Global Nano and Micro Satellite Market - Global Market Forecast and Analysis (2018 - 2023)
Nano and microsatellites range between 1-10 kgs and 10 - 100 kgs, respectively. These satellites are the fastest growing segments of the satellite industry. Their ease to build and lower operating and manufacturing costs are making them immensely popular in, both, civilian and military applications. The factors driving this sector include diminishing manufacturing, launching costs, increased investment in R&D by both public and private players, rising acceptance of satellite constellation approach, and major upcoming mission dispatches. The market is expected to register a CAGR of 23.5% during the forecast period of 2018–2023.
Reduced Cost of Nano Satellites
The cost of building a nano or microsatellite is almost negligible in comparison to the traditional large-scale satellites. This is one of the primary reason driving the market, as many venture capitalists are investing in startups in space technology. Moreover, these miniaturized satellites mostly use the hardware and software already developed and used by the tech industry. Companies are entering the market with ease and offer diverse on-demand services. Thus, the possibilities for new applications and products & services are widening further. For instance, currently, many private players are providing internet-based space exploration to the general public. Diminishing manufacturing and launching costs have resulted in a rise in upcoming launches, worldwide, by both, military, as well as, private conglomerates for earth observation, surveillance, and communication applications.
Excessive Satellites in Orbit
Nano and microsatellites, currently, do not have a deorbiting system, due to size and weight constraints. However, with thousands of satellites in orbit, this factor might create issues for the market. Various international agencies, such as the FCC, the UN, and the IADC, have proposed mitigating guidelines that state the importance of deorbiting.
The commercial and civilian markets for nano and microsatellites hold the largest share and have scope for high growth during 2018–2023. North America is projected to have the fastest growing market, followed by Asia-Pacific and the Middle East & Africa.
Key Developments in the Market:
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