side, lack of dedicated launch vehicles for the launch of miniature satellites into space and concerns related to space debris are estimated to hamper the global market in the next few years. Moreover, implementation of rules and regulations on the number of satellites being launched is another major factor projected to restrain the global market in the near future. However, increasing Internet access for areas without broadband satellite connectivity and rising demand for satellites in a diverse range of applications are estimated to drive the global nanosatellite & microsatellite market and generate lucrative opportunities for market players in the next few years.
North America to Dominate Global Nanosatellite & Microsatellite Market
Based on geography, the global nanosatellite & microsatellite market has been categorized into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Among these, North America is projected to hold a major share of the global market during the forecast period. The market in the region is estimated to register a significant growth rate in the next few years, owing to rising contribution from the U.S. In addition to this, advanced technologies that are expected to facilitate space research and presence of established space research universities and agencies are some of the other key factors projected to drive the market in North America in the near future. Furthermore, Asia Pacific is estimated to offer lucrative opportunities to the nanosatellite & microsatellite market in the next few years. Growing focus on the development of network infrastructure and rising research and development activities are estimated to fuel the Asia Pacific market in the near future.
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