The global nanosatellite and microsatellite market is forecast to reach USD 7.72 Billion by 2026, according to a new report by Reports and Data. Nanosatellites and microsatellites are mainly used for aerospace research, earth observation, and communication purposes. Besides these utilities, application of nanosatellites and microsatellites have also been observed in commercial purposes sector and for defense and military. Nanosatellites and microsatellites are essentially used for research and for confirming scientific objectives on a large scale. Being smaller in size and cheaper than larger satellites, the global market for nanosatellites and microsatellites is growing significantly.

Latest technologies, such as solar panel cell technology and star tracker technology, are also enabling small satellites to strengthen their position in the satellite industry. The requirements for manufacturing satellites is propelled by the demand from the various end-user verticals, which increases the demand for small factor satellites.

The afore-mentioned factors create opportunities for the market growth while restraints such as unreliability and restrictions on the number of satellites to be launched, pose as limitations in the market. However, each factor would have an impact on the market during the forecast period. Consistent developments in the nanosatellite and microsatellite market owing to innovative efforts have enhanced the efficiency as well as consistency of their performance.

The region of Asia Pacific are promoting heavy research in the field of aerospace. Organizations like ISRO are manufacturing small scale satellites to take part in the race with the rest of the regions. The communication segment here pushes the growth of the market because of the vast consumer market as well as a large number of mobile network providers.

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The report is an engaging document that provides vital statistical information about the market in terms of dales, revenue, market share, and market size with regards to product types, application spectrum, regional bifurcation, leading players, and technological advancements.

Further key findings from the report suggest
Nanosatellites are observed to have held the largest market share of 53.6% in the year 2018. This is because of the ease of launching these devices. Their low mass and small size allow for the simultaneous launching of several devices on a single-vehicle launcher. Their masses vary from 1-10 Kgs depending upon their utility.
Earth Observation/Remote Sensing is set to experience the highest CAGR of 23.3% during the forecast period. This is because earth monitoring and remote sensing involved huge costs conventionally, and with the introduction of small scale satellites, their advantageous properties like ease of mobility, inexpensive builds, and compactness, allow for a quick survey response from the uplink.
Commercially the use of micro, as well as nanosatellites, are growing due to the requirement from network service providers in order to provide maximum coverage over their range of operations. This segment is set to observe the highest CAGR of 23.5% during the forecast period.
Asia Pacific is expected to grow with the highest CAGR of 22.1% during the forecast period. Nations like China and India are quickly catching up with the growth of Nano and Microsatellites. Research and development in this region is progressing at a significant rate, causing the market growth to propel.
Key participants are RUAG Group, Clyde Space Inc., GS Sweden AB (GOMSPACE), Sierra Nevada Corporation, PLANET LABS INC., TYVAK INC, Lockheed Martin Corporation, Raytheon Company, Innovative Solutions In Space, and Spacequest Ltd. among others.

The Global Nanosatellite and Microsatellite Market is segmented as follows:

Mass Type Outlook (Revenue, USD Billion; 2016-2026)
Nanosatellites
Microsatellites

Application Type Outlook (Revenue, USD Billion; 2016-2026)
Communication & Navigation
Earth Observation/Remote Sensing
Scientific Research
Technology and Academic Training
Others

End-Users Outlook (Revenue, USD Billion; 2016-2026)
Government
Defense & Security
Commercial
Civil
Others

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The report provides an explicit analysis of the market with regards to growth drivingfactors, restraining factors, regulatory framework, threats and opportunities, financial hurdles to offer a thorough outlook of the market. The report also covers value chain analysis, market share, market size, CAGR, sales and revenue, import/export, the scope of the market, growth prospects,and other key factors.The report offers a regional analysis that covers key geographies such as North America, Europe, AsiaPacific, Latin America, and Middle East & Africa.

The report applies advanced analytical tools such as SWOT analysis, Porter’s Five Forces analysis, along with feasibility analysis and investment return analysis. It also offers strategic recommendations to new entrants as well as established companies about market barriers. It also offers insights into futuristic business opportunities, market scope, threats, and obstacles, to enable fruitful business decision-making process.

Furthermore, the report renders a complete analysis of the Nanosatellite and Microsatellite market that allows readers to formulate profitable and lucrative business strategies by offering insights into the competitive landscape, crucial market details, growth prospects, regional rules and regulations, and other key factors.

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