Global Nanosatellite and Microsatellite Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global Nanosatellite and Microsatellite Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global nanosatellite and microsatellite market report has been segmented on the basis of component, mass, application, vertical, and region.
Global Nanosatellite and Microsatellite Market: Overview
A satellite is an equipment or object which is sent to space that moves around the planet to collect the information. Mostly, the nanosatellite and microsatellite is used for communication purposes, space research, and earth observation. The application of nanosatellites and microsatellites is seen in military, defense sector and also for commercial purpose. These satellites are smaller in size, inexpensive than larger satellites.
Global Nanosatellite and Microsatellite Market: Dynamics
Rising demand for small satellite in earth observation application, coupled with manufacturers are developing advance satellite at low cost are major factors driving growth of the target market in the next coming years. In addition, rapidly growing demand for research activities and increasing investments for space technologies are other factors expected to boost growth of the target market over the forecast period. Moreover, increasing R&D and development of small satellite is another factor expected to drive growth of the target market during the forecast period.
However, the government regulatory challenges for rising number of satellites being launched is further hampering growth of the target market in the near future.
Global Nanosatellite and Microsatellite Market: Segment Analysis
Among the application segments, the communication and navigation segment is expected to account for major revenue contribution in the global market. This can be attributed to increasing advanced technologies such as Over-The-Top (OTT) services and Internet Protocol Television (IPTV).
Among the vertical segments, the commercial segment is expected to dominate the global market over the forecast period. This is primarily due to nanosatellites and microsatellites used in the commercial sector for complex space missions and high precision such as navigation, maritime and transportation management, remote sensing, space and earth observation, military intelligence, telecommunication, disaster management, and other academic purposes.
Global Nanosatellite and Microsatellite Market: Regional Analysis
Market in North America accounted for significant revenue share of the global nanosatellite and microsatellite market in terms of revenue contribution. In addition, market in North America is expected to maintain its dominance over the forecast period. Presence of established space research agencies and universities, coupled with advance technologies especially in the US, are major factors expected to drive growth of market in the region over the forecast period.
Asia Pacific accounts for considerable revenue share contribution to the global market, owing to rising research and development activities are estimated to account the growth of the Asia Pacific market over the forecast period. The Asia Pacific nanosatellite and microsatellite market is projected to register comparatively faster growth in terms of revenue followed by the Europe, Latin America, and the Middle East & Africa respectively. The markets in Latin America and Middle East & Africa are expected to register moderate growth rate in the global nanosatellite and microsatellite market over the forecast period.
Global Nanosatellite and Microsatellite Market Segmentation:
Segmentation by Component:
- Data Processing
- Launch Services
Segmentation by Mass:
- 1 Kg – 10 Kg (Nanosatellites)
- 11 Kg – 100 Kg (Microsatellites)
Segmentation by Application:
- Navigation and Mapping
- Scientific Research
- Others (Technology Demonstration and Verification, Academic Training, Earth Observation and Remote Sensing)
Segmentation by Vertical:
- Energy and Infrastructure
- Maritime and Transportation
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Lockheed Martin Corporation
- Clyde Space, Inc.
- Planet Labs, Inc.
- RUAG Group
- Innovative Solutions In Space (ISIS) Group
- Sierra Nevada Corporation
- Skybox Imaging, Inc.
- SpaceQuest Ltd.
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