Communication technology plays a vital role in almost all the industries for running their businesses over a large distance across the globe. Telecommunication is the most prominent sector, which is responsible for providing internet connectivity to support the transmission of data. There are various modes of transmitting the data from one location to another, such as copper wires, fiber cables, and radiofrequency communication. However, there are certain limitations of every technology that boosts the need for a fast, secure, flexible, and low-cost communication technology. Optical wireless communication is one of the latest communication technologies that utilize unguided visible, infrared (IR), or ultraviolet (UV) light for transmitting the signals.
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Astrocast, Planet Labs, Spire, Sky and Space Global, Kepler Communication, Space Development Agency, and Myriota are some of the key companies that have showcased huge business potential with nanosatellites. Technological advances in satellite manufacturing, such as 3D printing, onboard internet systems, micro propulsion systems, and autonomous operational capability, have enhanced the capability of nanosatellites, enabling their high adoption for space exploration.
Numerous nations are launching small satellite constellations to enable applications, including real-time Earth observation, navigation, tracking and monitoring, global internet coverage, and much more. The small satellite market is expected to foster the highest growth in the market owing to the development of small satellite constellations for varied applications such as navigation, provision of global wireless internet systems, and telecommunication. Numerous key players, such as SpaceX, Amazon Kuiper, Telesat, Trident Space, OneWeb, and Capella Space, are planning to launch satellites, which are cost-effective and have similar capabilities as those of the conventional satellites.
The market is mature in countries such as the U.S., China, and Japan. It is gaining popularity in countries such as Russia, India, the U.K., France, and Germany. Cheaper satellite launches, ride-share opportunities, and the evolution of small satellites are bolstering the commercial space payload market. The commercial space payload market is expected to generate huge revenues from the communication application segment, followed by Earth observation and technology development, among others. The rise is largely contributed by rapid growth in small satellites plans by various commercial and public key players such as SpaceX, Amazon, OneWeb, Telesat, Space Development Agency, NASA, Indian Space Research Organisation (ISRO), European Space Agency (ESA), and Japan Aerospace Exploration Agency (JAXA).
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Increased spending by government space organizations such as the Japan Aerospace Exploration Agency (JAXA), China Academy of Launch Vehicle Technology (CALT), National Aeronautics and Space Administration (NASA), European Space Agency (ESA), and Indian Space Research Organization (ISRO) in different space applications is expected to drive huge growth in the commercial space payload market during the forecast period.
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