The global nanosatellite & microsatellite market is extremely competitive and fragmented in nature, states a latest report by Transparency Market Research (TMR). Some of the prominent players operating in the global market are Clyde Space, Gomspace, Ruag Group, Raytheon, and Sierra Nevada Corporation. These companies are focusing on investing in research and development activities to introduce innovative products in the marketplace to gain a competitive edge in the global nanosatellite & microsatellite market. Alternatively, these players are entering into mergers and acquisitions to penetrate the global nanosatellite & microsatellite market. New players are entering the global nanosatellite & microsatellite market.
Growing focus on reducing the cost of miniature satellites, rising development of infrastructure, and advancements in satellites are expected to boost the global nanosatellite & microsatellite market during the forecast period. The global nanosatellite & microsatellite market is projected to expand at a CAGR of 12.9% from 2019 to 2027 to reach value of US$ 3.4 Bn by the end of the forecast period.
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Geographically, the global nanosatellite & microsatellite market is expected to be dominated by Asia Pacific during the forecast period. Growth of the market in the region can be attributed to rising demand for applications related to earth observation and research and development of network infrastructure in developing countries in Asia Pacific. In terms of industry type, the global nanosatellite & microsatellite market has been segmented into agency, defense, educational, non-profit, energy & infrastructure, and others. Among these, the global nanosatellite & microsatellite market is expected to be led by the defense sector during the forecast period. This growth can be attributed to high demand in the defense sector to communicate with soldiers located in far-flung areas.
Technological Advancements to Promote Growth of Global Nanosatellite & Microsatellite Market
Rising demand for miniature satellites and low costs incurred for production of miniature satellites are expected to boost the global nanosatellite & microsatellite market in the next few years. Increasing number of telecom companies is likely to generate demand for nanosatellites and microsatellites. These companies invest in nanosatellites and microsatellites to improve their Internet connectivity and bandwidth. Cost effectiveness and better features provided by modern microsatellites as compared to conventional ones are projected to drive the global nanosatellite & microsatellite market during the forecast period. Hence, the global nanosatellite & microsatellite market is projected to expand at a substantial rate during the forecast period.
Moreover, advanced technologies that help in setting up research universities are projected to provide new growth avenues to the global nanosatellite & microsatellite market during the forecast period. Rising need for communication by using smart devices is projected to boost the global nanosatellite & microsatellite market in the next few years.
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Implementation of Strict Regulations to Restrain Market
Stringent rules and regulations by International Telecom Union regarding radio frequencies are estimated to hamper the global nanosatellite & microsatellite market in the next few years. Moreover, lack of launch vehicles to launch miniature satellites are projected to hinder the global nanosatellite & microsatellite market in the next few years.
However, increasing use of satellites to meet the rising demand for Internet access in areas without broadband service is estimated to present lucrative opportunities for the global nanosatellite & microsatellite market in the next few years.
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