Published By : 20 Jul 2016 | Published By : QYRESEARCH
The need for feasible, vital and economical solution for communication, Earth observation, and space research has given rise to the demand for nanosatellites and microsatellites. The use of nanosatellites and microsatellites in mapping and navigation in scientific research as well as for educational purpose, and also for various military and commercial purpose, has led to spearhead growth of the global market for nanosatellites and microsatellites. The low production cost of these satellites is expected to be favorable for the global market of nanosatellites and microsatellites in the long term.
Development in Communication Technologies to Augment the Demand for Nanosatellites and Microsatellites
Due to the feasibility that nanosatellites and microsatellites offer in the initial stages, they are preferred more over the large conventional satellites. As communications technology is advancing worldwide, various sectors and organizations are leaning towards satellites which require low initial financial investment. To fulfill their research and communication needs, defense organizations have been into the launch of communication microsatellites and nanosatellites. The satellites were used to provide signals to soldiers in remote locations. Communications services held the leading share in 2015 in the market. Many companies in the telecom segment are taking up initiatives for the launch of constellations of microsatellites and nanosatellites to offer consumers faster internet facilities and extra bandwidth. Earth observation and remote sensing applications are anticipated to acquire momentum in the forthcoming years.
Increased Government Finance to Benefit North America Nanosatellite and Microsatellite Market
The advancement in technologies assisting space research in North America and also the presence of space research organizations and universities has led North America to account for the major share in the nanosatellites and microsatellites market. Moreover, government funding and commercial investments towards space events has fueled the development of nanosatellites and microsatellites in the area.
The MEA and Latin America regions are reported to provide beneficial opportunities for vendors to get the most out of.
Saturated Use of Nanosatellites and Microsatellites to Lead to Reduced Impact on Global Market
Analysts have predicted that in the long run, the saturated use of nanosatellites and microsatellites for scientific research and in education sector will impede the growth of the market globally. However, this factor will still be beneficial in the short and medium span.
The key players in the industry such as Lockheed Martin Corporation, Planet Labs Inc., SpaceQuest Ltd., Innovative Solutions in Space Group, and RUAG Group are focused on evolving advanced takeoff services.
With a dominance of positive factors, the global nanosatellite and microsatellite market is projected to increase at a 12.1% CAGR between 2016 and 2024.