New York, United States , Aug. 03, 2024 (GLOBE NEWSWIRE) -- The Global CubeSat Market Size Expected to Grow from USD 353.83 Million in 2023 to USD 1682.39 Million by 2033, at a CAGR of 16.87% during the forecast period 2023-2033.
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CubeSats are small, one-quart-volume satellites with a cube-like shape that are roughly four inches long. These tiny satellites are limited to low Earth orbit and interplanetary missions due to their efficiency and cheap fuel costs. They facilitate low-Earth orbit mission launches for commercial enterprises, nonprofits, and educational institutions because they are flown as supplemental payloads on scheduled missions. CubeSats are utilized for a variety of purposes in space, including communications, signal monitoring (SIGINT), remote sensing, localization and logistics, and scientific research and technology demonstrations. The most advanced CubeSats are designed to decompose as soon as they enter the atmosphere and finish their mission, keeping them from contributing to the increasing amount of space debris. Space debris is one of the main obstacles to the deployment of satellites and spacecraft. However, because the CubeSats lack a propulsion engine for on-orbit mobility, a dependable position determination and control system, and power generation, their capacity or information-gathering capabilities are restricted.
Browse key industry insights spread across 225 pages with 120 Market data tables and figures & charts from the report on the "Global CubeSat Market Size, Share, and COVID-19 Impact Analysis, By Size (0.25U to 1U, 1 to 3U, 3U to 6U, 6U to 12U, 12U and above), By Application (Earth Observation and Traffic Monitoring, Science Technology and Education, Space Observation, Communication, and Others), By End User (Government and Military, Commercial, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The 3U to 6U segment is expected to hold the largest share of the CubeSat market during the anticipation timeframe.
Based on the size, the CubeSat market is categorized into 0.25U to 1U, 1 to 3U, 3U to 6U, 6U to 12U, 12U and above. Among these, the 3U to 6U segment is expected to hold the largest share of the CubeSat market during the anticipation timeframe. Demand has been significantly impacted by the increasing use of 3U to 6U CubeSat by commercial clients, disaster management organizations, and suppliers of remote sensing data.
The earth observation and traffic monitoring segment are expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the application, the CubeSat market is categorized into earth observation and traffic monitoring, science technology and education, space observation, communication, and others. Among these, the earth observation and traffic monitoring segment are expected to grow at the fastest CAGR during the anticipation timeframe. Over several years, several CubeSat systems with a variety of spectral, radiometric, and spatial sensors were successfully launched to suit the needs of Earth observation.
The commercial segment is expected to hold a significant share of the CubeSat market during the anticipation timeframe.
Based on the end user, the CubeSat market is categorized into government and military, commercial, others. Among these, the commercial segment is expected to hold a significant share of the CubeSat market during the anticipation timeframe. Several sectors make use of small satellites: media & entertainment, energy, forestry, agriculture, civil engineering, and archaeology. Internet connectivity from space, high-resolution Earth imagery, and communication services are all provided by small satellites.
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North America is projected to hold the largest share of the CubeSat market over the anticipation timeframe.
North America is projected to hold the largest share of the CubeSat market over the anticipation timeframe. There are attractive possibilities for market expansion in North America due to the increasing awareness of the benefits of satellite-based surveillance. US firms have begun operating imaging satellite systems in North America in an effort to gain a larger share of the US remote sensing services market.
Europe is expected to grow at the fastest CAGR growth of the CubeSat market during the anticipation timeframe. The government space programs in Europe, such the Copernicus Program, have produced a significant number of small satellites, which has created several opportunities for the European CubeSat service industry.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global CubeSat market are AAC Clyde Space, CU Aerospace, EnduroSat, GomSpace, Innovative Solutions in Space B.V., L3Harris Technologies Inc, Planet Labs Inc., Pumpkin Space Systems, Rapidtek Technologies Inc., Space Inventor, Surrey Satellite Technology Limited, Tyvak Nano-Satellite Systems Inc., and others.
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Recent Developments
- In February 2023, Taiwanese antenna design and radio frequency testing company Rapidtek Technologies Inc. announced on Tuesday the opening of a space industry research and development (R&D) facility as it joins the local CubeSat market.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global cubeSat market based on the below-mentioned segments:
Global CubeSat Market, By Size
- 0.25U to 1U
- 1 to 3U
- 3U to 6U
- 6U to 12U
- 12U and Above
Global CubeSat Market, By Application
- Earth Observation and Traffic Monitoring
- Science Technology and Education
- Space Observation
- Communication
- Others
Global CubeSat Market, By End User
- Government and Military
- Commercial
- Others
Global CubeSat Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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