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. Various countries have been focusing on developing CubeSats, owing to their low cost and short development time made possible with the use of proven standard equipment and off-the-shelf components. Various commercial, as well as private ventures, have made significant investments in companies operating in the CubeSat market to capitalize on the opportunities presented through low-cost CubeSat missions related to communication, Earth observation, and science & technology, among others.

Based on application, the Earth observation & traffic monitoring segment is expected to grow at the highest CAGR during the forecast period

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 Earth's 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.

Based on end user, the commercial segment is expected to lead the CubeSat market from 2018 to 2023

Based on end user, the CubeSat market has been segmented into government & military, commercial, and non-profit organizations. The growth of the commercial segment can be attributed to the increased interest of the US Federal Government towards the use of commercial space services for all aspects of their missions, along with the increasing demand for high-resolution satellite imagery from commercial satellite operators.

Based on size, the 3U segment is expected to grow at the highest CAGR in the CubeSat market from 2018 to 2023

Based on size, the CubeSat market has been segmented into 0.25U to 1U, 2U, 3U, 6U, 12U and Above 12U. 3U CubeSats can be used for high precision and complex space missions, such as Earth observation, meteorology, remote sensing, maritime & transportation management, disaster management, military intelligence, and other academic purposes.

The North America region is expected to lead the CubeSat market from 2018 to 2023

The North America region is expected to exhibit the highest growth rate in the CubeSat market during the forecast period due to the number of CubeSats launched every year and the increasing demand for CubeSats from NASA, the Department of Defense, and the private sector, such as research organizations.

Key Market Players

The 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). These players have adopted various growth strategies, such as contracts, acquisitions, expansions, and partnerships/collaborations, to further expand their presence in the global CubeSat market.

Recent Developments

• In August 2018, GomSpace A/S, a subsidiary of GomSpace AD, received a contract from Innovation Fund Denmark (Denmark) to develop network management technologies for the smooth operation and management of large satellite constellations.
• In October 2018, AAC Clyde, the parent company of Clyde Space, received a follow-up contract from Kepler Communications (Canada) to use 6U machines to offer satellite communication services for the Internet of Things (IoT) applications and data backhaul applications.
• In August 2018, Space Systems Loral partnered with Thales Alenia Space (France) to form a consortium, which received a systems design and risk management contract for the LEO communications satellite of Telesat (Canada).

Key Questions Addressed by the Report

• What are your views on the growth perspective of the CubeSat market? What are key dynamics and trends that govern the market, such as drivers and opportunities??
• What are the key sustainability strategies adopted by leading players operating in the CubeSat market?
• What are the new emerging technologies and use cases disrupting the Space Industry?
• Which applications do CubeSats play a significant role in?
• What are the key trends and opportunities in the CubeSat market across different regions and their respective countries?
• Who are the key players and innovators in the partnership ecosystem?
• How is the competitive landscape changing in the client ecosystem and impacting their revenue shares?

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