Nanosatellite Industry, Business Development Analysis and Future Challenges by 2024
- 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. This is a major factor for space agencies to be more attracted in developing launch boosters which are custom-made to the needs of nanosatellites. Growing investments from developed countries along with advanced satellite launches are the major factors driving the nanosatellite market.
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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.
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.
Nanosatellites have helped the IT businesses to progress in analytics by using high resolution real time images. The growing abilities of nanosatellite market with the addition of advanced, modern and commercial electronic circuits is expected to further enhance the industry demand. The industry is currently witnessing positive investments in R&D from private companies in Silicon Valley as well as government administrations. Emergence of several new players has showed the mounting potential possessed by the nanosatellite market. These participants are keen to advance their proficiency in space technology.
Speedy industrial developments globally are damaging the environment leading to global warming. It has been observed that the Asian countries are more prone to natural disasters such as landslide, earthquake and tsunami. Integrated small satellites comprising of around 9-10 nanosatellites can be deployed over the region highly prone to these disasters for round the clock monitoring to issue warnings.
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.
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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