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Increase in number of Earth observation and remote sensing missions to enhance the demand for nano and microsatellites
Nano and microsatellites are expected to play a big role in the future of remote sensing missions as a result of enhanced computational and communication abilities along with competencies in taking decisions about which data to send and when. Successful programs to develop and examine advanced hyper-spectral imaging systems compatible with nano and microsatellite missions have enabled these small satellite missions to generate high-quality complex images. These images can be processed, analyzed, and interpreted quickly using existing hyper-spectral data analyzing software programs which can help in disaster monitoring application sectors such as cyclones, storms, floods, fires, volcanic activities, earthquakes, landslides, oil slicks, environmental pollution, and industrial and/or power plant disaster. Detection and quantitative classification of high-temperature events such as vegetation fires have also been possible through the use of specialized payloads on microsatellites such as Bi-spectral Infra-Red Detection (BIRD). Moreover, with high mobility of nano and microsatellites due to their compactness makes it ideal for earth observations and tracking of various weather-related phenomena such as hurricanes, lightning and polar lights, or natural catastrophes as well as speculation of accidental disasters with only relatively no delay in reporting time. The considered market is expected to grow the highest in the coming years among all the applications and companies such as Dauria Aerospace, Planet labs, planetary resources, GeoOptics among many others are expected to leverage opportunities present in this segment during the forecast period.
MarketsandMarkets expects the nano and microsatellite market to have the highest revenue growth from APAC and North America, followed by Europe and other regions, during the forecast period.MarketsandMarkets forecasts the global nano and microsatellite market to grow from $702.4 million in 2014 to $1887.1 million in 2019 at a Compound Annual Growth Rate (CAGR) of 21.8% from 2014 to 2019.
Nanosatellite and Microsatellite Market [Geographic Information system, Payload, Space Science, Satellite Communication, Satellite Imagery, Remote Sensing, Scientific Research, Reconnaissance, Satellite Launch] - Worldwide Market Forecast (2014 - 2019)
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