Global Market Insights recently added a detailed Nanosatellite Market research study across the global, regional and country level. The report provides 360° analysis from view of manufacturers, regions, product types and end industries. The research report analyses and provides the historical data along with current performance of the global market and estimates the future trend of the industry based on this detailed study.
The U.S. is the largest contributor to the nanosatellite market owing to the technological advancements in space research and presence of leading universities and space agencies. Additionally, favorable government rules and regulations allow the space agencies to build and develop these systems with low risks. Government funding and industrial investments towards space programs have enhanced the industry growth. Asia Pacific nanosatellite market is the most profitable nanosatellites market owing to rising development of these systems in the emerging countries.
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Nanosatellite Market size is anticipated to grow over the future owing to the gradual cost reduction, increasing applications followed by the growing demand for nanosatellites. Given the high cost of developing and manufacturing large satellites, these satellites are the ideal alternative and can serve numerous needs in many sectors. The cost related to the launch of nanosatellites are ten times lower than that of the larger satellites. They are launched together on one launch vehicle, thus reducing the overall financial cost.
Rising popularity of the nanosatellite market in the economies such the U.S. and India provides numerous cost-effective solutions to the nation’s economy by helping them attain the anticipated goals in turn contributing to the conservation of environment and balanced usage of resources. Having numerous nanosatellites instead of a handful large ones helps to provide more comprehensive surface area coverage to collect images frequently. Moreover, they help deliver better coverage at a small price. Advancements in nanotechnology makes the use of large satellites for remote sensing and telecommunications. These factors are expected to drive the nanosatellite market over the forecast period.
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Nanosatellite market find various applications in agriculture, biological experiments, communication, power, navigation & mapping, education, exploration, earth observation, and scientific research. They could be used to help fisherman identify catches, to keep track of crops and to detect natural disasters such as earthquakes, floods and tsunamis. In addition, nanosatellite market plays a vital role by providing affordable and smart solutions to the farmers through their deployment at areas where the agricultural production is situated in remote locations and the soil is rich in constituents.
The communication sector is currently dominating the nanosatellite market share owing to defense administrations launching communication nanosatellites to deliver signals to armed forces positioned in dense forests or at remote locations. Many telecom companies are taking various steps to launch collection of these satellites to offer their customers additional bandwidth and speedy internet services.
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Key market players dominating the nanosatellite market include Clyde Space, Inc., Gomspace, Innovative Solution in Space (ISIS) Group, Skybox Imaging, Inc., Spacequest Ltd, Planet Labs Inc., Ruag Group, Raytheon, Sierra Nevada Corporation and Lockheed Martin Corporation. In February 2017, Planet Labs announced its agreement with Google. The multi-year contract has aided Planet Labs acquire Google’s Terra Bella business encompassing of SkySat constellation of satellites which is used for Earth imaging data. The SkySat constellation consists of 7 high resolution satellites and compliments to Planet Labs 60 fleet of medium resolution satellites.
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