Global Nano satellite market is estimated to witness a CAGR of 20% from 2018 till 2023.
Small satellites, also referred to as miniaturized satellites, have low mass, generally weighing less than 1,100 lb, and help space agencies improve the accessibility of space by reducing the cost of satellite launch. The low development and launch costs, and improved performance, have led to increase in demand for the development of small satellites. Other factors driving the growth of the global nano satellite market are surge in commercial applications, growing demand for miniaturization of satellites, and high focus on the reduction of production costs. The increased use of 3D printing and high data rate communication will enable the manufacturers to offer new growth opportunities for the market players. Numerous new satellites have to be launched to meet the growing demand for commercial applications. However, there are some shortcomings such as lack of dedicated launch vehicles and design related constraints which will restrain the growth of this market.
The market for nano satellite market is estimated to witness a CAGR of 20% during the forecast period.
On the basis of region, the market is segmented into America, Asia Pacific, Europe, and Rest of the World. In the North America region, there is an increased demand for small satellites from NASA, the Department of Defense, and the private sectors. For instance, Boeing has received its first commercial order for the 502 Phoenix small satellite from HySpecIQ of Washington, D.C. These satellites will carry the commercial remote sensing industry’s first high-resolution hyper spectral payload, capable of providing high-fidelity spectral imaging. In the European region, there is high demand for small satellite, due to their use in battlefield missions, earth observation, and scientific exploration activities performed by diverse sectors.
The scope of the Report
This study provides an overview of the Global Small Satellite Market, tracking four market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for America, Europe, Asia Pacific (APAC), Middle East & Africa and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Global Nano satellite marketby its type, purpose, end user and region.