Global Nano and Micro Satellite Market Research Report: Information by Component (Hardware, Software & Data Processing, Service and Launch Service), Mass (1 kg-10 kg and 11 kg-100 kg), Application (Earth Observation and Remote Sensing, Scientific Research, Communication, Academic Training, Mapping and Navigation, Biological Experiment, Technology Demonstration and Verification and Reconnaissance), End User (Defense, Commercial, Civil, Government, Maritime & Transportation and Energy & Infrastructure) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) – Forecast till 2024
The global nano and microsatellite market is presumed to expand at 24 % CAGR during the forecast period (2018-2023) owing to the innovation in miniaturization of devices, asserts Market Research Future (MRFR). Nano and microsatellites are miniature forms of satellites which range between 1-10 kgs and 10-100 kgs respectively. They are the fastest growing segments of the satellite industry and are easy to build. With lower manufacturing and operating costs, they are immensely popular in military and civilian application. Nano and microsatellites assist in achieving critical missions with the help of emerging technologies.
Get a FREE Sample with Complete TOC @ https://www.marketresearchfuture.com/sample_request/1254
Drivers and Constraints Impacting the Market
Miniature satellites are extensively used in military and defense applications. With the growth of UAVs and other modern equipment, the military requires more bandwidth, data, and reliable communication infrastructure which can be fulfilled with nano and microsatellite constellations. This has triggered the demand for nano and microsatellites across the globe. Moreover, demand for such satellites in commercial applications like on the internet and GPS services has increased, thus augmenting the market growth during the assessment period. Also, the building and operating cost of such satellites are less, which is further advantageous for the market growth. The widespread application of nano and microsatellites in scientific, commercial, military and defense are fueling the market growth to a great extent.
On the flip side, lack of deorbiting system due to weight and size constraint is anticipated to retard the market growth in the coming years. Moreover, with thousands of satellites in orbit, the market is anticipated to face challenges.
Global Nano and Micro Satellite Market: Segmental Analysis
The global nano and microsatellite market have been segmented on the basis of purpose, end-user, and region.
By mode of purpose, the global nano and microsatellite market has been segmented into science/R&D, earth observation or remote sensing, military reconnaissance, and communication. Among these, the earth observation/remote sensing segment is presumed to dominate the nano and microsatellite market owing to the increased government investment in earth observation and metrology and heavy investment of space-related organizations in earth observation.
By mode of end-users, the global nano and microsatellite market has been segmented into civil or government, commercial, and military. Among these, the commercial segment is expanding at a rapid pace owing to the extensive use of nano and microsatellite in mining, communication, and agriculture industry. Moreover, burgeoning focus on geological research including satellite imaging is presumed to propel the market in the coming years.
Geographically, the nano and microsatellite market span across regions namely, Europe, North America, Asia Pacific, and the Middle East and Africa.
Among all the regions, North America is likely to dominate the global market owing to the growing demand for nano and microsatellites by end-users from several sectors such as telecommunication, research organization, and military and defense.
The Asia Pacific region is estimated to grow at a significant rate owing to the high deployment of such satellites in the commercial sectors. On the other hand, the European region is registering a slow growth rate owing to the complex regulatory framework imposed by the government. Also, delayed satellite launch is impacting the market negatively in this region.
The Technical University of Denmark, Logistics Organization, and the Danish Defense Acquisition and Logistics Organization under the Danish Ministry of Defence and the company Gomspace has launched a Danish nanosatellite into space. The satellite has been launched to test its ability to monitor aircraft and ships in the Arctic. The satellite Ulloriaq was launched on February successfully and will fly over the Arctic times a day above the Earth.
The major players operating the global market are Planet Labs (U.S.), GomSpace A/S (Denmark), Boeing Space Systems (U.S.), GeoOptics (Colorado), Lockheed Martin Corporation (U.S.), Ruag Group (Switzerland), Innovative Solution in Space (ISIS) Group (Netherland), Surrey Satellite Technology (U.K.), Aerospace Corporation (U.S.), and Sierra Nevada Corporation (U.S.).
Browse Complete Report “Nano and Micro Satellite Market Research Report – Global Forecast till 2024” @ https://www.marketresearchfuture.com/reports/nano-micro-satellite-market-1254
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.