New York City, NY, 19 December, 2019/ 24 Market Reports: The global nanosatellite and microsatellite market are estimated to reach USD 3.3 billion by 2024 from that of USD 1.8 billion in 2019 witnessing the growth at a CAGR of 19.4% during the forecast period of 2019 to 2024. Communication, earth observation and remote sensing, scientific research, biological experiments, academic training, reconnaissance, and various other applications by the defence, intelligence, civil, commercial or government are the various applications of the satellites. Continuous advancements in the miniaturization of technologies, such as electronics, low-emission costs and the increasing use of satellite constellations are the factors driving the growth of the market during the forecast period.
Nanosatellites are useful in building the satellites at a cheaper price in comparison to traditional satellites
Compared to the traditional satellites, nanosatellites are cheaper to build and launch in space. Especially for countries where heavy investments in the space industry can hinder satellite development and launch, these satellites provide a cost-effective platform for training and research. Constant innovations and technological advances, such as the miniaturization of electronics are the factors that are estimated to boost the growth of the market during the forecast period.
Rising use of satellites for commercial purposes is driving the growth for the market during the forecast period
At very low prices to customers across a wide geographic area, the nanosatellites help commercial companies gather global real-time data and distribute the same. For commercial purposes such as communication, in the form of voice, data, and videos, internet communication, and video chat the use of nanosatellites takes place. During the period of 2013 and 2017 half of the nanosatellites were launched for commercial purposes and the other half for military or civil purposes.
North America to dominate the global nanosatellite and microsatellite market throughout the forecast period
North America dominates the global nanosatellite and microsatellite market as it leads in the adoption of these satellites and thus providing great opportunities for the growth of the market during the forecast period. The growth in the region is attributed to the presence of large space organizations and private companies specializing in cutting edge satellite technologies that creates a huge demand for satellite image-based applications for business use in the region. The region is also an early adopter of the technology making it witnessing faster growth than other regions.
The following are the major objectives of the study:
- To define, describe, and forecast the global nanosatellite and microsatellite market on the basis of product, application and region.
- To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, and opportunities).
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
- To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for leading market players.
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
- To strategically profile the key market players and comprehensively analyze their market shares and core competencies.
- To track and analyze competitive developments such as acquisitions, expansions, new product launches, agreements, and collaborations in the global nanosatellite and microsatellite market.
Critical Questions which the report answers:
- What are the major vendor/manufacturers in the market? What is their growth potential during next decade?
- What are the key revenue generating pockets for global nanosatellite and microsatellite market and their future potential during next decade?
- How competitive landscape is evolving in global nanosatellite and microsatellite market?
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