Cubesat Market Size is Expected to Reach $857.39 Million by 2030, Growing at a CAGR of 15.1%: Straits Research
CubeSats have significantly revolutionized space exploration by providing a cost-effective solution for launching satellites into space and conducting technology demonstrations, scientific research, and other missions. CubeSats are utilized extensively by commercial businesses, government and military agencies, and non-profit organizations.
New York, United States, Oct. 26, 2023 (GLOBE NEWSWIRE) — Miniature satellites known as CubeSats are much simpler to create, develop, and launch than traditional satellites. By combining different units, CubeSats can be created as single units (1U), double units (2U), or four units (4U), among other configurations. “The global CubeSat market size was valued at USD 210.1 million in 2021. It is expected to reach USD 857.39 million by 2030, growing at a CAGR of 15.1% during the forecast period (2022–2030),” stated by the Research Manager at Straits Research P. Ltd.
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CubeSats are produced by standard measurements, in units or U that are 10 by 10 cms. In most cases, each unit weighs less than 1.33 kilograms and is constructed in the shape of a 1U, 2U, 3U, 6U, 12U, or other size configuration. This aids in overcoming the barriers of studying space, and the popularity of CubeSats have skyrocketed since their introduction. In addition, a CubeSat can be manufactured and placed in orbit depending on the specifications, contributing a negligible amount to the overall costs compared to the costs associated with conventional satellite missions. CubeSat constellations, which are in space and provide access to images from all over the world, can provide access to real-time information regarding various assets located anywhere on earth.
Globally, the demand for satellite-based services, such as surveillance for military, environmental, or public safety applications, navigation and positioning, vehicle tracking, and telecommunication, is rising rapidly. In addition, the demand for data derived from Earth observations (EO) for various applications is increasing. In environmental and scientific research and metrology, the demand for data derived from Earth observations is increasing. The need to ensure safety in military operations and applications involving the transfer of funds is also driving an increase in the demand for space-based data. Cost-effective CubeSats are anticipated to be in high demand over the period under consideration due to the rising demand for space data.
The North American CubeSat market size was valued at USD 82 million in 2021 and is projected to reach USD 442 million by 2031, registering a CAGR of 10.9% during the forecast period (2022-2031). It is anticipated that the presence of a modern structure to carry out space programs and the highest implementation of commercial satellite imaging in various industries in the region will propel the CubeSats market in North America. The rising awareness of the benefits of satellite-based surveillance presents lucrative expansion opportunities for the market in North America.
- Based on the size, the global CubeSats market is segmented into 0.25U to 1U, 1U to 3U, 3U to 6U, 6U to 12U, and 12U and above.
- Based on the application, the global CubeSats market is segmented into Earth observation and traffic monitoring, science and technology, education, space observation, and communication. Earth observation and traffic monitoring is dominating the market during the forecast period.
- Based on end-user, the global CubeSats market is segmented into Government and Military, Commercial, and Non-Profit Organizations. The commercial sector is dominating the market during the forecast period.
- Based on subsystem, the global CubeSat market has been segmented into payloads, structures, electrical power systems, command and data handling, propulsion systems, and attitude determination & control systems.
The major players in the global CubeSat Market are Planet Labs Inc., GomSpace, AAC Clyde Space, Endurosat, Tyvak Nano-Satellite Systems Inc., and Surrey Satellite Technology Limited (Subsidiary of Airbus S.A.S), Innovativesolu8tions In Space B.V., Space Inventor and Pumpkin Space Systems.
- In April 2022- b Planet Joined ESA Third Party Mission Programme for Open Access to High-Frequency, High-Resolution Imagery. Planet Labs PBC (NYSE: PL), a leading provider of daily data and insights about Earth, announced that Planet’s PlanetScope and SkySat data had joined the European Space Agency (ESA) Third Party Missions portfolio, enabling ESA to utilize Planet data for scientific, research, and pre-operational Earth Observation based applications development.
- In April 2022-Leading New Space company AAC Clyde Space’s subsidiary AAC Hyperion acquired a contract to develop an onboard artificial intelligence (AI) capability for small satellites in collaboration with the Royal Netherlands Aerospace Centre (NLR).
Global CubeSat Market: Segmentation
- 0.25U to 1U
- 1U to 3U
- 3U to 6U
- 6U to 12U
- 12U and Above
- Earth Observation and Traffic Monitoring
- Science, Technology, and Education
- Space Observation
- Government and Military
- Non-profit Organizations
- Electrical Power Systems
- Command and Data Handling
- Propulsion Systems
- Attitude Determination and Control Systems
- North America
Get Detailed Market Segmentation @ https://straitsresearch.com/report/cubesat-market/segmentation
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