CubeSat market is estimated to register a CAGR of approximately 19.83% during the forecast period of 2018 to 2023.
The key players in the global CubeSat market are Lockheed Martin Corporation (US), Sierra Nevada Corporation (US), The Boeing Company (US), GomSpace (Denmark), Harris Corporation (US), OHB SE (Germany), Capella Space (US), Clyde Space Ltd (UK), Airbus S.A.S (The Netherlands), Tyvak Nano-Satellite Systems, Inc. (US), Busek Co. Inc. (US), CU Aerospace, L.L.C. (US), MAXAR TECHNOLOGIES (US), EnduroSat (Bulgaria), and Planet Labs Inc. (US
CubeSats offer advanced functionalities such as automated data gathering, warning systems, and enhanced imaging capabilities. These functions assist scientists in performing space exploration and earth monitoring activities with precision and safety. Furthermore, increasing investments by various governments in space projects are propelling the market growth. However, the rigid design structure of CubeSat may hamper the market growth.
The global CubeSat market has been segmented based on size, subsystem, application, end user, and region. On the basis of size, the market is divided into 0.25u-1U (Up to 2.0 Kg), 2U (2.0 Kg to 4.0 Kg), 3U (4.0 Kg to 6.0 Kg), 6U (6.0 Kg to 12.0 Kg), 12U (Above 12.0 Kg), and >12 U. The 3U segment dominated the global market, in 2017, and is anticipated to grow at the highest CAGR over the forecast period.
These systems assist in air traffic data collection and science missions, therefore, the segment is expected to propel over the forecast period. On the basis of subsystem, the market is divided into, payloads, structures, EPS (Electrical Power Systems), C&DH (Command & Data Handling), propulsion systems, attitude determination & control systems, and others. The payloads segment dominated the global market, in 2017, and is expected to grow at the highest CAGR over the forecast period. Availability of miniature payloads for CubeSats is boosting the segment growth
On the basis of application, the market is segmented into earth observation & traffic monitoring, space observation, meteorology, communication, science & technology, and education. The earth observation & traffic monitoring segment dominated the market in 2017 and is expected to grow at the highest CAGR over the forecast period. Increasing demand for carrying out earth observation surveys by CubeSats is boosting the segment growth. Based on end user the market is segmented into commercial, government & military, and non-profit organizations. In 2017, the commercial segment dominated the global market. Growing demand for high-resolution images from commercial satellite operators is boosting the segment growth.
On the basis of region, the global CubeSat market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. In 2017, North America dominated the global market and was anticipated to grow at the highest CAGR over the forecast period. Increased adoption of CubeSats by space organizations, government bodies, and defense agencies are boosting the market growth in the region. For example, in 2018, the US Coast Guard deployed CubeSats over the Arctic with an aim to receive real-time information about the region.
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