PORTLAND, Ore., July 3, 2024 /PRNewswire/ -- The
global cubeSat market is driven by factors such as rise in
demand for commercial applications and increase in investments by
governing agencies.
Allied Market Research published a report, titled,
"CubeSat Market by Size (0.25U to 1U, 1 to
3U, 3U to 6U, 6U to 12U, and 12U and Above), Application (Earth
Observation and Traffic Monitoring, Science Technology and
Education, Space Observation, Communication, and Others), End User
(Government and Military, Commercial, and Non-profit
Organizations), and Subsystem (Payloads, Structures, Electrical
Power Systems, Command and Data Handling, Propulsion Systems,
Attitude Determination and Control Systems, and Others): Global
Opportunity Analysis and Industry Forecast, 2023-2032".
According to the report, the CubeSat market was valued at
$205 million in 2022, and is
estimated to reach $870.7 million by
2032, growing at a CAGR of 16.2% from 2023 to 2032.
Prime determinants of growth
The global CubeSat market is driven by factors such as owing to
rise in demand for Cubesats from several commercial applications.
Shift in solar energy to cut carbon emissions creates lucrative
growth opportunities for the market. However, competing energy
sources are projected to hinder the market growth during the
forecast period.
Request Sample of the Report on CubeSat Market Forecast
2032:
https://www.alliedmarketresearch.com/request-sample/A09399
Report Coverage & Details:
Report
Coverage
|
Details
|
Forecast
Period
|
2022–2033
|
Base Year
|
2023
|
Market Size In
2022
|
$205 Million
|
Market Size In
2032
|
$870.7
Million
|
CAGR
|
16.2 %
|
No. Of Pages In
Report
|
324
|
Segments
Covered
|
Size, Application, End
User, Subsystem, And Region.
|
Drivers
|
Rise In Demand For
Cubesats From Several Commercial Applications
|
Opportunities
|
Shift In Solar Energy
To Cut Carbon Emissions
|
Restraints
|
Competing Energy
Sources
|
Procure Complete Report (324 Pages PDF with Insights, Charts,
Tables, and Figures)
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The 1U to 3U segment to maintain its leadership status
throughout the forecast period.
Based on size, the 1U to 3U segment held the highest market
share in 2022, accounting for more than half of the global CubeSat
market revenue and is estimated to maintain its leadership status
during the forecast period.
Numerous 3U CubeSats have been launched since 2003 owing to the
added advantages of 3U over smaller and even larger CubeSats. In
2020, Spire and Planet Labs launched several 3U CubeSats for Earth
Observation and GPS radio occultation weather data missions.
The earth observation and traffic monitoring segment to
maintain its leadership status throughout the forecast
period
Based on application, the earth observation and traffic
monitoring segment held the highest market share in 2022,
accounting for slightly more than half of the global CubeSat market
and is estimated to maintain its leadership status during the
forecast period. However, the science technology and education
segment are projected to manifest the highest CAGR of 16.82% from
2023 to 2033. Moreover, CubeSats have been launched in the space
aimed at Earth observation purposes. For instance, Planet Labs Inc.
launched Flock-4e'1 to Flock-4e'9, constellations in 2020. Several
constellations intended for optical Earth observation and related
services have been launched in the past years, such as, Hera-1 by
Hera Systems (2019), Tianyan-02 by ADA Space (2019), and NAPA-1 by
Royal Thai Air Force (2020), among many others.
The commercial segment to maintain its leadership status
throughout the forecast period
Based on end user, the commercial segment held the highest
market share in 2023, accounting for half of the global CubeSat
market and is estimated to maintain its leadership status during
the forecast period.
The adoption of CubeSats in the commercial sector has augmented
significantly over the past years, due to the reduction of heavy
satellite components, standardization of satellite parts, and
reduced costs. In this sector, small satellites are used in
agriculture, forestry, energy, media & entertainment, civil
engineering, and archaeology.
The payloads segment to maintain its leadership status
throughout the forecast period
Based on subsystem, the payloads segment held the highest market
share in 2023, accounting for more than one-third of the global
CubeSat market and is estimated to maintain its leadership status
during the forecast period.
CubeSat payloads are crucial for the missions in space. Payloads
allow the CubeSats to accomplish the mission for which they are
designed. Some examples include high resolution cameras, SDR
(Software Defined Radio) platform, or the device or electronic
component to be tested, among others.
North America to maintain
its dominance by 2033
Based on region, North America
held the highest market share in terms of revenue in 2022,
accounting for more than half of the global market revenue and is
likely to dominate the market during the forecast period. Rise in
concern for satellite-based surveillance offers lucrative growth
opportunities for the market growth in North America. For instance, in October 2020, TriSept Corp. announced a launch
services contract with the Space and Missile Defense Command (SMDC)
of the U.S. Army.
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Leading Market Players: -
- Planet Labs Inc.
- GomSpace
- AAC Clyde Space
- Endurosat
- Tyvak Nano-Satellite Systems, Inc.
- Surrey Satellite Technology Limited
- Innovative Solutions in Space B.V.
- Space Inventor
- Pumpkin Space Systems
- CU Aerospace, L.L.C
The report provides a detailed analysis of these key players in
the global CubeSat market. These players have adopted different
strategies such as new product launches, collaborations, expansion,
joint ventures, agreements, and others to increase their market
share and maintain dominant shares in different regions. The report
is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
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