According to the latest report by IMARC Group, titled “CubeSat Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global CubeSat market reached a value of US$ 247.3 Million in 2021. CubeSats are miniaturized satellites commonly used in low earth orbit for applications such as remote sensing or communications. They include propulsion, payloads, command and data handling, altitude determination, and control systems. They are used for space research and are flown as auxiliary payloads on pre-planned missions. CubeSats are widely used for space observation, communication, earth observation, traffic monitoring, and interplanetary missions. They are also used for collecting space information, technology demonstration, and samples. As compared to the traditionally used satellites, they require a shorter development time and are highly fuel-efficient, lightweight, and cost-effective.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
CubeSat Market Trends-
The rising inclination toward space exploration activities across the globe is creating a positive outlook for the market. CubeSats are widely used to capture Earth's images and operate telecommunication systems. Additionally, the widespread product adoption for communication, science, and technology sectors due to their small size and low weight is favoring the market growth. Moreover, the implementation of various government initiatives and significant investments to rapidly manufacture and test satellites to explore upcoming technologies and ideas is acting as another growth-inducing factor. Apart from this, the utilization of artificial intelligence (AI), machine learning (ML), and big data solutions to provide automated insights, scan the landing site, and maneuver appropriately without human intervention are providing an impetus to the market growth. In line with this, technological developments in electronics and communication have resulted in the development of projects like space mining and space debris clean-up, which in turn is augmenting the market growth. Other factors, including the increasing demand for real-time monitoring of ships, aircraft, and automobiles, extensive research and development (R&D) activities, and growing demand for high-resolution earth imaging and communication services, are supporting the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 731.1 Million by 2027, exhibiting a CAGR of 20.51% during 2022-2027.
- On the basis of the size, the market has been classified into 0.25U to 1U, 1 to 3U, 3U to 6U, 6U to 12U, 12U and above.
- Based on the application, the market has been divided into earth observation and traffic monitoring, science technology and education, space observation, communication and others.
- On the basis of the end use, the market has been classified into government and military, commercial and others.
- Based on the sub system, the market has been divided into payloads, structures, electrical power systems, command and data handling, propulsion systems, attitude determination and control systems and others.
- On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being AAC Clyde Space, CU Aerospace, EnduroSat, GomSpace, Innovative Solutions In Space B.V., L3Harris Technologies Inc, Planet Labs Inc., Pumpkin Space Systems, Space Inventor, Surrey Satellite Technology Limited (Airbus Group) and Tyvak Nano-Satellite Systems Inc. (Terran Orbital Corporation).
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