Microsatellite and Nanosatellite Market Forecast For Growth
The global microsatellite and nanosatellite market is forecast to grow at a CAGR of 24.86% from 2020-2026, according to a new report from BIS Research.
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 microsatellite and nanosatellite 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 microsatellite and nanosatellite 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.
North America is expected to dominate the global microsatellite and nanosatellite market with an estimated share of 54.46% in 2019. North America, including the major countries such as the U.S., is the most prominent region for the microsatellite and nanosatellite market. The presence of major players and intense competition among them makes North America the most technologically advanced region. The companies in the region secure contracts from end users such as defense, commercial, and government agencies for manufacturing of their satellites.
The global nanosatellite and microsatellite market is gaining widespread importance owing to the rising demand for the IoT and M2M small satellite networks. Moreover, the increased utilization of COTS components is one of the key factors that may propel the market growth in the coming years.
(Image provided with ASDReports news release)