CubeSat Market Expected to Reach $870.7 Million by 2032

According to a new report published by Allied Market Research, titled, “CubeSat Market," The cubeSat market size was valued at $205.00 million in 2022, and is estimated to reach $870.7 million by 2032, growing at a CAGR of 16.2% from 2023 to 2032.

CubeSats are a type of nanosatellite, defined by the CubeSat Design Specification (CSD), unofficially called the CubeSat standard. CubeSats are manufactured according to standard measurements, in units or U of 10 cm x 10 cm x 10 cm. They are usually built in the formation of 1U/2U/3U/6U/12U or other in size, and usually weigh less than 1.33 kg per unit. Making small satellites as per the CubeSat standards results in the cutting of costs associated with the research and technical development stages. This helps in overcoming the barriers to enter and study the space, which results in a sharp increase in the popularity of CubeSats since its introduction.

Moreover, depending on the specifications, a CubeSat can be manufactured and positioned in orbit, which accounts for a small part in total costs as compared with the costs of involved with the conventional satellite missions. Apart from the benefits associated with the lower weight and size factors, the main advantage of CubeSats lies in the short timeframe required to build one CubeSat. While a conventional or large satellite requires between 5 and 15 years for developing and placing in orbit, a CubeSat can take less than 8 months to detect the need and position it in the intended orbit. These factors are anticipated to drive the growth of the CubeSat Industry during the forecast period.

CubeSat adoption in the commercial sector has increased significantly in recent years as the weight of satellite components has decreased, satellite components have become more standardized, and their costs have decreased. Agriculture, forestry, energy, media & entertainment, civil engineering, and archaeology use small satellites in this industry. With respect to space mining, few private corporations have already initiated projects aimed at the utilization of minerals, energy resources, and water, located in outer space. For instance, Planetary Resources in 2018 successfully launched its Arkyd-6, a 6U CubeSat to discover water resources in space, with the objective of stimulating the impending human expansion in space. The most advanced CubeSats are being designed to enter the Earth’s atmosphere as soon as their mission is completed so that the satellites can break down and don’t lead to the accumulation of space debris, however, this is not always the case.

Space debris is one of the major issues for the deployment of satellites and space vehicles. Owing to the growing initiatives by the key players, there are on-going projects involving the small satellites learning the ways to remove the debris. For instance, the RemoveDebris project is intended at executing crucial active debris removal (ADR) technology tests in quest of the finest methods to clean-up the space debris. The incorporation of CubeSats in delivering innovative solutions is anticipated to drive the growth of the global cubeSat market opportunity over the forecast timeframe.

 The cubeSat industry is segmented into size, application, end user, subsystem, and region. By size, the market is divided into 0.25U to 1U, 1 to 3U, 3U to 6U, 6U to 12U, and 12U and above. By application, the market is segmented into earth observation & traffic monitoring, science & technology, and education, space observation, communication, and others. On the basis of end user, the market is segmented into government & military, commercial, and non-profit organizations. Depending on subsystem, the market is classified into payloads, structures, electrical power systems, command & data handling, propulsion systems, attitude determination & control systems, and others. 

Region-wise, the cubeSat market size is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Russia, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).

KEY FINDINGS OF THE STUDY

• The 1U to 3U segment was the highest revenue contributor to the CubeSat Market Share in 2022 and is estimated to reach significant cubeSat market growth by 2032.
• The earth observation and traffic monitoring segment was the highest revenue contributor during the cubeSat market forecast of 2022-2032.
• North America was the highest revenue contributor, accounting for $107.2 million in 2022, and is estimated to reach $443.0 million by 2032, with a CAGR of 15.9%.

The key players profiled in the cubeSat market analysis report include Planet Labs Inc., GomSpace, AAC Clyde Space, Endurosat, Tyvak Nano-Satellite Systems, Inc., Surrey Satellite Technology Limited, Innovative Solutions in Space B.V., Space Inventor, Pumpkin Space Systems, and CU Aerospace, L.L.C. The key strategies adopted by the major players of the global cubeSat market trends include product launch and mergers & acquisitions.