Press release
New TMR Report Explores Impact of COVID-19 Outbreak on Nanosatellite And Microsatellite Market
Nanosatellite And Microsatellite Market
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.
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.
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global nanosatellite microsatellite market
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.
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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The global nanosatellite & microsatellite market has been segmented as below:
Global Nanosatellite & Microsatellite Market, by Solution
Hardware
Software
Data Processing
Launch Services
Global Nanosatellite & Microsatellite Market, by Application
Navigation & Mapping
Scientific Research
Power
Communication
Reconnaissance
Others (Biological Experiments, Earth Observation, and Remote Sensing)
Global Nanosatellite & Microsatellite Market, by Industry Type
Agency
Defense
Educational
Non-profit
Energy & Infrastructure
Others (Maritime & Transportation and Independent)
Global Nanosatellite & Microsatellite Market, by Band
X-band
K-band
Ka-band
Others
Global Nanosatellite & Microsatellite Market, by Mass
1 Kilogram – 10 Kilograms (Nanosatellites)
11 Kilograms – 100 Kilograms (Microsatellites)
Global Nanosatellite & Microsatellite Market, by Region
North America
U.S.
Canada
Rest of North America
Europe
U.K.
Italy
Spain
France
Germany
Rest of Europe
Asia Pacific
China
India
Indonesia
Japan
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Rest of Latin America
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Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
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