According to the research report titled ‘Global Nanosatellite & Microsatellite Market Size study, By Solution (Hardware, Software, Data Processing, and Launch Services), By Application (Navigation & Mapping, Scientific Research, Power, Communication, Reconnaissance, and Others), By Industry Type ( Agency, Defense, Educational, Non-profit, Energy & Infrastructure, and Others), and Regional Forecasts 2020-2027‘, available with Market Study Report, global nanosatellite & microsatellite market to register considerable growth during 2020-2027.
 

Constant advancements in the field of miniaturization, low cost missions, and rising deployment of satellite constellations are the major factors expected to drive the global nanosatellite & microsatellite market over the study duration. Further, limitations related to heavy vehicles for the satellite launch operations is fostering the demand for small launch vehicles, propelling the market growth.
 

Moreover, several applications of satellites such as remote sensing, biological studies, identification, earth observation, science analysis, medical training, as well as surveillance, security, political, industrial and government purposes are stimulating global nanosatellite & microsatellite market outlook.   
 

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Additionally, low cost, technological advancements, simplistic design that enables easy incorporation of Artificial Intelligence (AI) and robotics for better capability and mass reduction are creating opportunities for global nanosatellite & microsatellite industry landscape. Implementation of Machine Learning (ML) in several space production systems offers effective communications, better efficiency, powerful computational resources, and enhanced coordination during the mission, hence adding traction to the industry sphere.
 

Worldwide nanosatellite & microsatellite market, as per industry type, is segmented into energy & infrastructure, defense, non-profit, agency, educational, and others. With regards to application scope, the industry is bifurcated into reconnaissance, navigation & mapping, communication, power, scientific research, and others. Considering the solution terrain, the industry is segmented into launch service, software, hardware, and data processing.
 

From a regional perspective, global nanosatellite & microsatellite industry is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America market is poised to amass substantial revenues by the year 2027, claims the report. Partnership among leading space organizations and private companies for development of state-of-the-art satellite technology and improved cognizance of satellite image based applications are swaying the business dynamics in North America.  
 

Major players influencing the global nanosatellite & microsatellite market trends include Innovative Solutions In Space (ISIS), Vector Launch Inc., The Boeing Company, Sierra Nevada Corporation (SNC), Spire Global Inc., Tyvak Nano-Satellite Systems Inc., SpaceQuest Ltd., GomSpace A/S, Dauria Aerospace, and Surrey Satellite Technology Limited (SSTL).