Nano and Micro Satellite Market: Research Outlines Huge Growth In MarketPosted by surendra choudhary on March 25th, 2021 The nanosatellite and microsatellite market is expected to record stellar growth in the forecast period 2019-2027. This can be attributed to the rapid rise in research activities and spur in the investments for space technology advancements. In addition, the growing satellite use across a plethora of applications may increase the growth rate across the forecast period. Nanosatellites and microsatellites are useful for commercial companies for gathering data and enable them to distribute the same at lower rates. These satellites are used for video chat, internet communication, and other communication types in the form of voice, data, and videos. A prime advantage of nanosatellites and microsatellites is their cost-effectiveness. This is expected to bring a boom in the nanosatellite and microsatellite market.
Want to know the obstructions to your company’s growth in future? Request a brochure @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1995 Global Nanosatellite & Microsatellite Market: OverviewRising research activities and increasing investments in the advancement of space technologies are expected to promote growth of the global nanosatellite & microsatellite market in the next few years. Growing use of satellites in several applications is projected to drive the global nanosatellite & microsatellite market in the next few years. According to the research study by Transparency Market Research, the global market for nanosatellites & microsatellites is projected to reach value of US$ 2.9 Bn by 2027, registering a promising CAGR of 11.10% between 2019 and 2027. Advancements in Space Technologies to Drive Global Nanosatellite & Microsatellite Market
Rise in the demand for miniature satellites in earth observation applications and low manufacturing costs of miniature satellites are key factors projected to promote growth of the global nanosatellite & microsatellite market in the next few years. Rising investments in nanosatellite and microsatellite technologies and advancements in space technologies are other factors estimated to augment the global market in the next few years. On the flip side, lack of dedicated launch vehicles for the launch of miniature satellites into space and concerns related to space debris are estimated to hamper the global market in the next few years. Moreover, implementation of rules and regulations on the number of satellites being launched is another major factor projected to restrain the global market in the near future. However, increasing Internet access for areas without broadband satellite connectivity and rising demand for satellites in a diverse range of applications are estimated to drive the global nanosatellite & microsatellite market and generate lucrative opportunities for market players in the next few years. North America to Dominate Global Nanosatellite & Microsatellite MarketBased on geography, the global nanosatellite & microsatellite market has been categorized into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Among these, North America is projected to hold a major share of the global market during the forecast period. The market in the region is estimated to register a significant growth rate in the next few years, owing to rising contribution from the U.S. In addition to this, advanced technologies that are expected to facilitate space research and presence of established space research universities and agencies are some of the other key factors projected to drive the market in North America in the near future. Furthermore, Asia Pacific is estimated to offer lucrative opportunities to the nanosatellite & microsatellite market in the next few years. Growing focus on the development of network infrastructure and rising research and development activities are estimated to fuel the Asia Pacific market in the near future. Looking for exclusive market insights from business experts? Request a Custom Report The global market for nanosatellites & microsatellites is competitive in nature and it is estimated to witness a high level of competition among key players during the forecast period. Rising investments in research and development activities are projected to boost the global market and offer potential growth opportunities to market players in the next few years. Moreover, increasing number of mergers and acquisitions and collaborations is anticipated to propel the global market in the next few years. Some of the key players operating in the global nanosatellite & microsatellite market are Raytheon, Spacequest Ltd., Innovative Solution in Space (ISIS) Group, Clyde Space, Inc., Skybox Imaging, Inc., Planet Labs Inc., Ruag Group, Lockheed Martin Corporation, Gomspace, and Sierra Nevada Corporation. Like it? Share it!More by this author |