Nanosatellite and Microsatellite Market is Expected to Register a Promising 12.10% CAGR Between 2016 and 2024

The global nanosatellite & microsatellite market is extremely competitive and fragmented in nature, states an upcoming Transparency Market Research (TMR) report. Some of the prominent players in the market are Clyde Space, Gomspace, Ruag Group, Raytheon, and Sierra Nevada Corporation. These companies are concentrating on investing on research and development activities to introduced innovative product line in the market to gain competitive edge in the global nanosattelite and microsatellite market. Alternatively, these players are getting into mergers and acquisitions to penetrate into the global nanosattelite and microsatellite market. New entrants are joining the global nanosattelite and microsatellite market.

Rising number of development infrastructure and satellite advancement is expected to boost the global nanosattelite and microsatellite market during the forecast year. The global nanosttelite and microsatellite market is projected to grow at a 12.1 %CAGR during the forecast period 2016 to 2024. Simultaneously, the global nanosattelite and microsatellite is estimated to reach a valuation up to 2.2bn by the end of forecast period.

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On the basis of geography, the global nanosattelite and microsatellite market is expected to be dominated by Asia Pacific region during the forecast period. The growth in this region can be attributed to research and development of network infrastructure in developing countries. In terms of industry type, the global nanosatellite and microsatellite market is segmented into educational, energy and infrastructure, and defense. But, the global nanosattelite and microsatellite market is expected to be ruled by defense sector during the forecast period. The growth can be attributed to defense sector’s demand to communicate with soldiers located at far flung areas.

Technological Advancement to Promote Global Nanosattelite and Microsatellite Market

Rising demand for miniature satellites and less expensive cost of miniature satellite production is expected to boost the global nanosattelite and microsatellite market in the upcoming years. Increasing number of telecom companies to create demand for nanosattelite and microsatellite. They invest on nanosattelite and microsatellite to improve their internet connectivity and bandwidth. Cost effectiveness and better features provided by modern microsatellite as compared to conventional ones are projected to drive the global nanonosattelite and microsatellite during the forecast period. Hence, the global nanosattelite and microsatellite market is projected to expand at a substantial rate during the forecast period.

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Moreover, advanced technologies that help in setting up research universities are projected to improve provide growth avenues to the global nanosattelite and microsatellite market during the forecast years. Need for communication using smart devices are projected to boost the global nanosattelite and microsattelite in the upcoming years.