CubeSat Market to Reach $870.7 Million, Globally, By 2032 at 16.2% CAGR: Allied Market Research
PR Newswire
7 min read
PORTLAND, Ore., July 3, 2024 /PRNewswire/ -- The global cubeSat market is driven by factors such as rise in demand for commercial applications and increase in investments by governing agencies.
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Allied Market Research published a report, titled, "CubeSat Market by Size (0.25U to 1U, 1 to 3U, 3U to 6U, 6U to 12U, and 12U and Above), Application (Earth Observation and Traffic Monitoring, Science Technology and Education, Space Observation, Communication, and Others), End User (Government and Military, Commercial, and Non-profit Organizations), and Subsystem (Payloads, Structures, Electrical Power Systems, Command and Data Handling, Propulsion Systems, Attitude Determination and Control Systems, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the CubeSat market was valued at $205 million in 2022, and is estimated to reach $870.7 million by 2032, growing at a CAGR of 16.2% from 2023 to 2032.
Prime determinants of growth
The global CubeSat market is driven by factors such as owing to rise in demand for Cubesats from several commercial applications. Shift in solar energy to cut carbon emissions creates lucrative growth opportunities for the market. However, competing energy sources are projected to hinder the market growth during the forecast period.
The 1U to 3U segment to maintain its leadership status throughout the forecast period.
Based on size, the 1U to 3U segment held the highest market share in 2022, accounting for more than half of the global CubeSat market revenue and is estimated to maintain its leadership status during the forecast period.
Numerous 3U CubeSats have been launched since 2003 owing to the added advantages of 3U over smaller and even larger CubeSats. In 2020, Spire and Planet Labs launched several 3U CubeSats for Earth Observation and GPS radio occultation weather data missions.
The earth observation and traffic monitoring segment to maintain its leadership status throughout the forecast period
Based on application, the earth observation and traffic monitoring segment held the highest market share in 2022, accounting for slightly more than half of the global CubeSat market and is estimated to maintain its leadership status during the forecast period. However, the science technology and education segment are projected to manifest the highest CAGR of 16.82% from 2023 to 2033. Moreover, CubeSats have been launched in the space aimed at Earth observation purposes. For instance, Planet Labs Inc. launched Flock-4e'1 to Flock-4e'9, constellations in 2020. Several constellations intended for optical Earth observation and related services have been launched in the past years, such as, Hera-1 by Hera Systems (2019), Tianyan-02 by ADA Space (2019), and NAPA-1 by Royal Thai Air Force (2020), among many others.
The commercial segment to maintain its leadership status throughout the forecast period
Based on end user, the commercial segment held the highest market share in 2023, accounting for half of the global CubeSat market and is estimated to maintain its leadership status during the forecast period.
The adoption of CubeSats in the commercial sector has augmented significantly over the past years, due to the reduction of heavy satellite components, standardization of satellite parts, and reduced costs. In this sector, small satellites are used in agriculture, forestry, energy, media & entertainment, civil engineering, and archaeology.
The payloads segment to maintain its leadership status throughout the forecast period
Based on subsystem, the payloads segment held the highest market share in 2023, accounting for more than one-third of the global CubeSat market and is estimated to maintain its leadership status during the forecast period.
CubeSat payloads are crucial for the missions in space. Payloads allow the CubeSats to accomplish the mission for which they are designed. Some examples include high resolution cameras, SDR (Software Defined Radio) platform, or the device or electronic component to be tested, among others.
North America to maintain its dominance by 2033
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than half of the global market revenue and is likely to dominate the market during the forecast period. Rise in concern for satellite-based surveillance offers lucrative growth opportunities for the market growth in North America. For instance, in October 2020, TriSept Corp. announced a launch services contract with the Space and Missile Defense Command (SMDC) of the U.S. Army.
The report provides a detailed analysis of these key players in the global CubeSat market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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