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Technavio’s nano and microsatellite industry report predicts that the market will grow at an impressive CAGR of around 23% by 2020. The nano and microsatellites segment are one the fastest growing segments of the global satellite industry. The growing use of nano and microsatellites for military and defense applications is one of the major growth drivers for this market. The military forces have started to use commercial satellite infrastructure to meet their requirement of increased bandwidth for real-time flight and surveillance data. Such surging requirements have propelled the nano and microsatellite market growth, as large constellations of these satellites can be launched at lower costs while offering the desired services. Nano and microsatellites provide high visibility for confronting tactical enemy operations. Moreover, the rapid access to near-real-time information and imagery can augment the process of aerial reconnaissance. These satellites have proved to be an important resource supplementing the requirement of modern military forces which operate under extreme environmental and time constraints.
In terms of geographical analysis, EMEA is the largest revenue contributing region in the market and will continue its dominance over the forecast period. Europe is the largest satellite telecommunications market in the region. The satellite segment in EMEA has been witnessing constant innovations in sectors like signal transmission and the use of new frequencies, which has resulted in the requirement of new services and maintenance. Such developments make the use of nano and microsatellites more diverse across the region. The UK, France, Germany, Spain, and Russia are propelling the growth of the European satellite market. Also, the ESA largely contributes to the development of satellite-based infrastructure in EMEA.
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The global nano and microsatellite market is highly competitive, where players compete in terms of the cost of the satellite, technological developments, lightweight and small-sized satellite platforms, reliability, and market shares. To survive themselves in the competitive scenario, it is important for vendors to maximize their product development process to offer cost-effective and high-quality products and solutions. Vendors are working together along with the space launch system developers and service providers to tackle the issues of delays in launches.
Leading vendors in the market are -
Other prominent vendors in the nano and microsatellite market include Clyde Space, GeoOptics, Planet Labs, Raytheon, RUAG Space, Terra Bella, Spire Global, and Terran Orbital.
In 2015, Earth observation and remote sensing was the largest application segment of the market, and accounted for the highest share, with 65 nano and microsatellites. A nano or microsatellite conducts functions such as providing information on weather, navigation, civilian and Earth observation, and research. The satellites are used for conventional missions, such as intelligence gathering, navigation, military communications, thermal control, telemetry, power generation, attitude control, and orbit control.
As per Technavio analysis, the commercial segment will grow very fast during the forecast period. The low-cost manufacturing of miniaturized satellites allows several small companies the access to space. At present, the manufacture and launch of a nanosatellite are not that expensive and has enabled private companies like Spire Global, Terra Bella, and NanoRacks to offer internet-based space exploration options to their customers. Also, several private conglomerates and tech giants are making investments in the provision of satellite-based internet connectivity services in remote areas. The use of miniaturized satellites for commercial applications will have a significant positive impact on the global nano and microsatellite market during the forecast period.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by application
PART 07: Market segmentation by end-users
PART 08: Geographical segmentation
PART 09: Market drivers
PART 10: Impact of drivers
PART 11: Market challenges
PART 12: Impact of drivers and challenges
PART 13: Market trends
PART 14: Vendor landscape
PART 15: Appendix
PART 16: Explore Technavio
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