Nanosatellite and Microsatellite Market is projected to grow $3.49 Billion by 2022

(IT-NEWSWIRE.COM, June 19, 2019 ) According to the new market research report "Nanosatellite and Microsatellite Market by Component (Hardware, Software & Data Processing, Services, Launch Services), Mass (1 kg-10 kg and 11 kg-100 kg), Application (Earth Observation & Remote Sensing), Vertical - Global Forecast to 2022", The nanosatellite and microsatellite market is expected to grow from USD 1.21 Billion in 2017 to USD 3.49 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 23.7% from 2017 to 2022.

The market is primarily driven by the increasing investments in nanosatellite and microsatellite technologies, low manufacturing cost of miniature satellites, and high demand for miniature satellites in Earth observation applications.

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Based on component, the software and data processing segment is expected to witness the highest growth during the forecast period

Based on component, the nanosatellite and microsatellite market has been segmented into hardware, software and data processing, service, and launch service. The software and data processing segment is expected to witness the highest growth during the forecast period, as software and data processing is essential to extract actionable information from raw data obtained from miniature satellites.

Based on application, the earth observation and remote sensing segment is projected to witness the highest growth during the forecast period

Based on application, the Earth observation and remote sensing segment is estimated to witness the highest growth in the nanosatellite and microsatellite market, owing to the low cost of miniature satellites and the rapidly increasing use of these satellites to capture images of the Earth.

Based on vertical, the commercial segment is estimated to be the largest segment of the market in 2017

Based on vertical, the commercial segment of the nanosatellite and microsatellite market is expected to witness the highest growth in the coming years. Companies operational in the commercial vertical can gather real-time data and distribute it across a wide geographic area to their clients with the help of miniature satellites. Civil, government, and defense are other key verticals wherein nanosatellites and microsatellites are widely used.

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North America is expected to dominate the nanosatellite and microsatellite market during the forecast period

North America is estimated to be the largest market for nanosatellites and microsatellites in 2017, due to the high demand for these satellites from NASA and the U.S. Department of Defense, as well as research organizations and companies in the telecommunication sector.

The report encompasses the competitive landscape, which presents the positioning of 25 key vendors of nanosatellite and microsatellite solutions and services, based on their product offerings and business strategies. Some of the major solution and service vendors include the RUAG Group (Switzerland), Clyde Space Inc., (U.K.), GS Sweden AB (GomSpace) (Denmark), Sierra Nevada Corporation (U.S.), Tyvak, Inc. (U.S.), Lockheed Martin Corporation (U.S.), Raytheon Company (U.S.), PLANET LABS INC. (U.S.), Innovative Solutions In Space (ISIS) (Europe), and SpaceQuest Ltd. (U.S.).

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Nanosatellite and Microsatellite Market is projected to grow $3.49 Billion by 2022