The global nanosatellite and microsatellite market size to grow at a CAGR of 19.8%

NEW YORK, Jan. 14, 2020 /PRNewswire/ --

The global nanosatellite and microsatellite market size to grow at a CAGR of 19.8% during the forecast period

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The global nanosatellite and microsatellite market size is expected to grow from USD 1.5 billion in 2019 to USD 3.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period. The satellites are used for several applications, such as communication, earth observation and remote sensing, scientific research, biological experiments, academic training, reconnaissance, and various other applications by the defense, intelligence, civil, commercial, and/or government users. Continuous advancements in the miniaturization of technologies, such as electronics; low-mission costs; and the increasing use of satellite constellations are major drivers of the market. .

Hardware segment to lead the nanosatellite and microsatellite market in 2019
Hardware is the core of nanosatellites and microsatellites, which are readily available with vendors for easy integration and plug-and-play processes.These hardware contribute to the complete mass of the satellites and based on the weight of these hardware; small satellites are categorized as nanosatellites or microsatellites.

The hardware segment includes subsystems, such as payloads, structures, telecommunications, on-board computers, power systems, attitude control systems, and propulsion systems. The growth in this segment is significant with a number of players offering low-cost hardware and manufacturing services.

Earth observation and remote sensing segment to lead the nanosatellite and microsatellite market in 2019
Nanosatellites and microsatellites have brought novel opportunities for earth observation and remote sensing using inexpensive small satellites to capture images of the earth and gather specific data.Nanosatellites and microsatellites are expected to play a major role in remote sensing missions due to their enhanced computational and communication capabilities, along with competencies in taking decisions about the time and data to be shared.

Successful programs to develop and examine advanced hyperspectral imaging systems compatible with nanosatellite and microsatellite missions enable small satellites to generate high-quality complex images.

North America to lead the nanosatellite and microsatellite market in 2019
North America leads in the adoption of nanosatellites and microsatellites and provides great opportunities for growth of the overall market.The region has always been an early adopter of new technology or software, and the North American market grows at a faster rate initially as compared to any other region.

The demand for nanosatellites and microsatellites in North America is being driven by the booming digitalization across industries along with a surging demand for earth observation satellites, which offer extremely high resolution earth images and videos, as close as 1 meter or less, of the earth's surface.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the nanosatellite and microsatellite market.

The following list provides the breakup of primary respondents' profiles:
-- By Company Type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
-- By Designation: C level Executives: 35%, Director Level: 25%, and Others: 40%
-- By Region: North America: 45%, Europe: 20%, Asia Pacific (APAC): 30%, and Rest of the World: 5%

Major vendors in the global nanosatellite and microsatellite market include GomSpace (Denmark), Lockheed Martin (US), L3Harris (US), Sierra Nevada Corporation (US), AAC Clyde Space (Scotland), Planet Labs (US), Tyvak (US), NanoAvionics (US), Innovative Solutions In Space (Netherlands), SpaceQuest (US), Raytheon (US), RUAG (Switzerland), Surrey Satellite Technology Limited (England), Dauria Aerospace (Russia), Axelspace Corporation (Japan), Sky and Space Global (UK), Kepler (Canada), GAUSS' (Italy), SpaceWorks Enterprises (US), and Berlin Space Technologies (Germany).

Research coverage:
The report includes an in-depth competitive analysis of key players in the nanosatellite and microsatellite market, along with their company profiles, recent developments, and key market strategies. The report segments the global nanosatellite and microsatellite market by component, type, application, vertical, and region.

Key benefits of buying the report:
The report would provide market leaders/new entrants in the nanosatellite and microsatellite market, with information on the closest approximations of the revenue numbers for the overall nanosatellite and microsatellite market and subsegments.The report would help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.

It further helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.

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