The global nanosatellite and microsatellite market size is expected to reach USD 4.95 billion by 2025, expanding at a CAGR of 22.2% over the forecast period, according to a new report by Grand View Research, Inc. Upsurge in earth observation missions, along with development of Small Satellite Launch Vehicles (SSLV), is expected to propel market growth.
The
emerging role of small satellites in the telecom sector has enabled telecom
providers to accelerate 5G deployment globally, along with creating market
opportunities for satellite communication (satcom) industry stakeholders.
Deploying small satellites for 5G deployment can particularly benefit in the form
of wide area coverage, cost-effectiveness, and reliability. At the same time,
latest technologies, such as new solar panel cell technology and star tracker
technology, are also allowing small satellites to strengthen their position in
the broader satellite industry.
The
growth of the communications sector, coupled with the continued adoption of
Internet of Things (IoT), is expected to open opportunities in the global
market. The continued adoption of IoT will particularly encourage start-ups to
launch their small satellites. For instance, Hiber is expected to launch its
first nanosatellite in 2019 to deliver internet connectivity to remote
locations using Hiberband modem and support potential IoT projects globally.
Government
support is a key factor encouraging companies to launch nanosatellites and
microsatellites for communication and navigation, earth observation, and remote
sensing applications. Several governments are developing means to utilize the
information obtained from such satellites in a more efficient manner for the
public sector. For instance, the UK Space Agency’s Space for Smarter Government
Program (SSGP) allows departments to share expertise, data, and services
related to nanosatellites and microsatellites as well as information obtained from
these satellites.
However,
despite substantial growth of the global market, frequent delays in satellite
launches are leading to skepticism. Nevertheless, independent launch vehicles
being developed and low-cost sensors being manufactured by key companies are
likely to help overcome these growth barriers.
Full Research Report On Nanosatellite and Microsatellite Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/nanosatellite-microsatellite-market
Further key
findings from the report suggest:
- The
nanosatellites segment is expected to grow at a significant rate over the
forecast period. The progression toward low-cost satellite-based internet
services is enabling a transition towards the adoption of these satellites
- The earth
observation/remote sensing segment is poised to grow at a steady rate over
the forecast period as the development of low-mass and low-power
navigation sensors in small satellites provides impetus to new remote
sensing and earth observation missions
- The civil
segment is expected to grow at a CAGR of close to 25% over the forecast
period as commercialization of small satellites introduces academic
institutions and research organizations to space technology
- Asia Pacific
is expected to be the fastest-growing regional market over the forecast
period, owing to increased nanosatellite launches by various academic
institutions and increased government support for developing space
programs
- Key players
in the market include GomSpace, Innovative Solutions in Space (ISIS),
SpaceQuest Ltd., and Sierra Nevada Corporation.
Request a Sample Copy of the Report @
https://www.grandviewresearch.com/industry-analysis/nanosatellite-microsatellite-market/request/rs1
Grand View Research has
segmented the global nanosatellite and microsatellite market on the basis of
mass, application, end use, and region:
Nanosatellite and
Microsatellite Mass Outlook (Revenue, USD Million, 2014 - 2025)
- Nanosatellites
- Microsatellites
Nanosatellite and
Microsatellite Application Outlook (Revenue, USD Million, 2014 - 2025)
- Communication & Navigation
- Earth Observation/Remote Sensing
- Scientific Research
- Technology and Academic Training
Nanosatellite and
Microsatellite End-use Outlook (Revenue, USD Million, 2014 - 2025)
- Government
- Defense and Security
- Commercial
- Civil
Nanosatellite and
Microsatellite Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Middle East and Africa (MEA)
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company, registered
in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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