IMARC Group’s latest report, titled “Nanosatellite and Microsatellite Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the nanosatellite and microsatellite market reached a value of US$ 1.64 Billion in 2020. Nanosatellite and microsatellite (NaM) are small-sized artificial satellites that help collect real-time data in the form of voice, data, videos, internet communication and video chat. These miniaturized satellites are launched at low altitudes and travel at high speed. NaM provides an optimum level of solutions in terms of remote sensing and land observations. They are also utilized for geographical mapping, navigation and scientific research as these satellites comprise a wide variety of hardware, software and data processing devices. In recent years, NaM technologies have gained traction as they are employed to improve water management systems and assist during relief and defense operations.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Nanosatellite and Microsatellite Market Trends:
The growth of the aeronautic and satellite industry represents the primary factor contributing to the market growth. NaM is used for scientific research, biological experiments and academic training across the defense and intelligence sectors. Furthermore, the governments of different nations are investing in NaM for low-cost space missions such as geolocation, signal monitoring, and communications. Besides this, simplified designs and technological advancements, such as the integration of artificial intelligence (AI), robotics, and the Internet of Things (IoT), in satellites have enhanced their capabilities. Machine learning (ML) is also providing efficient communications and computing capabilities, improving spacecraft reliability and enhancing coordination within a mission. Moreover, the introduction of Very High Frequency (VHF), Ultra High Frequency (UHF), and visible transmission technologies, along with extensive research and development (R&D) activities, are providing a positive impact on the market. Looking forward, the market is expected to witness strong growth during the forecast period (2021-2026).
Market Summary:
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