USD 400 Million
CubeSat Market Size, Share, Growth Analysis, By End Use(Government & Military, Commercial, Non-Profit Organizations), By Size(0.25 U to 1U, 1U to 3U, 3U to 6U, 6U to 12U), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45B2072 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|Tables:
64
|Figures:
77
CubeSat Market Insights
Global CubeSat Market size was valued at USD 400 Million in 2022 and is poised to grow from USD 461.36 Million in 2023 to USD 1445.04 Million by 2031, at a CAGR of 15.34% during the forecast period (2024-2031).
Due to their compact size and lightweight, which makes them well suited for quick manufacture and testing, CubeSats are a perfect and affordable entity for studying future technologies and concepts. These qualities also make it possible to produce CubeSats rather quickly. In comparison to conventional satellites, CubeSats are tiny spacecraft that are simpler to create, develop, and launch. By offering a practical means of sending satellites into orbit and carrying out technological trials, research studies, and other missions, CubeSats have fundamentally changed the way that space exploration is done. Commercial enterprises, governmental and military organisations, and non-profit organisations all make substantial use of CubeSats.
The worldwide Internet of Things (IoT) will be further developed as a result of the expanding utilisation of CubeSats, enabling remote locations to communicate through space infrastructure without relying on terrestrial infrastructure. Sensor-driven gadgets that need global connectivity and communication are becoming more and more prevalent. As the capabilities and utility of CubeSats grow as a result of technology advancements in electronics and communications, modern satellites are being created for new purposes including, among others, space mining and space garbage removal. The extraction of minerals, energy supplies, and water from space has been begun by a few commercial enterprises.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
1U to 3U
Fastest Growth
1U to 3U
Growth Rate
15.34% CAGR
Global CubeSat Market ($ Bn)
Country Share for North America Region (%)
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CubeSat Market Segmental Analysis
Global CubeSat Market is segmented on the basis of size, end use, application and region. By size, the market is segmented into 0.25 U to 1U, 1U to 3U, 3U to 6U, 6U to 12U. By end use, market is segmented into government & military, commercial, non-profit organizations. By application, the market is segmented into earth observation & traffic monitoring, science & technology, education, space observation, communication. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
CubeSat Market Analysis by Size
During the projected period, the market for 1U to 3U is anticipated to develop at a CAGR of 15.5 percent. A number of manufacturers are quickly adopting 1U to 3U CubeSats as their preferred choice for use in space missions because of the increasing demand for additional volume and aperture. A 3U CubeSat is more powerful and has higher communication and pointing capabilities than a 1U CubeSat. A 3U provides a larger usable capacity and more room to install panels and antennas with higher packing factors because of the size of conventional mechanisms, connectors, and other components. A large part of the global deployment of Internet of Things-based services is expected to be played by CubeSats.
A growing number of manufacturers are choosing 0.25u to 1u CubeSats over other types of satellites as the best option for use in space missions, and the market for these spacecraft is anticipated to expand profitably. This growth is attributed to the demand for larger volume and aperture. In this scenario, a number of players are sending swarms of 0.25U spacecraft into orbit. Additionally, the 2u segment's growth rate in 2022 was the highest. Among the high precision and challenging space missions that 2U CubeSats can be used for include meteorology, remote sensing, marine & transportation management, disaster management, military intelligence, and other academic applications.
CubeSat Market Analysis by End Use
The market is currently dominated by earth observation and traffic monitoring, which is anticipated to expand at a CAGR of 15.4% during the projection period. To better understand and improve the planet's living conditions, research into agriculture, geology, forests, and the environment is crucial. Numerous CubeSat systems outfitted with different spectral, radiometric, and spatial sensors have been successfully launched over a period of years to suit the needs for Earth observation.
The communication market was projected to grow at a significant CAGR in 2022. The expanded use of communications antennas in both the public and private sectors is credited with the expansion. Among the services provided by satellites are data communications, telecommunications, and broadcasting. As technology for acquiring data on the Earth's physical, chemical, and biological systems is constantly evolving, the Earth observation & traffic monitoring segment of the CubeSat market is predicted to exhibit the quickest CAGR growth in 2022. Over 100 countries and a similar number of organizations make up the membership of the Group on Earth Observations, which is growing yearly.
Global CubeSat Market By Size
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CubeSat Market Regional Insights
By 2030, it is expected that the region with the biggest revenue contribution to the global CubeSat market will have grown at a CAGR of 14.9%, reaching USD 440.67 million. The market for CubeSats in North America is predicted to grow due to the presence of a sophisticated infrastructure for carrying out space programmes and the greatest level of commercial satellite imagery deployment in the region's numerous industries. The market in North America has significant expansion potential due to the growing understanding of the advantages of satellite-based monitoring.
