The global CubeSat market size reached US$ 247.3 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 731.1 Million by 2027, exhibiting a growth rate (CAGR) of 20.51% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
CubeSats are cubical-shaped small satellites that are approximately four inches long with a volume of about one quart. These miniature satellites are exclusively used in low Earth orbit and interplanetary missions. They are cost-effective and fuel-efficient as they weigh less, making it possible to propel them into space on the coattails of a heavier payload. CubeSats are flown as auxiliary payloads on pre-planned missions. They find applications for remote sensing, geolocation and logistics, signal monitoring (SIGINT), and communications and performing scientific studies and technology demos in space. Moreover, these satellites have eased the launch of missions from low-Earth orbit for commercial companies, non-profit organizations, and educational institutions.
CubeSat Market Trends:
The global CubeSat market is primarily driven by their rising demand for earth observation, communication, science and technology sectors. They are gaining traction across the world due to their low cost and short development time using proven standard equipment and off-the-shelf components. Governments and private companies are also making significant investments in the CubeSat market to rapidly manufacture and test satellites to explore upcoming technologies and ideas. It also aids the present network technologies by offering intricate logistics administration solutions. Besides this, as CubeSat provides access to real-time information of assets, such as ships, aircraft, and vehicles, anywhere on the Earth, its demand is escalating worldwide. Furthermore, technological developments in electronics and communication have resulted in the development of projects like space mining and space debris clean-up, which is positively influencing the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global CubeSat market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on size, application, end user and subsystem.
Breakup by Size:
0.25U to 1U
1 to 3U
3U to 6U
6U to 12U
12U and Above
Breakup by Application:
Earth Observation and Traffic Monitoring
Science Technology and Education
Breakup by End User:
Government and Military
Breakup by Subsystem:
Electrical Power Systems
Command and Data Handling
Attitude Determination and Control Systems
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being AAC Clyde Space, CU Aerospace, EnduroSat, GomSpace, Innovative Solutions In Space B.V., L3Harris Technologies Inc, Planet Labs Inc., Pumpkin Space Systems, Space Inventor, Surrey Satellite Technology Limited (Airbus Group) and Tyvak Nano-Satellite Systems Inc. (Terran Orbital Corporation).
Key questions answered in this report:
How has the global CubeSat market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global CubeSat market?
What are the key regional markets?
What is the breakup of the market based on the size?
What is the breakup of the market based on the application?
What is the breakup of the market based on the end user?
What is the breakup of the market based on the subsystem?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global CubeSat market and who are the key players?
What is the degree of competition in the industry?