The first attempt at engaging in earth observation dates back to the year 1957, when the satellite Sputnik1 was launched. Sputnik1 was developed by the Soviet Union and communicated signals which were received on Earth. Since then, a number of satellites have been developed and launched by leading countries such as the U.S., Canada, France, the U.K., Japan, and India with improved resolutions, a wider range of applications, and more advanced technologies.
The aerospace industry has witnessed several initiatives from government organizations and leading private companies for the development of critical technologies such as remote sensing, communication, and global positioning satellites. These have leveraged the growth of the space propulsion system market.
Erstwhile space launch missions were primarily restricted to countries such as the U.S. and Russia. However, with the increasing demand for small satellite constellations for remote sensing and communication in developing nations, government as well as private institutes are developing technical expertise, launch vehicles, and other required facilities to launch these operations. With more than 3,000 small satellites (such as nano, pico, and micro) launches planned, the space industry is at the crescent of a revolution.
Over the years the global space economy has been growing at a robust pace owing to the rise in demand for satellite-based connectivity for applications such as remote sensing, navigation, earth observation, and communication, among others. As per Federal Aviation Administration (FAA), 76% revenue of the global space economy constituted of services, such as broadband communications, ground equipment manufacturing & sales, remote sensing, and television and launch services. The remaining 24% is associated with government space program and commercial human spaceflight.
Machine to Machine or commonly known as M2M and Internet of Things (IoT) are two associated technologies which emerged with the increased use of advanced technologies to establish a secure connection with remote devices and reduce manual intervention. M2M and IoT technology further enable the acquisition of information from a number of scattered satellites and other technologies connected to these remote devices. Where, M2M technology provides point-to-point information from remote devices and IoT gathers massive amount of data from different points and process it into suitable information. Over the years satellites have played a pivotal role in connecting remote devices and integrating the information gathered from them. The information gathered is further used for various applications such as telecommunications, weather forecasts, scientific research, navigation, entertainment and system connectivity & communications in aerospace and defense industry.
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Over the past few years, the advancement in the technology has also led the development of the portable weapons. Portable weapons are the small and light weapons, which are gaining immense popularity on the global scale owing to their advantages such as ease of operation, cost-effective, and durable. According to the latest market intelligence report by BIS Research titled, ‘Global Light Weapons Market-Analysis and Forecast (2017-2021),’ the market accounted a value of $10.21 billion in the year 2016, with military end-user holding the highest share. Further, it is expected that the demands for light weapons will increase from 2017-2021, owing to the increase in the terrorist incidents, rising instability in Middle-East and Africa, and military modernization program, among others.
The proliferation of threats in the undersea environment has created a paradigm shift towards the adoption of advanced undersea warfare systems. The major advantage of this system is that it strengthens a country’s naval power. The undersea warfare market has witnessed a rapid increase in research and development activities in the past few years. According to the market intelligence report by BIS Research titled, ’Global Undersea Warfare Systems Market-Analysis and Forecast (2017-2021),’ the market is expected to reach over $11.4 billion by the end of 2021, registering a CAGR of 6.6% during the forecast period of 2017-2021. This tremendous growth is attributed to the rising defense spending to strengthen the country’s military capabilities for countering any type of attacks, including the threats from underwater attacks. However, the most prominent factor escalating the growth of the market is growing numbers of maritime border disputes. These conflicts are mostly due to strife pertaining to offshore resources ownership and trade claims.