The report indicates that the global nano and microsatellite market will grow at CAGR of 22.87% and 25.48%, in terms of revenue and number of satellites, respectively, during the period 2014-2019.
Nanosatellite and microsatellite are miniaturized satellites in terms of size and weight. The terms nanosatellite and microsatellite refer to satellites in the range of 1-10 Kg and 10-100 kg, respectively. These are the fastest growing segments in the satellite industry. 'CubeSat' is one of the most popular type of miniaturized satellites.
Increased demand propels the growth of the market in APAC, the Americas, and EMEA, which are expected to grow at CAGR of 29.67%, 26.12%, and 13.40%, respectively. In 2014, the market was led by EMEA with a 40.31% share of the market, followed by the Americas and APAC with shares of 34.04% and 25.65%, respectively.
The growing utilization of miniaturized satellites for military and defense applications has been one of the contributors to the growth of the market. The military needs more data bandwidth and reliable communications infrastructure for its UAVs, which can be fulfilled using constellations of nano and microsatellites. There has also been increased demand from commercial applications such as GPS services and Internet. One of the major advantages of nano and microsatellites is the low cost of building and operating these satellites.
In addition, the report discusses the major drivers that influence the growth of the global nano and microsatellite market. It also outlines the challenges faced by the vendors and the market at large, as well as the key trends that are emerging in the market.
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