Published Date: 24-Nov-2022
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According to a new report, published by KBV research, The Global Nanosatellite And Microsatellite Market size is expected to reach $8 billion by 2028, rising at a market growth of 22.3% CAGR during the forecast period.
The Defense & Security segment is showcasing a CAGR of 22.6% during (2022 - 2028). Over time, nano- and microsatellites have improved operational assistance for military units. They give the ability to deconsolidate military satellite activities and inter-satellite communications, thereby increasing their capacity and enhancing their security. For example, the radar imaging satellite, RISAT-1A was launched by the Indian Space Research Organization (ISRO) that is intended to enhance India's border defense and security and provide high-resolution photographs in all weather conditions.
The Earth Observation/Remote Sensing segment acquired maximum revenue share in the Global Nanosatellite And Microsatellite Market by Application in 2021 thereby, achieving a market value of $4.1 billion by 2028. As numerous governments continued to engage in meteorology and earth observation programs, it aided in the growth of the segment. Earth observation/remote sensing belongs to the collection of data pertaining to the physical features of the planet without direct contact.
The Microsatellites segment has shown the growth rate of 25% during (2022 - 2028). Due to the reduced cost of microsatellites, more satellites are able to carry out their specified tasks. The reduced size and lesser weight of microsatellites allow for the dedicated or piggyback launch of microsatellites/constellations. Moreover, because the notion of reliability and backup for microsatellites differs from that of large satellites, the microsatellite is more competitive due to the elimination of unnecessary components and the direct use of commercial and military components.
The North America market dominated the Global Nanosatellite And Microsatellite Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3.3 billion by 2028.The Europe market is exhibiting a CAGR of 21.7% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 23.6% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Dauria Aerospace, GomSpace Group AB, ISISPACE Group, Sierra Nevada Corporation (SNC), Spire Global, Inc., AAC Clyde Space, Surrey Satellite Technology Limited (SSTL), The Boeing Company, and Tyvak International
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