According to a new market intelligence report, the global nanosat market is expected to reach $6.35 billion by 2021, growing at a CAGR of 37.91% during the forecast period.
With the emergence of space technologies, which enable satellites to operate under harsh space environment, it has become easier to carry out cost-effective space missions.
Nanosatellites are evolving rapidly with significant advancements in technologies for satellite subsystems, such as 3D printed electronic satellite equipment, on-board Internet system, electronic and propulsion system, among others.
The manufacturers in the industry are currently focusing on the development of nanosatellites with advanced technologies that can operate independently and require less human intervention. The nanosatellite market is driven by the increase in demand generated by the defence and security segments for satellite applications such as intelligence, surveillance, reconnaissance, and navigation, majorly in the North American and European region.
The major subsystems incorporated in nanosatellites are structure, payload, power system, propulsion system, telecommunication, on-board computer, and attitude control system. The key players in the market are developing the electric propulsion system, which is one of the major subsystems, for nanosatellites, in order to improve the overall efficiency of the satellite, along with reduced carbon footprints.
Nanosatellites primarily vary in accordance with their applications. For instance, nanosatellites are majorly used by the academic end user for research and space exploration application. The nanosatellite market is expected to witness a high growth in the next five years, owing to a huge requirement of cost-effective space missions to facilitate applications such as, navigation, communication, academic research, earth observation, and remote sensing, among others.
Read more: https://bisresearch.com/industry-report/global-nano-satellite-market-2021.html