Nano and Micro Satellite Market Will Grow Over USD 5.1 Billion by 2027
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Nano and Micro satellites market is witnessing continuous advancements in technology on account of their simple and faster construction and design requirements. The low cost of these satellites has widened the range of possible space missions in various verticals. Simplified designing and development allows the incorporation of latest technologies such as Artificial Intelligence (AI) and robotics in small satellites to enhance their capabilities.
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Attributing to these factors, market was valued at USD 1.29 Billion in 2018 and is estimated to reach USD 5.1 Billion by 2027. The market is anticipated to record a CAGR of around 20.8% over the forecast period i.e. 2019-2027.
The market is segmented by application & end users. The market is segmented by application into scientific research, earth observation/ remote sensing, communication & navigation, technology and academic training, others out of which, the earth observation/ remote sensing segment is anticipated to have leading shares on account of several governments continuing to invest in the earth observation and meteorology projects. The market is further segmented by end users into defense & security, commercial, government, civil, others out of which, commercial segment accounted for the largest share in the market owing to increase in broadcasting, communication and navigation activities.
North America is anticipated to hold largest share in the market and witness healthy growth in the near future owing to the rising contribution from the U.S. and advanced technologies that are estimated to assist space research Europe is anticipated to be the fastest growing region on account of the companies investing more in the nano satellite technology and start-ups and universities in Europe are now collaborating with the launch service providers in order to launch their own nano and micro satellites. Asia Pacific is projected to offer lucrative opportunities in the near future attributing to increasing focus on the development of network infrastructure and research and development activities.
Increasing Applications and Low Manufacturing Cost
Rise in the demand for micro satellite in the Earth observation application and the low manufacturing cost of the nano and micro satellites are the factors that are predicted to enhance the growth of the market. Investments in the nano and micro satellites technologies have been increasing since the last few years which has brought some innovations in the market. The demand for these satellite is increasing in various applications. These factors are anticipated to propel the market growth and create vast opportunities for the manufacturers in the market in the near future.
Stringent Rules and Lack of Dedicated Launch Vehicles
Lack of dedicated launch vehicles in order to launch the micro satellites into the space and the concerns related to the space debris is anticipated to hinder the growth of the market during the forecast period. Furthermore, the implementation of stringent rules and regulations related to the rising number of satellites to be launched is expected to hamper the growth of the market.
This report also provides the existing competitive scenario of some of the key players of the global nano and micro satellite market which includes company profiling of Raytheon, Spacequest Ltd., Innovative Solution in Space (ISIS) Group, Clyde Space, Inc., Skybox Imaging, Inc., Planet Labs Inc., Ruag Group, Lockheed Martin Corporation, and Sierra Nevada Corporation.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global nano and micro satellite market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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