The market for CubeSat services in Europe is expected to expand as a result of more satellites being used for environmental monitoring and a rise in the demand for small satellites. Additionally, the massive production of numerous small satellites by European government space programmes like the Copernicus Programmer creates enormous prospects for the CubeSat service sector.
Global CubeSat Market By Region
- Largest
- Fastest
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CubeSat Market Dynamics
CubeSat Market Drivers
Educational and Research Purposes
- CubeSats provide valuable platforms for educational institutions and research organizations to engage students and conduct scientific experiments in space. They offer hands-on learning opportunities and enable students and researchers to gain practical experience in satellite design, operations, and data analysis.
Launch Services and Deployment Opportunities
- The availability of dedicated CubeSat launch providers and rideshare opportunities has significantly facilitated the deployment of CubeSats. Companies specializing in launching multiple satellites on a single rocket have reduced costs and provided frequent launch options, further driving the market's growth.
CubeSat Market Restraints
Limited Capability and Payload Constraints
- CubeSats, due to their small size, have limited payload capacity and power capabilities compared to larger satellites. This constraint restricts the type and complexity of instruments and sensors that can be integrated into CubeSats, limiting their functionality and applications. As a result, certain missions and scientific objectives may require larger satellites, reducing the market potential for CubeSats.
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CubeSat Market Competitive Landscape
Information is provided by competitors on the CubeSat market competitive landscape. Included information includes a business overview, company financials, revenue generated, market potential, investment in R&D, new market initiatives, regional presence, corporate strengths and weaknesses, and product launch.
CubeSat Market Top Player’s Company Profiles
- Planet Labs Inc. (United States)
- NanoAvionics (United States/Lithuania)
- GomSpace (Denmark)
- Clyde Space (United Kingdom)
- Pumpkin Space Systems (United States)
- Astrocast (Switzerland)
- Axelspace Corporation (Japan)
- Satellogic (Argentina)
- Spire Global Inc. (United States)
- Kepler Communications (Canada)
- Dauria Aerospace (Russia)
- Tyvak Nano-Satellite Systems (United States)
- Innovative Solutions in Space (ISIS) (Netherlands)
- Sky and Space Global (Australia)
- SSTL (Surrey Satellite Technology Ltd) (United Kingdom)
- EnduroSat (Bulgaria)
- ÅAC Clyde Space (Sweden/Scotland)
- Spaceflight Industries (United States)
- Blue Canyon Technologies (United States)
- NSLComm (Israel)
- Loft Orbital (United States)
- Nanoracks (United States)
CubeSat Market Recent Developments
- In April 2023, the European Space Agency (ESA) announced that it is planning to launch a constellation of 30 CubeSats to study the Sun. The satellites will be launched in 2025 as part of ESA's Solar Orbiter mission.
- In March 2023, NASA announced that it is planning to launch a constellation of 12 CubeSats to study the Moon. The satellites will be launched in 2024 as part of NASA's Artemis program.
- In February 2023, SatRevolution, a Polish smallsat company, launched its first two CubeSats into orbit. The satellites are designed to monitor Earth's atmosphere and climate.
- In January 2023, Virgin Orbit launched seven CubeSats for three customers into orbit on the third consecutive successful operational flight of their LauncherOne air-launch system.
CubeSat Key Market Trends
- The growing demand for CubeSats has spurred the development of dedicated small satellite launch services. Numerous launch providers now offer rideshare opportunities and dedicated launches for CubeSats, reducing costs and improving accessibility for CubeSat operators. This trend has facilitated the deployment of CubeSats and accelerated market growth.
CubeSat Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global CubeSat market has experienced significant growth and transformation in recent years. CubeSats, with their small size, standardized design, and cost-effectiveness, have revolutionized the space industry by democratizing access to space and enabling a wide range of applications. CubeSats have found applications across diverse sectors. They are used for Earth observation, remote sensing, communications, scientific research, technology demonstration, education, and more. CubeSats have proven particularly valuable in Earth observation, providing high-resolution imagery, weather data, and monitoring of environmental changes. They also play a role in Internet of Things (IoT) connectivity and global telecommunications services. The CubeSat market represents a dynamic and promising sector within the space industry, offering cost-effective solutions and access to space for a wide range of applications and users.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 400 Million |
| Market size value in 2031 | USD 1445.04 Million |
| Growth Rate | 15.34% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on CubeSat Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on CubeSat Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the CubeSat Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the CubeSat Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the CubeSat Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the CubeSat Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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