SAN FRANCISCO, November 20, 2017 /PRNewswire/ --
The global nanosatellites and microsatellites market is expected to reach USD 4.97 billion by 2025, according to a new report by Grand View Research, Inc. Evolving regulatory framework to accommodate small satellite systems for the development of the space industry is expected to propel market demand.
Nanosatellites and microsatellites have proven to be dynamic for embracing new developments in various sectors such as weather information and climatic research, multimedia communications, telephone and television, data distribution, transportation and logistics, navigation, safety, security, and rescue. As these satellites have paved the way for cost-effective earth observation missions along with the development of small launchers and small ground stations connected with cost-effective data distribution methods, industry participants have shifted their focus toward developing nanosatellites and microsatellites.
Moreover, CubeSats, which are smaller than nanosatellites are witnessing a rise in popularity due to their shorter time to orbit and lower manufacturing costs. With the emergence of nanosatellites and microsatellites, there has been a development of a new niche market dedicated to small satellites. Several new players are embracing miniaturized technologies along with a range of advanced launch technologies.
Furthermore, to develop sustainability in the market, players are maintaining a steady flow of microsatellite launches for widening their customer base. Increasing demand from economies such as India and Japan is contributing to the growth of the nanosatellite and microsatellite market. For instance, in the wake of miniaturization, Japan is developing strategies to tap the demand for compact satellites and aircraft.
Browse full research report with TOC on "Nanosatellite and Microsatellite Market Analysis By Mass (Microsatellites, Nanosatellites), By Application, By End-use, By Region, And Segment Forecasts, 2014 - 2025" at: http://www.grandviewresearch.com/industry-analysis/nanosatellite-microsatellite-market
Further Key Findings From the Report Suggest:
- The nanosatellite segment is expected to dominate the market over the forecast period, with a projected CAGR of close to 22% from 2017 to 2025
- The commercial application segment is expected to grow at a CAGR of more than 20% over the next eight years, fueled by the growing use of these satellites in automotive navigation systems and by space agencies
- Asia Pacific is expected to be fastest-growing region, primarily attributed to the increasing government support for digitization and the growing initiatives for developing space programs
- The technology and academic training application segment is expected to grow at a CAGR of 13.5% over the forecast period
- The key players in the industry include Dauria Aerospace, GomSpace Group AB, Innovative Solutions in Space, Sierra Nevada Corporation, and SpaceQuest Ltd.
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Grand View Research has segmented the nanosatellite and microsatellite market by mass, application, end use, and region.
- Nanosatellite and Microsatellite Mass Outlook (Revenue, USD Million; 2014 - 2025)
- Nanosatellite and Microsatellite Application Outlook (Revenue, USD Million; 2014 - 2025)
- Communication and navigation
- Earth observation/remote sensing
- Scientific research
- Technology and academic training
- Nanosatellite and Microsatellite End-Use Outlook (Revenue, USD Million; 2014 - 2025)
- Defense and Security
- Nanosatellite and Microsatellite Regional Outlook (Revenue, USD Million; 2014 - 2025)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- North America
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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