DUBLIN, November 7, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Global Nano and Microsatellite Market 2016-2020" report to their offering.
The global nano and microsatellite market to grow at a CAGR of 22.95% during the period 2016-2020. The report covers the present scenario and the growth prospects of the global nano and microsatellite market for 2016-2020. To calculate the market size, the report presents the market landscape and a corresponding detailed analysis of the five major vendors operating in the market. Miniaturization has been one of the major trends in almost every sector, and microsatellites are no exception. Making radar cameras smaller, which conventionally weigh 110-440 pounds, will result in an overall reduction in weight of the satellites. A team of researchers at NTU developed a new technology which can be directed toward miniaturization of radar cameras and can be implemented in microsatellites. With the new technology, radar cameras can be made small enough to fit in the palm of the human hand. According to the report, one of the key drivers for market growth will be cost-effective solution as compared to bigger satellites. One of the advantages of the nano and microsatellites in comparison to the conventional large satellites is their financial viability with respect to the manufacturing and launching procedures. Thus, a constellation of such satellites can be utilized to provide low-cost solutions. However, the use of large satellites for the same purpose would otherwise cost tens of millions of dollars. The cost to build a nano or microsatellite is almost negligible in comparison to the traditional large-scale satellite. These nano and microsatellites mostly use the hardware and software already developed and mainly used by the tech industry.