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Increasing research and development (R&D) activities to develop CubeSat constellations for various applications; demand for CubeSats across different geographies; and increasing rate of investments in the space industry by government and commercial organizations are major factors driving the global CubeSat market
The global CubeSat market is projected to grow from USD 152 million in 2018 to USD 375 million by 2023, at a CAGR of 19.87% from 2018 to 2023. Some of the factors that are expected to fuel the growth of the CubeSat market are the increasing focus on reducing mission costs as well as the rise in demand for CubeSats in applications related to earth observation, communication, science, and technology. Various countries have been focusing on developing CubeSats, owing to their low cost and short development time made possible with the use of proven standard equipment and off-the-shelf components.
The 3U segment is estimated to account for the largest share of the CubeSat market in 2018 due to the increasing demand for Earth observation, and science & technology, and education applications
Based on size, the 3U segment is estimated to account for the largest share of the CubeSat market in 2018. 3U CubeSats can be used in various applications such as Earth observation & traffic monitoring, meteorology, science & technology and education, research & exploration, mapping & navigation, and surveillance & security. 3U CubeSats can carry a larger payload in comparison to 2U CubeSats and are preferred for missions requiring multiple applications. Its larger mass prolongs its life as the harsh space weather and thermal extremities take longer to destroy the CubeSat. Larger batteries, solar panels, and better propulsion systems have helped 3U CubeSats to be used on longer missions and have precision movement.
The Earth observation & traffic monitoring segment is estimated to account for the largest share of the CubeSat market in 2018
Based on size, the Earth observation & traffic monitoring segment is estimated to account for the largest share of the CubeSat market in 2018. The high mobility of CubeSats due to their compactness makes them ideal for Earth observation, including tracking of various weather-related phenomena.
The CubeSat market in North America is estimated to account for the largest share of the global CubeSat market in 2018
The CubeSat market in North America is expected to witness substantial growth during the forecast period due to the number of CubeSats launched every year and the increasing demand for satellite services from satellite operators and government agencies. The growing use of CubeSats for Earth observation services and in government & military applications are some of the factors driving the market in the US, China, Japan, and India.
The break-up of the profiles of primary participants in the CubeSat Market are as follows:
- By Company Type: Tier 1 – 35%; Tier 2 – 45%; and Tier 3 – 20%
- By Designation: C-Level Executives– 35%; Directors – 25%; and Others – 40%
- By Region: North America – 45%; Europe – 20%; Asia Pacific – 30%; Rest of the World 5%
The major players in the CubeSat market include Planet Labs (US), Pumpkin Space Systems (US), GomSpace (Germany), Clyde Space (UK), Surrey Satellite Technologies (US), Sierra Nevada Corporation (US), Capella Space (US), Space Systems Loral (US), EnduroSat (Bulgaria), and CU Aerospace (US).
- This market study covers the CubeSat market across various segments. It aims at estimating the market size and the growth potential of this market across different segments, such as size, application, subsystem, end user, and region.
- This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Reasons To Buy this Report
- This report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall CubeSat market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- This report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.