Press release
Nanosatellite and Microsatellite Market Size, Growth, Analysis, Forecast 2022
Nanosatellite and Microsatellite
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The nanosatellite and microsatellite market is projected to grow from USD 1.21 billion in 2017 to USD 3.49 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period. Factors such as the high demand for miniature satellites in Earth observation applications, low manufacturing cost of miniature satellites, and increased investments in nanosatellite and microsatellite technologies are expected to drive the growth of the market. The implementation of stringent regulations pertaining to the increasing number of satellites being launched can restrain the growth of the market.
Based on component, the service segment is estimated to be the largest segment of the nanosatellite and microsatellite market in 2017.Servicesoffered by companies in the market include planning and satellite design, mission management, engineering services, science services, testing, support, and all such services needed for the efficient operation of nanosatellites and microsatellites. The growth of the services segment can be primarily attributed to the high demand for vendors of nanosatellites and microsatellites that provide support services, in addition to developing and designing miniature satellites.
The Earth observation and remote sensing segment is estimated to be the largest segment of the nanosatellite and microsatellite market in 2017.The high mobility of nanosatellites and microsatellites, due to their compactness, makes them ideal to forecast disasters with no delay in reporting time and track various weather-related phenomena, such as hurricanes, lightning, polar lights, or natural catastrophes.
Based on vertical, the commercial segment of the nanosatellite and microsatellite market is expected to witness the highest growth in the coming years. Companies operational in the commercial vertical can gather real-time data and distribute it across a wide geographic area to their clients with the help of miniature satellites. Civil, government, and defense are other key verticals wherein nanosatellites and microsatellites are widely used.
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Key Points From Table Of Content :
Company Profiles :
(Business Overview, Product Offerings & Business Strategies, Key Insights, Recent Developments, MnM View)*
• Ruag Group
• Clyde Space, Inc.
• GS Sweden AB (Gomspace)
• Sierra Nevada Corporation
• Tyvak Inc.
• Lockheed Martin Corporation
• Raytheon Company
• Planet Labs, Inc.
• Innovative Solutions in Space
• Spacequest Ltd.
Key Innovators:
• Sky and Space Global Ltd.
• Kepler Communication, Inc.
• Else SA
• Axelspace Corporation
• Dauria Aerospace
Research Coverage :
The nanosatellite and microsatellite market has been segmented based on component, mass, application, vertical, and region. Based on component, the nanosatellite and microsatellite market has been segmented into hardware, software and data processing, service, and launch service. Based on mass, the market has been segmented into 1kg-10kg (nanosatellite) and 11kg-100kg (microsatellite). Based on application, the nanosatellite and microsatellite market has been segmented into communication, Earth observation and remote sensing, scientific research, biological experiment, technology demonstration and verification, academic training, mapping and navigation, and reconnaissance. Based on vertical, the nanosatellite and microsatellite market has been segmented into government, civil, commercial, defense, energy & infrastructure, and maritime & transportation. Based on region, the nanosatellite and microsatellite market has been segmented in to North America, Europe, APAC and RoW (the Middle East & Africa and Latin America).
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