DUBLIN--(BUSINESS WIRE)--Oct 19, 2022--
The "Global Nanosatellite and Microsatellite Market by Component (Hardware, Software), Application, Type (Nanosatellite, Microsatellite), Organization Size, Vertical (Government, Civil, Commercial), Orbit, Frequency and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
Global nanosatellite and microsatellite Market size is expected to grow USD 2.8 billion in 2022 to USD 6.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 19.3% during the forecast period.
By Organization Size, the Large Enterprises segment have the highest market share during the forecast period
Organizations with more than 1,000 employees are considered large enterprises. The adoption of nanosatellites and microsatellites among large enterprises is expected to increase in the coming years.
With advancements in miniaturized technology, these satellites are useful for high precision and complex space missions such as remote-sensing and navigation, maritime and transport management, space and earth observations, disaster management, military intelligence, telecommunication, and other academic purposes.
Constant innovation and technological advances in miniaturizations of electronics are expected to boost the growth of large enterprises significantly in the proportion of nanosatellite launches.
By Application, the Earth Observation and Remote Sensing segment to hold the larger market size during the forecast period
Earth observation and remote sensing refer to the acquisition of data related to the physical characteristics of Earth without making actual contact. It allows the study of various features of Earth.
Some of the factors that are expected to fuel the growth of Earth observation and remote sensing applications are significant advancements in geospatial imagery analytics with the introduction of AI and big data, privatization of the space industry, and the growth of cloud computing.
Nanosatellites and Microsatellites have created new possibilities for Earth observation and remote sensing, which makes use of low-cost miniature satellites to capture images of the Earth and collect data. Due to their improved computing and communication capabilities, as well as proficiencies in making decisions about the time and data to be shared.
Small satellites can produce complex images of high quality because of the successful programs that develop and test new hyperspectral imaging systems that are compatible nanosatellite and microsatellite missions.
The current hyperspectral data analysis software applications allow for speedy processing, analysis, and interpretation of these images. They assist in keeping an eye on events like hurricanes, storms, floods fires, volcanic eruptions, earthquakes, landslides, oil slicks, environmental pollution, and accidents at factories and power plants.
By Vertical, the Commercial segment is expected to grow at the highest market share during the forecast period
Due to their quicker construction and ability to be launched for commercial use, small satellites are an attractive investment for private companies. The commercial sector has been driven by geospatial technology using earth imaging small satellites for agriculture, education, intelligence navigation, mapping, and other uses over the last decade.
Nanosatellites and microsatellite help commercial businesses to collect global real-time data and disseminate it to their clients across a vast geographic region for a remarkably low cost. Commercial uses for nanosatellites and microsatellites include voice, data, videos, internet, communication, and conferencing.
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Market Dynamics
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Technology Analysis
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KEYWORD:
INDUSTRY KEYWORD: AEROSPACE HARDWARE MANUFACTURING SATELLITE TECHNOLOGY
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 10/19/2022 11:42 AM/DISC: 10/19/2022 11:42 AM
http://www.businesswire.com/news/home/20221019005840/en