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Nanosatellite and Microsatellite Market: Segmented: By Component (Hardware, Software & Data Processing and Launch Services); By Type (Nanosatellite and Microsatellite); By Application (Communication & Navigation, Earth Observation & Remote Sensing and Scientific Research); By End-users (Government, Defense & Security, Commercial and Civil); and Region - Analysis of Market Size, Shares & Trends for 2016-2019 and Forecasts to 2030
Nanosatellite and microsatellite markets are anticipated to exceed USD 4,875 million by 2030 from USD 1,540 million in 2019 at a CAGR of 21.75% throughout the forecast period i.e. 2020-2030.
Nanosatellites and microsatellites are affordable satellites devised for industrial, communication, armed forces, and space study. There is a remarkable development in the launch of nano and microsatellites in the past few decades. The latest advancements in small-satellite technology have modified the mode of contact and research place. The satellites are employed for numerous purposes, such as communication, earth observation, remote sensing, scientific research, biological experiments, academic training, exploration, and various other uses by the defense, intelligence, civil, commercial, and/or government. Consistent innovations in the contraction of technologies, such as electronics, low-emission costs, and the rising utility of satellite constellations, are major drivers of the product.
Nanosatellite and microsatellite markets is expected to project a CAGR of 21.75% during the forecast period, 2020-2030
The market is anticipated to grow on the back of rising demand for LEO-based services. Government provision is a major aspect of inspiring organizations to introduce nanosatellites and microsatellites for communicating and navigating earth surveillance, and remote detecting appliances. Governments around the globe are evolving ways to utilize the data attained from such satellites in a more effective means for the public sector. For instance, the UK Space Agency’s Space for Smarter Government Program (SSGP) enables branches to allocate knowledge, data, and services associated with nanosatellites and microsatellites and also the data extracted from these satellites.
The Hardware segment to grow with the fastest CAGR of xx% from 2020-to 2030
Global nanosatellite and microsatellite markets are segmented by Component into Hardware, Software & Data Processing, and Launch Services. Among these, the hardware segment is estimated to hold the largest market share of xx% in 2019. Nanosatellites are more inexpensive to shape and launch in space than traditional satellites. Furthermore, they offer a cost-efficient stage for training and study, especially for regions where huge investments in space organization can hamper satellite building and launch. Continuous advancements and technological innovations, such as the shrinking of electronics, are anticipated to accelerate the commercial sector substantially, disturbing the percentage of nanosatellite launches in the coming decades.
The Earth Observation & Remote Sensing segment to boost at the fastest CAGR of xx% during 2020-2030
Global nanosatellite and microsatellite markets are segmented by Application into Communication & Navigation, Earth Observation & Remote Sensing, and Scientific Research. Among these, the earth observation & remote sensing segment is witnessed to hold the largest market share of xx% in the year 2019. Nanosatellites and microsatellites have fetched innovative prospects for earth observation and remote sensing using cheap small satellites to take images of the earth to collect particular information. Nanosatellites and microsatellites are projected to have a significant role in remote sensing operations due to their improved calculation and communication skills, along with their abilities in making conclusions about the time and data to be shared.
The Commercial segment to grow with the fastest CAGR of xx% from 2020-to 2030
The global market for nanosatellites and microsatellites is divided on the basis of end-users into Government, Defense & Security, Commercial, and Civil. Among these, the commercial segment accounted for the largest market share of xx% in 2019. The geospatial technology utilizing earth-imaging small satellites for agriculture, education, intelligence navigation, mapping, and other usages, has pushed the commercial segment in the past years. Nanosatellites or microsatellites assist commercial organizations to collect worldwide real-time information and allocate the same at lower costs to customers around a wide geographical area. Nanosatellites and microsatellites are used for commercial reasons, such as communication, in the form of voice, data, and videos, internet communication, and video chat.
Rising Demand for LEO-based Services
The demand for LEO-based amenities, accessibility of finance, high-speed broadband, the progress of governments in developed regions, and the demand for low-cost broadband among individual customers in less evolved regions is pushing the market of nanosatellites and microsatellites.
Increasing Need for Earth Observation Related Application
Earth observation amenities mainly shell the checking of agricultural arenas, finding of climatic variations, disaster alleviation, meteorology, and numerous other resources. The prerequisite of high-resolution Earth imaging has fueled up the accurate supervision of land, water, and forest resources. Organizations are aiming at the dynamic utilization of satellite images to study the effect of Covid-19 on air quality and atmosphere. The use of space-based responses is ascertaining tremendously valuable for disaster premonition as well as post-disaster management.
Limited Reach to Space
Present possibilities for small satellite take-offs are limited as small satellites are usually either used as secondary payloads on rockets taking-off large satellites or transporting freight to the International Space Station (ISS). These alternatives inflict limitations in terms of the incorporation and take-off schedules, track destinations, and loss of suppleness subject to subsystems in small satellites
Increasing Capital and Funding for Satellite Manufacturing and Launch
As per NASA, the entire task obliges a high amount of take-off small satellites into the Earth’s circuit. The failure to acquire capital from investors could probably postpone or cancel satellite agendas. Numerous new satellite startups find it challenging to increase the required capital for their space mission. Uncertainty in worldwide financial markets during Covid-19 creates mixed outcomes for funding in the satellite amenities sector business.
North America to surge at the highest CAGR of xx% during 2020-2030
Region-wise, the market for nanosatellites and microsatellites across the globe is segmented into North America, Latin America, Europe, Middle East & Africa, and the Asia Pacific. Among these, North America is witnessed to constitute xx% of the total market share in the year 2019. The country leads in the implementation of nanosatellites and microsatellites and proposes great opportunities for the overall growth of the nanosatellite and microsatellite market. North America has always been an early user of advanced technology or software, and the North American market surges at a faster rate initially as compared to any other region. The demand for nanosatellites and microsatellites in North America is being pushed by the thriving digitalization across industries along with the rising demand for earth observation satellites.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Nanosatellite and Microsatellite Market size was estimated at USD 1,540 million in 2021 and is expected to reach USD 4,875 million by 2030
Sierra Nevada Corporation, Surrey Satellite Technology Ltd., Planet Labs, Dauria Aerospace, Lockheed Martin, Space Works Enterprise, Berlin Space Technologies, Spiral Global, Axelspace Corporation and Innovative Solutions in Space
The Hardware segment and The Earth Observation & Remote Sensing segment are anticipated to hold the Nanosatellite and Microsatellite Market
Drivers Rising Demand for LEO-based Services and Increasing Need for Earth Observation Related Application
Nanosatellites and microsatellites are affordable satellites devised for industrial, communication, armed forces, and space study. There is a remarkable development in the launch of nano and microsatellites since the past few decades.
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