Albany, NY, Sept. 20, 2016 (GLOBE NEWSWIRE) -- Market Research Reports Search Engine (MRRSE) has recently announced the addition of a new study on the global nanosatellites and microsatellites market . The research report, titled “ Nanosatellite and Microsatellite Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024 ,” is published by Transparency Market Research (TMR).
According to the study, the increasing application of nanosatellites and microsatellites across various industries is the key driving force behind the enormous growth of this market. Nanosatellites and microsatellites are primarily utilized for navigation and mapping in the military and defense sector. These satellites also find widespread applications in scientific research and in commercial procedures.
As per TMR, the worldwide nanosatellite and microsatellite market stood at US$0.5 bn in 2015. Increasing at a CAGR of 12.10% during the period from 2016 to 2024, the market is likely to reach US$2.2 bn by the end of the forecast period.
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In this study, the global market for nanosatellite and microsatellite has been examined on six fronts: The solution, application, end-use industry, band, mass, and the geography. Based on the solution, hardware led the overall market with a share of more than 35% in 2015. By application, the communication segment emerged as the key application area of nanosatellites and microsatellites.
The military and defense sector has been leading the demand for these satellites among all the end-use industries and the trend is likely to continue over the forecast period. In terms of mass, nanosatellites, ranging from 1 Kg to 10 Kg, and microsatellites, ranging from 11 Kg to 100 Kg, are available in the global market, notes the study.
On the basis of the band, the report has classified the global market into K-band, X-band, Ka-band, and various other bands. Geographically, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa have been identified as the main segments of this market in this study. North America has been leading the overall market since the last few years. Analysts expect this region to remain dominant throughout the forecast period.
The global market for nanosatellite and microsatellite has also been studied on the basis of its competitive landscape in this research report. Analysts have examined the profiles of the leading players based on their current performance and future prospects and determined the prevalent market hierarchy.
Browse Full Global Nanosatellite and Microsatellite Market Report with TOC : http://www.mrrse.com/nanosatellite-microsatellite-market
Skybox Imaging Inc., Innovative Solution in Space Group, Spacequest Ltd., Lockheed Martin Corp., Raytheon, Planet Labs Inc., Sierra Nevada Corp., Clyde Space Inc., Ruag Group, and Gomspace are the key participants in this market, reports the study.
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