Global CubeSat Market Is Likely To Beat $375 Million by 2023

The global CubeSat market is projected to grow from USD 152 million in 2018 to USD 375 million by 2023, at a CAGR of 19.87% from 2018 to 2023. Some of the factors that are expected to fuel the growth of the CubeSat market are the increasing focus on reducing mission costs as well as the rise in demand for CubeSats in applications related to earth observation, communication, science, and technology.

Based on size, the 3U segment is estimated to account for the largest share of the CubeSat market in 2018. 3U CubeSats can be used in various applications such as Earth observation & traffic monitoring, meteorology, science & technology and education, research & exploration, mapping & navigation, and surveillance & security. Planet Labs (US) uses 3U CubeSats called Doves in Earth imaging applications. In February 2017, it launched 88 3U CubeSats into space.

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Based on application, the Earth observation & traffic monitoring of the CubeSat market is estimated to grow at the highest CAGR in 2018, as collection of information about the Earths physical, chemical, and biological systems by means of remote sensing technologies is continuously evolving. Over 100 countries and a similar number of organizations have formed the Group on Earth Observations, whose members are also growing annually. This group is dedicated to constructing a global platform for Earth Observation content distribution. The demand for CubeSats to carry out such Earth observation surveys is increasing, which will result in the growth of the CubeSat market in the coming years.

North America and Asia Pacific region expected to show the highest potential for implementation of CubeSats

The CubeSat market in North America is expected to witness substantial growth during the forecast period due to the number of CubeSats launched every year and the increasing demand for satellite services from satellite operators and government agencies.Private players in North America, such as Pumpkin Space Systems (US), Space Systems Loral (US), CU Aerospace (US) and Planet Labs (US) are focusing on developing CubeSats with assistance from dedicated launch service providers. In North America, US firms have begun to operate imaging satellite systems, aiming to become an important part of the US remote sensing services industry.

Major players in the CubeSat market include Planet Labs (US), Pumpkin Space Systems (US), GomSpace (Germany), Clyde Space (UK), Surrey Satellite Technologies (US), Sierra Nevada Corporation (US), Capella Space (US), Space Systems Loral (US), EnduroSat (Bulgaria), and CU Aerospace (US). GomSpace is one of the key market players engaged in forming strategic partnerships and agreements to increase the adoption of CubeSats for commercial and defense applications.

EnduroSat (Bulgaria) is a privately held company founded in 2015. The company is one of the fastest-growing space companies in the European region. EnduroSat offers unique and customized solutions to its clients to cater to their requirements. CubeSat packages offered by the company include mission analysis and design systems, custom training programs, unique CubeSat platforms, custom payload engineering services, launch assistance services, ground segment services, and mission control operation services. EnduroSat allows customers to configure their own CubeSats to meet their requirements. The company has over 30 customers across the globe. EnduroSat’s product line includes 1U, 1.5U, 2U, 3U, and 6U structures, solar panels, and custom modules.

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