FREMONT, California, November 6, 2018
FREMONT, California, November 6, 2018 /PRNewswire/ --
According to a new market intelligence report by BIS Research, titled 'Global Nano Satellite Market, Analysis and Forecast, 2018 - 2023', in 2017 the nano satellite market was valued at $143.7 million and is expected to reach $356.1 million by 2023 growing at a CAGR of 13.43%. Nano satellite industry has evolved as a space technology in order to cater to the applications, such as surveillance, communication, earth observation and others. The emergence of nano satellites and their ability to operate under harsh space environment have made it easier to carry out space missions in a cost-effective manner. Therefore, satellite manufacturers are also focused on designing and developing smaller, less complex and cheaper satellites.
Browse 14 market Data Tables and 151 Figures spread through 233 Pages, and in-depth TOC on "Global Nano Satellite Market"
The growing demand for satellite constellations has attracted space exploration activities and it has primarily driven the need for satellite applications, such as communication, earth observation and navigation. The advancements in satellite miniaturization is also one of the major factors that is influencing the nano satellite market. Nano satellites are rapidly evolving with significant advancements in technologies for satellite subsystems, such as 3D printed electronic satellite equipment, on-board internet system, and electronic and propulsion system, among others. Manufacturers are currently focusing on the development of nano satellites with advanced technologies that can make the satellites operate independently and require less human intervention.
The growth in the nano satellite market is largely driven by advancement in the satellite miniaturization, increase in capability of electronic technology, and increase in demand for small satellite constellation. Advancement in the satellite and components miniaturization has resulted in low manufacturing cost and increased the affordability of nano satellites for research and academic purpose. Over the coming years, components miniaturization is expected to lead to the integration of advanced subsystems into small size nano satellites.
BIS Research Report: https://bisresearch.com/industry-report/nano-satellite-market.html
Apart from the growth factors, the nano satellite market is also witnessing few challenges such as developing safe, low-cost, and small payload nano satellites to launch beyond low-earth orbit and removing space debris. As of 2018, more than 500,000 pieces of debris that are estimated to be present in the space, can cause potential damage to the satellites and space vehicles. Although several initiatives have been taken by NASA in collaboration with other space agencies to deorbit the debris, it is expected to remain a significant challenge to the market growth during the forecast period.
According to Vaishali Sharma at BIS Research, "North America is currently dominating the nano satellite market, owing to the U.S. government and military space budgets, which comprises about 54% of the space spending, worldwide. However, the geographical analysis of this market unveils a great potential for growth in the Asia-Pacific countries. According to the analysis, the presence of emerging economies, particularly China and India, are majorly contributing to the growth of the market."
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The market report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and technological developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financial summary, and SWOT analysis. The overall market has been segmented by end user, application, mass, subsystem, and region. Defense, academic, commercial, government, and non-profit organizations are covered as part of the end user segmentation in the present study. Moreover, the report also includes a comprehensive section on the geographical analysis including country analysis of more than 15 different countries.
The advancements in space technology have led the key manufacturers to build advanced nano satellites that are highly cost-effective, autonomous, lightweight, less complex, and are easy to operate. Innovative Solutions in Space BV, Israel Aerospace Industries Ltd., Lockheed Martin Corporation, NanoAvionika, LLC, Northrop Grumman Corporation, OHB SE, and Orbital ATK, Inc. are some of the leading producers that use advanced space technologies in nano satellites.
Key questions answered in the report:
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data but also complement it with valuable insights and actionable inputs for the success of our clients.
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