DUBLIN, October 28, 2022 /PRNewswire/ — 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” the report has been added to from ResearchAndMarkets.com offer.
Global Nanosatellite and Microsatellite Market Size Expected to Increase $2.8 billion in 2022 at $6.7 billion by 2027, at a compound annual growth rate (CAGR) of 19.3% over the forecast period.
By organization size, large enterprise segment holds 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 by large companies is expected to increase in the coming years.
Thanks to advances in miniaturized technology, these satellites are useful for complex and high-precision space missions such as remote sensing and navigation, maritime and transport management, space and earth observations, disaster management, military intelligence. , telecommunications and other academic purposes.
Constant innovation and technological advancements in the miniaturization of electronics are expected to drive the growth of large companies significantly in the proportion of nanosatellite launches.
By application, Earth Observation and Remote Sensing segment will hold the largest market size during the forecast period
Earth observation and remote sensing refer to the acquisition of data related to the physical characteristics of the Earth without actual contact. It allows the study of various characteristics of the Earth.
Some of the factors expected to fuel the growth of Earth observation and remote sensing applications are significant advances in geospatial imagery analysis with the introduction of AI and big data, privatization of industry space and the growth of cloud computing.
Nanosatellites and microsatellites have created new possibilities for Earth observation and remote sensing, which uses low-cost miniature satellites to capture images of the Earth and collect data. Due to their enhanced computer and communication skills, as well as their decision-making skills regarding time and data to be shared.
Small satellites can produce complex, high-quality images thanks to successful programs that develop and test new hyperspectral imaging systems compatible with nanosatellite and microsatellite missions.
Current hyperspectral data analysis software applications allow rapid processing, analysis and interpretation of these images. They help monitor events such as hurricanes, storms, floods, fires, volcanic eruptions, earthquakes, landslides, oil spills, environmental pollution and accidents in factories and power plants.
By vertical, business segment is expected to grow with the highest market share during the forecast period
Due to their faster construction and their ability to be launched for commercial purposes, small satellites are an attractive investment for private companies. The commercial sector has been boosted by geospatial technology using small earth-imaging satellites for agriculture, education, smart navigation, mapping and other uses over the past decade.
Nanosatellites and microsatellites help commercial companies collect real-time global data and broadcast it to their customers across a wide geographic region at a remarkably low cost. Commercial uses of nanosatellites and microsatellites include voice, data, video, internet, communication and conferencing.
- Growing technological advancements to drive the market
- Large companies will dominate the market during the forecast period
- The space services segment and us to account for high market shares in North America in 2022
- Material and China to hold high market shares in Asia Pacific in 2022
- UK is expected to grow at the highest CAGR over the forecast period
- Proliferation of Leo-based services to connect remote areas
- Rapid escalation of production and launch of small satellites to revolutionize the space industry
- Growing demand for Earth observation related applications
- Development of satellite networks to provide Internet access to remote areas
- Increase in demand for cubesats
- Limited access to space
- Strict government regulations
- Rise in demand for satellite imagery from non-governmental actors
- Increase in the number of application areas
- Increased Space Exploration Missions
- Growing technological advances to transform space exploration
- Using flexible software-defined technology to modify space missions
- Technological advances in antennas, ground stations and other areas
- Raising capital and financing the manufacture of satellites
- Space Debris Concerns
- Artificial intelligence
- internet of things
- Dynamic Spectrum Access Technologies
- Ultra-high frequency
- very high frequency
- Case Study 1: Race (Rendezvous Autonomous Cubesats Experience), is Esa’s latest in-orbit demonstration Cubesat mission
- Case Study 2: Blink Gets a Lift in Space
- Lockheed Martin
- Sierra Nevada Company
- AAC Clyde Space
- Planet Labs
- Surrey Satellite Technology
- Northrop Grumman
- Ohb Se
- Raytheon Intelligence & Space
- Beyond Gravity
- Millennium Space Systems
- world spire
Startups and SMEs
- Allen space
- Dauria Aerospace
- Dhruva space
- Kepler Aerospace
For more information about this report visit https://www.researchandmarkets.com/r/suxiig
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