"Government and space organizations globally are continuously increasing their funding in the space industry to develop efficient and cost-effective satellite solutions. In the coming years, funding and space agencies’ budgets are anticipated to be driven by varied applications of nanosatellite and microsatellite constellations, such as communication, global Wi-Fi providing, surveillance, and navigation. The space industry is also expected to be driven by the demand for better connectivity for smart devices, Internet of Things (IoT), increased use of data analytics, and migration to streaming broadband.
The growth in the nanosatellite and microsatellite market is largely driven by advancements in satellite miniaturization, an increase in the capability of electronic technologies, and an increase in demand for communication. Advancements in satellite and component miniaturization have resulted in low manufacturing costs and increased affordability of nanosatellites and microsatellites for research and academic purposes.
Over the coming years, component miniaturization is expected to lead to the integration of advanced subsystems into nanosatellites and microsatellites. Apart from growth factors, the global nanosatellite and microsatellite market is also witnessing several challenges, such as complications related to developing safe, low-cost, and small payload nanosatellites and microsatellites to launch beyond low-earth orbit and removing the space debris.
According to a new market intelligence report titled ‘Global Nanosatellite and Microsatellite Market – Analysis and Forecast, 2020-2026’, the global nanosatellite and microsatellite market generated $283.1 million in 2019 and is estimated to grow at a CAGR of 24.86%, during 2020-2026.
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Source: ASDReports - Market Research
Date: Jan 19, 2021