Dublin, Oct. 13, 2022 (GLOBE NEWSWIRE) -- The "Global Nanosatellite and Microsatellite Market by Component (Hardware, Software), Application, Type (Nanosatellite, Microsatellite), Organization Size, Vertical (Government, Civil, Commercial), Orbit, Frequency and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
Global nanosatellite and microsatellite Market size is expected to grow USD 2.8 billion in 2022 to USD 6.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 19.3% during the forecast period.
By Organization Size, the Large Enterprises segment have the highest market share during the forecast period
Organizations with more than 1,000 employees are considered large enterprises. The adoption of nanosatellites and microsatellites among large enterprises is expected to increase in the coming years.
With advancements in miniaturized technology, these satellites are useful for high precision and complex space missions such as remote-sensing and navigation, maritime and transport management, space and earth observations, disaster management, military intelligence, telecommunication, and other academic purposes.
Constant innovation and technological advances in miniaturizations of electronics are expected to boost the growth of large enterprises significantly in the proportion of nanosatellite launches.
By Application, the Earth Observation and Remote Sensing segment to hold the larger market size during the forecast period
Earth observation and remote sensing refer to the acquisition of data related to the physical characteristics of Earth without making actual contact. It allows the study of various features of Earth.
Some of the factors that are expected to fuel the growth of Earth observation and remote sensing applications are significant advancements in geospatial imagery analytics with the introduction of AI and big data, privatization of the space industry, and the growth of cloud computing.
Nanosatellites and Microsatellites have created new possibilities for Earth observation and remote sensing, which makes use of low-cost miniature satellites to capture images of the Earth and collect data. Due to their improved computing and communication capabilities, as well as proficiencies in making decisions about the time and data to be shared.
Small satellites can produce complex images of high quality because of the successful programs that develop and test new hyperspectral imaging systems that are compatible nanosatellite and microsatellite missions.
The current hyperspectral data analysis software applications allow for speedy processing, analysis, and interpretation of these images. They assist in keeping an eye on events like hurricanes, storms, floods fires, volcanic eruptions, earthquakes, landslides, oil slicks, environmental pollution, and accidents at factories and power plants.
By Vertical, the Commercial segment is expected to grow at the highest market share during the forecast period
Due to their quicker construction and ability to be launched for commercial use, small satellites are an attractive investment for private companies. The commercial sector has been driven by geospatial technology using earth imaging small satellites for agriculture, education, intelligence navigation, mapping, and other uses over the last decade.
Nanosatellites and microsatellite help commercial businesses to collect global real-time data and disseminate it to their clients across a vast geographic region for a remarkably low cost. Commercial uses for nanosatellites and microsatellites include voice, data, videos, internet, communication, and conferencing.
Premium Insights
- Rising Technological Advancements to Drive Market
- Large Enterprises to Lead Market During Forecast Period
- Space Services Segment and Us to Account for High Market Shares in North America in 2022
- Hardware and China to Account for High Market Shares in Asia-Pacific in 2022
- UK to Grow at Highest CAGR During Forecast Period
Market Dynamics
Drivers
- Proliferation of Leo-Based Services to Connect Remote Regions
- Rapid Escalation of Production and Launch of Small Satellites to Revolutionize Space Industry
- Rising Demand for Earth Observation-Related Applications
- Development of Satellite Networks to Provide Internet Access to Remote Areas
- Increasing Demand for Cubesats
Restraints
- Limited Access to Space
- Stringent Government Regulations
Opportunities
- Rise in Demand for Satellite Imagery from Non-Governmental Players
- Increase in Number of Application Areas
- Increase in Space Exploration Missions
- Growing Technological Advancements to Transform Space Exploration
- Use of Flexible Software-Defined Technology to Alter Space Missions
- Technological Advancements in Antennas, Ground Stations, and Other Areas
Challenges
- Raising Capital and Funding Satellite Manufacturing
- Concerns Related to Space Debris
Technology Analysis
- Artificial Intelligence
- Internet of Things
- Dynamic Spectrum Access Technologies
- Ultra-High Frequency
- Very High Frequency
Use Cases
- Case Study 1: Race(Rendezvous Autonomous Cubesats Experiment), is Esa's Latest In-Orbit Demonstration Cubesat Mission
- Case Study 2: Blink Gets a Space Lift
Company Profiles
Key Players
- Gomspace
- Lockheed Martin
- L3Harris
- Sierra Nevada Corporation
- Aac Clyde Space
- Planet Labs
- Surrey Satellite Technology
- Northrop Grumman
- Ohb Se
- Tyvak
- Raytheon Intelligence & Space
- Pumpkin
- Beyond Gravity
- Millennium Space Systems
- Exolaunch
- Nanoavionics
- Gauss
- Axelspace
- Spire Global
Startup and Smes
- C3S
- Swarm
- Alen Space
- Dauria Aerospace
- Satlantis
- Dhruva Space
- Astrocast
- Kepler Aerospace
For more information about this report visit https://www.researchandmarkets.com/r/bwboys
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