Global CubeSat Market: CAGR of 15.10% and Reach $4.91 Billion by 2027

A 3U CubeSat has more than thrice the communications, pointing capacity, and power of a less than 1U CubeSat.

PORTLAND, OREGON, UNITED STATES, October 26, 2023 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, “CubeSat Market by Size, Application, End User, and Subsystem: Opportunity Analysis and Industry Forecast, 2020–2027,” the global CubeSat market was valued at $210.1 million in 2019, and is projected to reach $491.3 million by 2027, registering a CAGR of 15.10%.

𝙂𝙚𝙩 𝙞𝙣𝙨𝙞𝙙𝙚 𝙎𝙘𝙤𝙤𝙥 𝙤𝙛 𝙩𝙝𝙚 𝙧𝙚𝙥𝙤𝙧𝙩, 𝙧𝙚𝙦𝙪𝙚𝙨𝙩 𝙛𝙤𝙧 𝙨𝙖𝙢𝙥𝙡𝙚:- https://www.alliedmarketresearch.com/request-sample/9764

North America dominates the market in terms of revenue, followed by Europe, Asia-Pacific, and LAMEA. U.S. dominated the global CubeSat market share in 2019, and is expected to grow at a significant rate during the forecast period, due to increase in demand of CubeSat for scientific researches and Earth exploration.

𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝗶𝘇𝗲 𝗮𝗻𝗱 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁

CubeSats are types of nanosatellites that are manufactured according to standard measurements, in units or U of 10 cm x 10 cm x 10 cm. Making small satellites as per the CubeSat standards result in the cutting of costs associated with the research and technical development stages. This helps in overcoming the barriers to enter and study space, which has resulted in a sharp increase in the popularity of CubeSats since its introduction.

Moreover, depending on the specifications, a CubeSat can be manufactured and positioned in orbit, which accounts for a small part in total costs as compared with the costs of involved with the conventional satellite missions. Apart from the benefits associated with the lower weight and size factors, the main advantage of CubeSats lies in the short timeframe required to build one. While a conventional or large satellite requires between 5 and 15 years developing and placing in orbit, a CubeSat can take less than 8 months to detect the need and position it in the intended orbit.

By size, the market is categorized into 0.25U to 1U, 1 to 3U, 3U to 6U, 6U to 12U, and 12U and above. The 1 to 3U accounted for the highest revenue in 2019, owing to 3U CubeSats are becoming the first choice for space missions for several manufacturers on account of the need for more volume and aperture. A 3U CubeSat has more than thrice the communications, pointing capacity, and power of a less than 1U CubeSat. For the reason that of the measure of standard mechanisms, connectors, and others, a 3U has more useful volume and more room is available to deploy panels and antennas with superior packing factors. However, the 0.25U to 1U segment is anticipated to witness the highest CAGR of 15.8% during the forecast period, owing to increasing adoption of small CubeSat by educational and research institutes.

𝙏𝙤 𝙋𝙪𝙧𝙘𝙝𝙖𝙨𝙚 𝙩𝙝𝙞𝙨 𝙋𝙧𝙚𝙢𝙞𝙪𝙢 𝙍𝙚𝙥𝙤𝙧𝙩:- https://www.alliedmarketresearch.com/cubesat-market/purchase-options

Moreover, several players are launching swarms of small 0.25U satellites for full-scale deployment of IoT-based services across the globe. For instance, Swarm Technologies, a California-based satellite company, is making progress on deploying its strong 150 CubeSat IoT constellation. Remote energy installations, remote sensors, and monitoring shipping containers, among others, are some examples of IoT devices Swarm’s constellation.

On the basis of application, the CubeSat market is segregated into Earth observation & traffic monitoring, science & technology, and education, space observation, communication, and others. The Earth observation & traffic monitoring segment accounted for over 50% market share in 2019, owing to their low cost, and short development cycle are being widely used for Earth observation applications.

Factors such as increasing demand for CubeSats from several commercial applications and new application areas for CubeSats are expected to drive the growth of the global CubeSat market. However, limitations of CubeSats regarding payload accommodation and stringent government regulations is expected to restrain the growth of the market during the forecast period. Conversely, CubeSat capabilities and increase in demand for space data are expected to offer potential opportunities for the global CubeSat market industry during the forecast period.

𝗠𝗮𝗿𝗸𝗲𝘁 𝗗𝘆𝗻𝗮𝗺𝗶𝗰𝘀

The COVID impact on the CubeSat market is marginal and it is expected to remain in force till the second quarter of 2021.
The COVID-19 outbreak has forced the governments across the globe to focus on medical services. Owing to this, the countries are reducing their budgets for space programs to help pay for the pandemic response and recovery measures.
Moreover, the nationwide lockdown forced the manufacturing facilities of the CubeSat to shut down or cut the full fledge opening of the facilities.

However, despite the negative impact of COVID-19, the CubeSat industry managed to perform moderately and several CubeSats were launched in 2020. For instance, CubeSats missions such as DeMi, TechEdSat-10, Gundam, TDO-2, Flock-4e, Flock-4v constellations, and SpaceBee, among others. This steady growth in CubeSat missions can be attributed to the low cost but efficient operations of CubeSats and rising participation of private players in the market.

𝙈𝙖𝙠𝙚 𝙖 𝙋𝙪𝙧𝙘𝙝𝙖𝙨𝙚 𝙄𝙣𝙦𝙪𝙞𝙧𝙮:- https://www.alliedmarketresearch.com/purchase-enquiry/9764

𝗠𝗮𝗿𝗸𝗲𝘁 𝗗𝗿𝗶𝘃𝗲𝗿𝘀

By size, the 0.25U to 1U segment is expected to register a significant growth during the forecast period.
By end user, the commercial segment is anticipated to exhibit significant growth in the near future.
By application, the science technology and education segment is projected to lead the global CubeSat market owing to higher CAGR as compared to other applications.
By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
Key players operating in the global CubeSat market include 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, and CU Aerospace, L.L.C.

𝗔𝗻𝗮𝗹𝘆𝘀𝘁 𝗥𝗲𝘃𝗶𝗲𝘄

By size, the 1 to 3U dominated the global CubeSat market in 2019, in terms of revenue, and is expected to lead the market throughout the forecast period. By application, the Earth observation and traffic monitoring segment incurs the higher share. By end user, the commercial segment dominates the CubeSat market in 2019, in terms of revenue. At present, North America is the highest revenue contributor, followed by Europe.

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐨𝐧 𝐀𝐞𝐫𝐨𝐬𝐩𝐚𝐜𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 :

Spacesuit Market : https://www.alliedmarketresearch.com/spacesuit-market-A70654

Aerospace Cyber Security Market : https://www.alliedmarketresearch.com/aerospace-cyber-security-market-A09068

Space Traffic Management Market : https://www.alliedmarketresearch.com/space-traffic-management-market-A16155

David Correa
Allied Analytics LLP
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