Provided by BIS Research
The global space industry is thriving with a pool of activities and being dominated by the government sector. Though comparatively a new innovation in the space industry, nanosatellites have emerged as an important and powerful tool for application across varied end-users such as commercial, defense, government, and academic.
There has been an impending need for satellite miniaturization in the satellite structure and design, which has sustained capabilities as conventional satellites and are cost-effective. Hence, small satellite market is proliferating the untapped markets with a plethora of opportunities, and nanosatellites market looks promising in terms of growth.
EXPANDING ITS HORIZON
The space industry is highly driven by the demand for increased connectivity of smart devices, Internet of Things (IoT), increased data analytics, and migration to streaming broadband. Governments all across the world are investing in the space and satellite industry, and eventually increasing their budget to boost research and development in this field.
Recent developments in the nanosatellites have enabled the nanosatellite technology to reach a larger consumer base and expand its horizon in the industry.
Furthermore, companies are utilizing emerging technologies such as 3D printing to develop electronic components, on-board internet system, and electronic propulsion system, among others. These factors are expected to intensify the competition in the market in the near future, as well as facilitates the utilization of nanosatellite as the primary satellite for the space mission.
Many countries are now developing their own global navigation satellite system (GNSS), as well as utilizing the nanosatellites in disaster management application. These applications and development will create lucrative opportunities in the nanosatellite market in the next five years.
Nanosatellites are witnessing a rapid growth in demand due to the use of a number of satellites for huge constellations, used in applications like earth observation and telecommunications. The primary goal of the space industry is to make the space projects more affordable and consequently more accessible to a wider range of public space agencies, industries, and academic institutes.
ADVANCEMENTS IN SATELLITE MINIATURIZATION
According to a new market research report by BIS Research, titled ‘Global Nano Satellite Market - Analysis and Forecast (2017-2021)’, the nanosatellite market reported a revenue of $127.20 million in 2016, with government end user segment accommodating for the highest revenue by 2021.
This high growth was witnessed due to the advancements in satellite miniaturization, increasing the capability of electronic technology, and ascending demand for small satellite constellations. However, developing a safe, low-cost, and small payload nanosatellite to launch beyond low-earth orbit (LEO) and cleanup and removal of space debris, sum up to be a challenge for the market.
This market report provides and in-depth analysis of the global nanosatellite market under different segments such as subsystem, end user, application, and geography. It highlights the key driving and restraining forces of the market, and includes a detailed study of the future trends and developments. A detailed examination of the market along the lines of market drivers, restraints, growth opportunities, and challenges is also included in the report.
This report also includes market analysis and forecast with respect to various end users such as academic, government, defense, non-profit organization, and commercial, including IT and telecommunication, agriculture, oil and gas, and mining, along with several ongoing research activities for advancement of nanosatellite.
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