The worldwide nanosatellite market is poised to accrue significant gains in the near future, due to the gradual cost reduction, rising product applications, and growing demand for nanosatellites. Considering the hefty costs associated with production and development of large satellites, introduction of nanosatellites stands as an ideal alternative, suitable for serving the innate needs of vivid sectors. in this regard, it is essential to mention that the cost of launch of nanosatellites is over 10 times lower than that of larger satellites, as they are launched together on a single vehicle. This accounts to its major prominence in space agencies.
Global Market Insights, Inc., predicts that the worldwide nanosatellite market size would oust the current market statistics over the period of 2020 to 2026, primarily due to the rising investments coming in from developed economies in conjugation with advanced satellites launches. Some of the growth trends are mentioned below:
Enhancing technological advancements across the United States
Nanosatellites have been gaining much required attention across various economies including the United States and India, due to the product’s rising significance in offering numerous cost-effective solutions to the country’s economy by helping them move toward the anticipated goals.
In fact, the United States has emerged as the largest contributor to the thriving nanosatellite industry given the rising technological developments in space research and presence of leading space agencies and universities. In addition to this, favorable government regulations and norms, allowing the space agencies to develop and construct such systems with lower risks would further augment the regional market share.
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Helpful tracking tool for fishermen and farmers
Nanosatellites have been finding major applications in biological experiments, communication, agriculture, navigation and mapping, education, scientific research, exploration, and earth observation. These satellites are of immense help to the fishermen to keep track of crops, detect natural disasters, identify catches, and make other related mapping activities. In line with these, nanosatellites also play an integral role in offering smart and affordable solutions to the farmers via the product’s deployment at areas where the agricultural production is located in remote regions and soil is enriched with constituents.
Nanosatellites’ significance in expanding the IT industry
Let alone supporting the day to day activities of farmers and fishers, nanosatellites have also held a strong dominance across the robust IT industry, in order to boost the progress in analytics by making use of high-resolution real-time images. The improving abilities of nanosatellite market with the addition of modern, advanced, and commercial electronic circuits would further escalate the industry demand in the years to follow.
The billion dollar IT industry is currently witnessing a plethora of positive investments in R&D from vivid private companies in Silicon Valley as well as government managements; a trend which is anticipated to offer a lucrative growth opportunity for the industry players to advance the proficiency in space technology.
Massive developments by various industry behemoths
The nanosatellite industry is highly fragmented and boasts of the presence of well-known industry conglomerates and majors that have been relentlessly working towards developing highly advanced and well-equipped products to launch in the global market space.
In a recent turn of events, NASA has been reported to launch a nanosatellite-Indian Sat developed by three students from Tamil Nadu’s Karur district. Touted to stand as a groundbreaking invention, Indian Sat is presumed to be the world’s lightest and smallest satellite, crafted with reinforced graphene polymer. Elaborating further, the satellite is equipped with its own solar cell to generate power, and its own radio frequency to end and receive data to and fro, between Earth and the outer space. Such initiatives align with the constantly evolving business sphere of the nanosatellites market.
