NY, USA, September-06, 2019 /Aerospace --
Market
NEWS: CubeSat Market worth $375 million
by 2023
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CubeSat Market |
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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.
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.
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.
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CubeSat Market |
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.
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