CHICAGO, Aug. 23, 2022 /PRNewswire/ -- Nanosatellite and Microsatellite Market size is expected to grow from 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, according to a new report by MarketsandMarkets.
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Hardware segment to have the highest market share during the forecast period
Hardware is the core of nanosatellites and microsatellites, readily available with vendors for easy integration and plug-and-play processes. Hardware contributes to the complete mass of satellites based on the weight of hardware; small satellites are categorized as nanosatellites or microsatellites. The hardware segment includes all professional hardware, such as payload, structure, telecommunication, onboard computer, power system, attitude control system, and propulsion system. Hardware contributes to almost 30% of the total market share of the Nanosatellite and Microsatellite Market. The growth in this market is significant, with several players offering low-cost hardware and manufacturing services.
Nanosatellite is expected have the highest market share during the forecast period
A satellite mass if between 1 kg and 10 kg, including fuel are nanosatellites that are only 10 cubic centimetres in size. A range of opportunities in numerous space-based initiatives, ranging from technological research to biological experimentation, were opened up as a result of the launch of the first nanosatellite at the start of this millennium. Numerous advanced methods of control and development have immensely improved the ideal usage. Depending on the mission or assignment a CubeSat is a nanosatellite that has been enlarged to have a standard unit volume of 10 x 10 x 10 cm. In the past, the government, energy, and military defence and intelligence sectors trailed the commercial and civil sectors in terms of interest in low-mission cost technologies with significant efficiency. The commercial sector is anticipated to have a major boost because of the electronics industry ongoing innovation and technical advancements.
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North America region to record the highest market share in the Nanosatellite and Microsatellite Market
North America is one of the leading regions for adopting nanosatellite and microsatellite and provides great opportunities for the growth of the overall market. The region has been an early adopter of new technologies or software. The booming digitization across industries and the increasing demand for Earth observation satellites, which provide incredibly high-resolution Earth photos and videos as close as one meter or less from the earth's surface, are driving demand for nanosatellite and microsatellites in North America. NASA and other private space agencies are undertaking small satellite missions. Canada is developing new knowledge and cutting-edge technologies to boost innovation in nanosatellites and microsatellites.
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Market Players:
Key and innovative vendors in the Nanosatellite and Microsatellite Market are GomSpace (Denmark), Lockheed Martin (US), L3Harris (US), Sierra Nevada Corporation (US), AAC Clyde Space (Scotland), Planet Labs (US), Surrey Satellite Technology (UK), Northrop Grumman (US), OHB SE (Germany), Tyvak (US), Raytheon Intelligence and Space (US), Pumpkin Space Systems (US), Beyond Gravity (Switzerland), Millennium Space Systems (US), Exolaunch (Germany), Axelspace (US), Nanoavionics (US), GAUSS (Italy), Spire Global (US), Dauria Space (Russia), C3S (Hungary), Swarm (US), Alen Space (Spain), Satlantis (Spain), Dhruva Space (India), Astrocast (Switzerland), Kepler Aerospace (India).
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