The global nano satellite market size is expected to reach USD 1,336.9 Million in 2030 and register a revenue CAGR of 20.4% over the forecast period, according to the latest report by Emergen Research. Rise in demand for Earth observation related applications and increasing number of aeronautics, communications, and satellite development companies are factors driving global nano satellite market revenue growth.
Nano satellites are miniaturized artificial satellites that weigh less than 10kgs. Nano satellites are more convenient and take less time to build than conventional satellites owing to their smaller size. Nano satellites are launched at lower altitudes, and cost of launching is also relatively lower. These devices travel at high speed and circle the Earth in a polar orbit. Nano satellites are used for purposes such as remote sensing, land observation, and communication, among others.
Some key highlights from the report:
In December 2021, Redwire Corporation announced a three-year supplier agreement with Terran Orbital, a global leader and pioneer in the development, innovation and operation of small and nano satellites and Earth observation solutions. With this agreement, Redwire Corporation will deliver a wide range of advanced components and solutions to Terran Orbital, which will be used in small and nano satellite manufacturing and service offerings.
Earth observation and remote sensing segment accounted for significantly large revenue share in 2020 owing to ability of these satellites to gather information over large areas, which will help to characterize natural features or physical objects on the ground.
Government segment accounted for moderate revenue share in 2020 and is expected to register a rapid growth rate during the forecast period. Governments of various countries across the globe use real-time data collected from nano satellites for various operations such as scientific research, biological experiments, and others.
COVID-19 impact analysis:
This report is the latest document encompassing the massive changes that took place in the Nano Satellite market following the emergence of the COVID-19 pandemic. The pandemic has drastically affected the global economic landscape, thereby disrupting the operating mechanism of the Nano Satellite market. The severe global crisis has prompted organizations to efficiently respond to the rapidly shifting business environment. Therefore, the report fully covers the profound impact of COVID-19 on this industry, with a special focus on the affected industry segments. However, the market is expected to regain momentum in the post-COVID-19 era. The report also offers an initial and future impact assessment of the pandemic on the Nano Satellite industry.
Hence, the vital COVID-19 insights offered by the report are expected to help organizations manage their businesses effectively in extreme economic uncertainties. EIN Newswire