Research and Markets has announced the addition of the "Nanosatellite and Microsatellite Market - Worldwide Market Forecast (2014 - 2019)" report to their offering.
Over the past decade, rapid advancement in miniaturization of space technology have made nanosatellite and microsatellite economically and potentially more viable for widespread usage in commercial, civil, government, and military purposes. The cost effectiveness and the highly useful nature of these hi-tech space missions have been attracting new entrants in space programs to develop their expertise in space technology.
Various commercial as well as private ventures have started investing in this constantly expanding and diversifying space programs to capitalize on the opportunities presented through these low-cost small satellite missions related to communication, earth-observation, remote-sensing, and many others. The increasing capabilities of nanosatellite and microsatellite through integration of latest, hi-tech, and commercial-off-the-shelf electronic circuits is going to further boost the demand of such satellites at a rapid pace in the coming years.
Continual reduction in the cost of such satellites, increasing demand, increase in number of application areas, growth in investments from Silicon Valley, and superior mission launches are expected to remain the major drivers behind increased traction of the nanosatellite and microsatellite market. The notable players in this domain are Lockheed Martin, Northrop Gruman, Raytheon, Surrey Satellite Technologies, Sierra Nevada Corp, Clyde Space, and Planet Labs. These players along with the others present in the market are expected to make a big impact in this rapidly growing market place in the next 5 years.