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(Wireless-NewsWire.Com, April 12, 2017 ) The report "Nanosatellite and Microsatellite Market by Solution (Hardware, Software and Data Processing, Services, and Launch Services), by Mass (1KG – 10 KG and 11KG – 100KG), by Application, Vertical and Region - Global Forecast to 2020", The nanosatellite and microsatellite market size is estimated to grow from USD 889.8 Million in 2015 to USD 2.52 Billion by 2020, at an estimated compound annual growth rate of (CAGR) of 23.20% from 2015 to 2020.
Browse more than 61 market data tables with 41 figures spread through 134 pages and in-depth TOC on "Nanosatellite and Microsatellite Market - Global Forecast to 2020"
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Nanosatellites and microsatellites are miniaturized, low-cost satellites designed for commercial, communication, and space research purposes. Continual reduction in the cost of nanosatellites and microsatellites, increasing demand across verticals, increase in number of application areas, and growth in investments from Silicon Valley are expected to remain the major drivers behind the increased traction of the nanosatellite and microsatellite market.
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The Earth Observation and Remote Sensing application market is expected to grow with the highest CAGR during the forecast period
The continuous increasing demand for hyper-spectral imaging system and enhanced computational and communication system are driving the Earth observation and remote sensing application market to become fastest-growing market during the forecast period. Moreover, due to the reduced cost and much efficient performance of cubeSats, the adoption of nanosatellite (1kg- 10kg) is increasing in defense and education and training sectors. Mapping and navigations are one of the applications using nanosatellites and microsatellites significantly for precise tracking and spotting.
The North America region is the leading nanosatellite and microsatellite market
North America is expected to have the largest market size in the nanosatellite and microsatellite market mainly due to the presence of large space organizations and private companies who specializes in cutting edge satellite technologies. This growth is further fostered by growing importance of educational experiments in the region. North America is expected to have the largest market share, however Middle East and Africa (MEA) will grow
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The major vendors in the nanosatellite and microsatellite market include Lockheed Martin, RUAG Space, Raytheon, Clyde Space, Planet Labs, Skybox Imaging, and others. A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, and recent developments associated with the nanosatellite and microsatellite market.
The report defines and segments the global nanosatellite and microsatellite market on the basis of solution, mass, application, vertical, and region along with providing an in-depth analysis and market size estimations. The services is expected to contribute the largest market share where as software and data processing solution will play a key role in changing the nanosatellite and microsatellite landscape during the forecast period.
Furthermore, commercial vertical is expected to contribute the largest market share in nanosatellite and microsatellite market. Verticals such as Energy and infrastructure, defense, and maritime and transportation will be key growing verticals during the forecast period. The report also covers the total nanosatellite and microsatellite market by geographic regions.
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