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According to the recent market research report by BIS Research, titled ‘Global Nano Satellite Market, Analysis and Forecast, 2018 – 2023’, the nano satellite market is projected to reach $356.1 million by 2023 from a $143.7 million in 2017, witnessing a CAGR of 13.43%. The report highlights the growth of the nano satellite as a space technology, which will enable organizations, both government and autonomous with applications such as earth observation, remote sensing, communication, and surveillance among others. Other than these, there are several other applications related to commercial, educational & research, and for military & defense end-user segment for which these satellites are used.
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The market is expected to gain foothold globally owing to rising demand for satellite constellations due to an increase in the space exploration activities. Other factors that are responsible for driving the nano satellite are advancements in satellite miniaturization, increasing demand for small satellite constellations and the increasing capabilities of electronic technologies, low cost of manufacturing due to miniaturization, and the increasing affordability for academic and research purpose. Additionally, the ability of the nano satellites to operate under the harsh space environment is another reason, which is expected to propel the growth of the market. The miniaturization of satellites is further expected to lead an integration of advanced subsystems such as payloads, structures, telecommunications, power system, attitude control system, onboard computer and propulsion system, among others.
However, there are several factors that are inhibiting the growth of the nano satellite market, such as managing the increasing space debris (the mass of defunct, artificially created objects in space) and developing low-cost, small payload and safe satellites, which can be launched beyond the low earth orbit (LEO). Over the years, several initiatives have been taken, by various space agencies to deorbit the debris, still it is expected to remain a significant challenge during the forecast period of 2018 to 2023.
According to Vaishali Sharma, analyst 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.”
The study of nano satellite market, suggests a wide outlook about the applications across industries and the analysis conducted is based on the opinions taken from industry experts and leading market players along with the available data. The report provides answers to critical questions pertaining to nano satellite market, such as the number of launches, revenue, important applications, and the leading regions of the market. The report also showcases a detailed analysis on the current trends influencing the market along with the developments that are expected to occur in future. It also details about the competitive ecosystem with players leading the industry along with their financial summary, strengths, weaknesses, expected opportunities and threats in the market along with the corporate overview.
Additionally, the report also includes a detailed analysis of more than 15 countries. The developments in space technology have led the key players in the ecosystem to build advanced nano satellites that are less complex, lightweight, highly cost-effective, autonomous, and are easy to operate. Profiles of some of the notable manufacturers that are the leading producers and use advanced space technologies in nano satellites are included in the report, such as Innovative Solutions in Space BV, Israel Aerospace Industries Ltd., Lockheed Martin Corporation, NanoAvionika, LLC, Northrop Grumman Corporation, OHB SE, Ball Corporation, Clyde Space Ltd., GomSpace A/S, Planet Labs, Inc., QinetiQ Group PLC, Sky and Space Global, The Boing Company, Tyvak Nano-Satellite Systems, Inc., and Orbital ATK, Inc.
Key aspects covered 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.
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