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Nanosatellite and microsatellite complies under specific control such as size, shape, and weight. The growing complex space projects are driving the demand for advanced satellites. The trend of miniaturization has boosted the demand for small size satellites. Also, the financial boundaries have driven the development of efficient as well as low costing nano and micro satellites. The short time space projects are expected to adopt the nanosatellites and microsatellites. These satellite are being highly used in risky, uncertain and experimental projects owing to the low cost as compared to other satellites.
The satellite market is witnessing commercialization and thus the demand for nanosatellite and microsatellite is boosting. The satellites are being highly adopted for the earth observation projects owing to increasing environmental changes. The military and defense sector across the world is also investing in nano and micro satellite to observe every activity at the borders. This is expected to drive the nanosatellite and microsatellite market.
Key Market Driver -
• Growing demand for miniaturized satellite in military and defence industry is likely to drive the market growth • The increasing government investments in space projects is likely to propel the market growth
Key Market Restraint -
• Government regulatory policies might hamper the market development
Some of the key players in the global microsatellite and nanosatellite market are Innovative Solutions in Space, Dauria Aerospace, SpaceQuest, Surrey Satellite Technology Limited, SpaceWorks Enterprises, L3Harris, NanoAvionics, Raytheon, Kepler Communication, Lockheed Martin, GomSpace, Axelspace Corporation among others. The companies are investing in advanced research and development of the nanosatellite and microsatellite. The companies are entering the strategic partnership with developers and designers to gain and share expertise.
North America to gain maximum revenue share during the forecast period. The region contains more business potential owing to the presence of well-established space organizations such as NASA, United States Space Force, Kennedy Space Center, and Kepler Communication among others. The U.S. is expected to grow as it accounts the maximum number of space research missions. The increasing private space agencies in the country are further expected to drive the nano and micro satellite. Europe is the key manufacturer of spacecraft after the U.S. European Union announced the investment of USD 222 million in Europe’s Space industry in the year 2020. This is expected to drive the market growth in the region.
Asia Pacific is expected to grow rapidly during the forecast period owing to the increasing investment in the space research. India and Japan are expected to lead the Asia Pacific region. India has announced 100% foreign direct investment in the satellite market. This is expected to boost the nano and micro satellite manufacturing market in the country. Also, the ‘Make in India’ initiative is expected to encourage space agencies in the country. The Middle East and Africa and Latin America are expected to show steady growth during the forecast period.
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