Jul 13, 2020 8:35 PM ET
iCrowd Newswire – Jul 13, 2020
The rapid advancement in technology and innovation in miniaturization of devices are some of the major factors driving the global nano and microsatellites market. The widespread application of nano and microsatellites for commercial, scientific,military and defense is fueling the expansion of the global nano and microsatellites market. The increasing necessity for reliable communication infrastructure and increased usage of UAVs (unmanned aerial vehicles) in military and defense industry are positively impacting the growth of the global COVID-19 Impact on Nano and Micro Satellite Market.
The application of nano and microsatellites for scientific and earth observation/remote sensing purposes in various research organizations, for communication, surveillance, and navigation, is inducing demand for these satellites, leading to the growth of the global nano and microsatellites market. The advantages of nano and microsatellites such as low manufacturing and launching cost, increased capability of carrying out complex military missions due to their compressed size, and more manageable proportions are driving the global nano and microsatellites market to higher verticals.
The increased demand for nano and microsatellites for geological research that includes satellite imaging and use of constellations of these satellites to provide enhanced accuracy of global positioning system for direct air travel are driving the global nano and microsatellites market. The increasing support from the government to incentivize the developments in space-based remote sensing industry.
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However, the drawbacks of nano and microsatellites such as lack of deorbiting system due to the size and weight constraint and presence of a large number of satellites currently in orbit are likely to act as a restraint on the expansion of the global nano and microsatellites market.
The increasing investment of manufacturers in research and development for new product launch to create a significant position in the market is strengthening the completion among the players of the global nano and microsatellites market. The strategic mergers and acquisitions by the leading players in the global market in order to sustain the highly competitive environment are leading to the expansion of the global nano and microsatellites market.
In February 2018, Innovation Solution in Space (ISIS) from the Netherlands, one of the leaders in small satellites market and ThrustMe from France, developer of a complete propulsion system based on a unique patented technology, have signed a memorandum of understanding (MoU) related to the advanced electric propulsion system for ISIS satellites.
In May 2018, Innovation Solution in Space (ISIS) has joined a group of customers who had signed contracts to launch microsatellites on Vega’s small spacecraft mission services (SSMS) proof of concept flight (POC flight), a launch service provided by Arianespace, in early 2019.
The key players of the Global COVID-19 Impact on Nano and Micro Satellite Market are Boeing Space Systems (U.S.), Aerospace Corporation (U.S.), Lockheed Martin Corporation (U.S.), Planet Labs (U.S.), Sierra Nevada Corporation (U.S.), Innovative Solution in Space (ISIS) Group (Netherland), GomSpace A/S (Denmark), Ruag Group (Switzerland), GeoOptics (Colorado), and Surrey Satellite Technology (U.K).
COVID-19 Impact on Nano and Micro Satellite Market has been segmented on the basis of purpose and end-users. Based on purpose, the nano and microsatellites market is segmented into earth observation/ remote sensing, science/R&D, communications, and military reconnaissance. Among these, the earth observation/ remote sensing segment is dominating the global nano and microsatellites market due to the heavy investment of space-related organizations in earth observation and increased government investment in metrology and earth observation. The significant growth of communication segment is also fueling the expansion of the global nano and microsatellites market.
Based on end-users, the nano and microsatellites market is segmented into commercial, civil/ government, and military. Among these sectors, the commercial segment is growing rapidly due to the use of nano and microsatellites in communication, mining and agriculture industry. The government segment is anticipated to project significant growth in the global nano and microsatellites market during the forecast period.
Geographically, the global nano and microsatellites market is segmented into major four regions, North America, Europe, Asia-Pacific and the rest of the world. Among these regions, the North America region is anticipated to dominate the global nano and microsatellites market due to the increasing demand for nano and microsatellites by various end-users in different sectors such as military and defense, research organizations, and telecommunications.
The nano and microsatellites market in Asia-Pacific region is growing significantly due to the increased deployment of these satellites in the commercial sector. Whereas, the nano and microsatellite market in the Europe region is projecting slow growth due to the complex regulatory framework imposed by government and delayed satellite launches in this region.
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