Press release
Nanosatellite and Microsatellite Market Anticipated to Generate a Revenue of $7660 million at a CAGR of 22.40%
Nanosatellite and Microsatellite
According to the report, the global nanosatellite and microsatellite market is expected to garner a revenue of $7660 million at a 22.40% during the forecast period.
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Regional Analysis
North America is expected to dominate the market with the highest shares. The main reason being the presence of established space organizations such as SpaceX and NASA in this region. The Asia-Pacific region is predicted to be the fastest growing because of the development of network infrastructure and increasing R&D activities.
Key Segment of the Market
The report has divided the market into different segments based on component, application, end-user, and regional analysis.
• By component, hardware segment will be the most lucrative. This is because hardware is the core of mini satellites and is easily available.
• By application, the earth observation & remote sensing segment is expected to be the most profitable till 2027. The enhanced parallel computing and communication functionality along with the ability to take decisions regarding time and data is expected to enhance the growth of the segment in upcoming years.
• By end-user, the commercial segment is estimated to earn the highest share. This is because of the use of nanosatellite and microsatellites for complicated space missions such as navigation, marine, space & earth observation, and others.
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Market Dynamics
Advanced space technology is going to be the major growth driver of the global nanosatellite and microsatellite market. National Aeronautics and Space Administration's CubeSat Launch Initiative (CSLI) has recently launched the inexpensive variants of the nanosatellite and microsatellite. Because of the low cost of production compared to large satellites, many organizations are investing in nanosatellite and microsatellites for commercial use. These are the factors fueling the growth of the global nanosatellite and microsatellite market.
The lack of dedicated launch vehicles for launching mini satellites into space will hamper the global market during the forecast period.
Development of the communication industry along with huge adoption of Internet of Things (IoT) is estimated to facilitate growth opportunities for the global industry in upcoming years.
Key Players of the Market
1 Gom Space
2 Lockheed Martin Corp.
3 L3Harris Technologies
4 Sierra Nevada Corp.
5 AAC Clyde Space
6 Planet Labs Inc.
7 Tyvak Nano-Satellite Systems
8 AST & Science LLC
9 Innovative Solutions In Space
10 Space Quest Ltd.
The report also summarizes other important aspects including financial performance, product portfolio, SWOT analysis, and recent strategic moves and developments of the leading players.
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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