(Wireless-NewsWire.Com, May 19, 2020 ) According to research report "Nanosatellite and Microsatellite Market by Component (Hardware, Software & Data Processing, Launch Services), Type (Nanosatellite and Microsatellite), Application, Vertical (Government, Defense, Civil), and Region - Global Forecast to 2024", The global nanosatellite and microsatellite market size is expected to grow from USD 1.5 billion in 2019 to USD 3.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period.
The satellites are used for several applications, such as communication, earth observation and remote sensing, scientific research, biological experiments, academic training, reconnaissance, and various other applications by the defense, intelligence, civil, commercial, and/or government users. Continuous advancements in the miniaturization of technologies, such as electronics; low-mission costs; and the increasing use of satellite constellations are major drivers of the market.
Browse 129 market data Tables and 29 Figures spread through 159 Pages and in-depth TOC on "Nanosatellite and Microsatellite Market - Global Forecast to 2024"
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=130496085
Earth observation and remote sensing to account for the largest market size during the forecast period
Nanosatellites and microsatellites have brought novel opportunities for earth observation and remote sensing using inexpensive small satellites to capture images of the earth and gather specific data. Nanosatellites and microsatellites are expected to play a major role in remote sensing missions due to their enhanced computational and communication capabilities, along with competencies in taking decisions about the time and data to be shared. Successful programs to develop and examine advanced hyperspectral imaging systems compatible with nanosatellite and microsatellite missions enable small satellites to generate high-quality complex images.
The commercial vertical to account for the largest market size during the forecast period
The geospatial technology using earth-imaging small satellites for agriculture, education, intelligence navigation, mapping, and other uses, has driven the commercial sector in the past decade. Nanosatellites or microsatellites help commercial companies gather global real-time data and distribute the same at lower prices to customers across a wide geographic area. Nanosatellites and microsatellites are used for commercial purposes, such as communication, in the form of voice, data, and videos, internet communication, and video chat. Between 2013 and 2017, almost half the nanosatellites were launched for military or civil missions and the remaining half for business purposes.
North America to account for the highest market share during the forecast period
North America accounts for the highest market share in the nanosatellite and microsatellite market. The country leads in the adoption of nanosatellites and microsatellites and offers great opportunities for the overall growth of the nanosatellite and microsatellite market. North America has always been an early adopter of a new technology or software, and the North American market grows at a faster rate initially as compared to any other region. The demand for nanosatellites and microsatellites in North America is being driven by the booming digitalization across industries along with a surging demand for earth observation satellites.
Speak to Our Expert Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=130496085
The major nanosatellite and microsatellite market vendors include GomSpace (Denmark), Lockheed Martin (US), L3Harris (US), Sierra Nevada Corporation (US), AAC Clyde Space (Scotland), Planet Labs (US), Tyvak (US), NanoAvionics (US), Innovative Solutions In Space (Netherlands), SpaceQuest (US), Raytheon (US), RUAG (Switzerland), Surrey Satellite Technology Limited (England), Dauria Aerospace (Russia), Axelspace Corporation (Japan), Sky and Space Global (UK), Kepler (Canada), GAUSS (Italy), SpaceWorks Enterprises (US), and Berlin Space Technologies (Germany).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra