US: Market research group, Zion Market Research, has launched a new report titled ‘Nanosatellite And Microsatellite Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024’ at their disposal, according to which the Nanosatellite And Microsatellite Market to grow significantly by 2024.
The demand for nanosatellites and microsatellites has reached an all-time high level owing to increasing pace of earth observation, space research, and communication. As it is a more feasible option compared to large satellites and also of lower expenditure, nanosatellites and microsatellites are preferred more for scientific research and in the military and defense sector other than various commercial purposes which are resulting in an overall growth in the nanosatellites and microsatellites market.
The global nanosatellites and microsatellites market can be segmented into its solution, mass, band, application, end-user, and geography. On the basis of the solution, the global market is divided into hardware, software and data processing, services such as professional and engineering services and launch services. Based on mass, the global nanosatellites and microsatellites market is segregated into 1 Kg to 10 Kg nanosatellites and 11 Kg to 100 Kg microsatellite.
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On the basis of the band, the global market gets divided into X-band, K-band, and Ka-band. Based on application, the market is classified into communication, earth observation and remote sensing, scientific research, biological experiment, technology demonstration and verification, academic training, reconnaissance and mapping, and navigation.
On the basis of end-user, the segregation is seen into government, civil, commercial, defense, energy and infrastructure, energy and utilities and maritime and transportation. Diversification of the global nanosatellites and microsatellites market on the basis of the region is seen as North America, Europe, Asia-Pacific, the Middle East and Africa and Latin America.
Endless prospects in space research are expected grow the nanosatellites and microsatellites market. Other factors that may aid the growth are impact caused due to lower production and high development cost. However, benefits obtained from nanosatellites and microsatellites furnish only short- and medium-term requirements pose a difficulty for the global nanosatellites and microsatellites market.
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Largest market share in the nanosatellites and microsatellites market is seen in North America especially in the U.S. and Canada. Many major companies are keen on expanding their operations in the U.S. to capitalize on the increasing demand. Other regions following the growth in North America are Europe, Asia-Pacific, Latin America and the Middle East and Africa.
The U.K., Germany, France, Spain, and Italy are the countries contributing towards the market share in Europe. Countries in Asia Pacific include Japan, China, India and Indonesia that contribute towards the global market growth. In the Middle East and Africa, the countries involved in the nanosatellites and microsatellites market are the UAE, Saudi Arabia, and South Africa. Brazil provides its ample share in the nanosatellites and microsatellites market in Latin America.