US: Market research firm, MarketsandMarkets has released its nanosatellite and microsatellite market report that is expected to grow from USD 1.21 billion in 2017 to USD 3.49 billion by 2022, at a 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.
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.
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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 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.
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.
