Dublin, Jan. 10, 2020 (GLOBE NEWSWIRE) -- The "Nanosatellite and Microsatellite Market by Component (Hardware, Software & Data Processing, Launch Services), Type (Nanosatellite and Microsatellite), Application, Vertical (Government, Defense, Civil), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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 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.
This 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.
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.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Global Nanosatellite and Microsatellite Market
4.2 Global Market By Type and Region
4.3 Market By Region
4.4 Market Investment Scenario
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Demand for Leo-Based Services
5.2.1.2 Growing Focus on Reducing the Cost of Miniatures Satellite
5.2.1.3 Rising Demand for Earth Observation Related Application
5.2.2 Restraints
5.2.2.1 Limited Access to Space
5.2.2.2 Government Policies
5.2.3 Opportunities
5.2.3.1 Growth in the Demand for Satellite Imagery From Nongovernmental Players
5.2.3.2 Increase in the Number of Application Areas
5.2.4 Challenges
5.2.4.1 Raising Capital and Funding of Satellite Manufacturing and Launch
5.2.4.2 Concerns Related to Space Debris
5.3 Evolution of Nanosatellite and Microsatellite
5.4 Use Cases
5.4.1 Use Case: Hawkeye 360
5.4.2 Use Case: KTh Royal Institute of Technology
5.4.3 Use Case: European Firers Project
5.5 Impact of Disruptive Technologies
5.5.1 Artificial Intelligence
5.5.2 Internet of Things
6 Nanosatellite and Microsatellite Market By Component
6.1 Introduction
6.2 Hardware
6.2.1 Several Players Offering Low-Cost Hardware to Drive the Growth of This Segment
6.3 Software and Data Processing
6.3.1 Advanced Data Processing in Space for Monitoring Geology to Drive the Software and Data Processing Market
6.4 Space Services
6.4.1 Focus on Improving Business Opportunities and Reducing Expenses and Overheads Via Space Services
6.5 Launch Services
6.5.1 Demand for Specialized Vehicles for Specific Microsatellite and Nanosatellite Launching to Drive the Launch Services Industry
7 Nanosatellite and Microsatellite Market By Type
7.1 Introduction
7.2 Nanosatellite
7.2.1 Constant Innovations in the Miniaturization of Nanosatellites to Drive Its Adoption Among Verticals
7.3 Microsatellite
7.3.1 Ability of Microsatellites to Perform Complex Space Tasks With High Precision to Drive Their Adoption in the Future
8 Nanosatellite and Microsatellite Market By Application
8.1 Introduction
8.2 Communication
8.2.1 Communication-Related Missions to Offer Enhanced Quality Communication Systems in Future
8.3 Earth Observation and Remote Sensing
8.3.1 Compact Nature of Nanosatellites and Microsatellites Led to Efficient Earth Observation and Remote Sensing
8.4 Scientific Research
8.4.1 Endless Prospects in Space Research to Open Up With Evolving Nanosatellites and Microsatellites
8.5 Biological Experiments
8.5.1 Low Cost of Nanosatellites and Microsatellites to Increase the Overall Adoption for Experiments
8.6 Technology Demonstration and Verification
8.6.1 Nanosatellites and Microsatellites Offer a Cost-Effective Approach for Technology Demonstration and Verification Projects
8.7 Academic Training
8.7.1 Increasing Support From Government to Train Students in Small Satellite Development
8.8 Mapping and Navigation
8.8.1 Transportation and Marine Companies to Invest in Nanosatellites and Microsatellites to Develop Better Navigation and Tracking Systems
8.9 Reconnaissance
8.9.1 Reconnaissance Application to be Majorly Adopted for Military and Defense Purposes Set to Grow in the Future
9 Nanosatellite and Microsatellite Market By Vertical
9.1 Introduction
9.2 Government
9.2.1 Government Initiatives to Increase the Number of Nanosatellite and Microsatellite Launches
9.3 Civil
9.3.1 Civil Vehicle Tracking and Weather Monitoring to Drive the Adoption of Nanosatellites and Microsatellites Across the Civil Vertical
9.4 Commercial
9.4.1 Use of Nanosatellites and Microsatellites for Commercial Purposes to Grow Owing to Low Costs
9.5 Defense
9.5.1 General Trend of Miniaturization of Technology and Increasing Capabilities of Nanosatellites and Microsatellites to Drive the Market Growth
9.6 Energy and Infrastructure
9.6.1 Use of Nanosatellites and Microsatellites to Detect and Monitor Oil and Gas Wells
9.7 Maritime and Transportation
9.7.1 Accuracy of Data Provided By Nanosatellites Led to Increased Adoption Across the Vertical
10 Nanosatellite and Microsatellite Market By Region
10.1 Introduction
10.2 North America
10.2.1 United States
10.2.1.1 Increasing Benefits of Technology-Enabled Nanosatellites and Microsatellites in the US Agriculture Vertical
10.2.2 Canada
10.2.2.1 Collaborations With International Space Agencies to Boost the Canadian Market
10.3 Europe
10.3.1 United Kingdom
10.3.1.1 Government Initiatives to Boost the Adoption of Nanosatellites and Microsatellites
10.3.2 Russia
10.3.2.1 Growing Reliability of Russia on Self-Developed Space Systems
10.3.3 France
10.3.3.1 Increasing Partnerships Among Local Companies to Boost the French Nanosatellite and Microsatellite Market
10.3.4 Rest of Europe
10.4 Asia Pacific
10.4.1 China
10.4.1.1 Growth of Self-Made Space Technology to Increase the Number of Space Programs in China
10.4.2 Japan
10.4.2.1 Japan's Private Space Industry Plays a Key Role in the Government's Space Program
10.4.3 India
10.4.3.1 Upcoming Nanosatellite Space Initiatives to Drive the Indian Nanosatellite and Microsatellite Market
10.4.4 Rest of Asia Pacific
10.5 Rest of the World
10.5.1 Middle East
10.5.1.1 Growing Partnerships to Develop the Middle Eastern Space Sector to Drive Market Growth
10.5.2 Africa
10.5.2.1 African Market to Accelerate With Several Countries Launching Their Satellites
10.5.3 Latin America
10.5.3.1 Latin America to Depict Healthy Involvement in Space Initiatives Through Nanosatellite and Microsatellite Space Missions
11 Competitive Landscape
11.1 Overview
11.2 Competitive Leadership Mapping
11.2.1 Visionary Leaders
11.2.2 Dynamic Differentiators
11.2.3 Innovators
11.2.4 Emerging Companies
11.2.5 Ranking of Key Players
11.3 Competitive Scenario
11.3.1 New Product Launches
11.3.2 Partnerships
12 Company Profiles
12.1 Introduction
12.2 Gomspace
12.3 Lockheed Martin
12.4 L3Harris
12.5 Sierra Nevada Corporation
12.6 AAC Clyde Space
12.7 Planet Labs
12.8 Tyvak
12.9 NanoAvionics
12.10 Innovative Solutions in Space
12.11 SpaceQuest
12.12 Raytheon
12.13 RUAG Space
12.14 Surrey Satellite Technology Limited
12.15 Dauria Aerospace
12.16 Axelspace Corporation
12.17 Sky and Space Global
12.18 Kepler
12.19 GAUSS
12.20 Spaceworks Enterprises
12.21 Berlin Space Technologies
12.22 Right-to-Win
For more information about this report visit https://www.researchandmarkets.com/r/md9hrz
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