CubeSat Market Size To Expand at a Notable CAGR Of 16.1% During 2023 - 2032

Market Research Future (MRFR) has published on the “Global CubeSat Market”.

CubeSats have made space launches easier for more than a decade and are being continually deployed. They are low-cost options that have made it easier for commercial firms, non-profit groups, and educational institutions to launch missions into low-Earth orbit. These miniature satellites enable numerous scientific studies and technology demonstrations to be conducted in space in a cost-effective, timely, and very simple manner.

The CubeSats market is estimated to register a CAGR of 16.1% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global CubeSats market - Lockheed Martin Corporation, Sierra Nevada Corporation, The Boeing Company, GomSpace, L3Harris Technologies, OHB SE, Capella Space, Clyde Space Ltd, Airbus S.A.S, Tyvak Nano-Satellite Systems Inc., Busek Co. Inc., CU Aerospace L.L.C., Maxar Technologies, EnduroSat, and Planet Labs Inc.

CubeSat Market Highlights

The global CubeSats market is accounted to register a CAGR of 16.1% during the forecast period and is estimated to reach USD 1045.4 million by 2032.

Modern satellites are being designed for new uses including space mining and trash clearance, while CubeSat capabilities and usefulness are growing as a result of developments in electronics and communications technology. Increasing demand for lightweight satellite is driving the demand for CubeSat in upcoming years. The popularity of CubeSats has increased significantly since their launch as a result of this, which helps to overcome the obstacles to researching space. Depending on the parameters, a CubeSat can be produced and launched into orbit, adding final cost advantage compared to conventional satellite missions. Because CubeSats are smaller than traditional satellites. Further, faster built-up quality in a relatively short period of time along with the advantages brought on by lesser weight and size, are driving the traction of CubeSat over the forecasted period. In addition, a CubeSat can be created and placed in the desired orbit in less than eight months, whereas a conventional or large satellite takes between five and fifteen years to do so, helps to gain a major popularity of CubeSat in lightweight satellite.

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Segmental Analysis

The scope of the global CubeSat market has been segmented based on by size, application, subsystem, and End-user.

Based on size, the global CubeSat market is segmented into 0.25U to 1U, 1 to 3U, 3U to 6U, 6U to 12U, and 12U & above. Among them, the 3U to 6U segment is expected to register a high CAGR of 16.15% during the forecast period. One cubic foot is one unit, or 1U, of volume. It is employed to gauge a spacecraft's internal volume. The 1U CubeSat's purpose in space determines its size and shape. It will be larger than other satellites with only antennae or cameras if it contains research equipment. Depending on how they are used, CubeSats have different markets; some are test platforms.

The space between a CubeSat's outermost layers and its equipment is referred to as 2U in this context. Each launch may carry more mass or payload due to the 2U design, which enables mounting more equipment on a given amount of space. Spreading the system's components into two distinct modules also aids in decreasing dependability concerns and enhancing mission designers' design freedom.

Based on application, the global CubeSat market is segmented into, earth observation & traffic monitoring, science technology and education, space observation, communication and others. Communication segment will experience the highest CAGR over the forecasted period.

Based on subsystem, the global CubeSat market is segmented into payloads, structures, electrical power systems, command and data handling, propulsion systems, attitude determination and control systems others. Further, the command and data handling segment is expected to register a fastest CAGR during the forecast period.

Based on End-user, the global CubeSat market is segmented into government and military, commercial and non-profit organizations. Commercial segment is expected to register a high CAGR of 15.89% during the forecast period.

Regional Analysis

Geographically, the global CubeSat market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa and South America.

North America accounted for the largest share of revenue in 2022. The North American CubeSats market is driven by the highest volume of CubeSat launches for commercial use, as well as the emergence of companies that are accelerating the sector's expansion. Canada and the US have made significant contributions to the North American CubeSat industry.

During the forecast period, the Asia Pacific region is expected to exhibit the fastest CAGR. With nations like Laos, Myanmar, and Bangladesh investing in the satellite market and planning to launch their very first communications satellites in the future, the Asia Pacific is one of the most active small satellite marketplaces for new entrants. The important factors in the region's self-motivated methods to risk management against natural calamities are what are driving the growing need for SmallSats in this region. Demand for CubeSats is expected to increase over the projection period as a result of the creation of new satellite systems.

Key Findings of the Study

• The global CubeSats market is expected to reach USD 1045.4 million by 2032, at a CAGR of 16.1% during the forecast period.


• The North America region accounted for the fastest-growing global market, imperative factors, such as the significant number of investments in North America, making it the primary contributor to the market share.


• Based on Size, the 1 to 3U segment was attributed to holding the largest market in 2022, with an approximate market share of 68.0%.


• Lockheed Martin Corporation, Sierra Nevada Corporation, The Boeing Company, GomSpace, L3Harris Technologies, OHB SE, Capella Space, Clyde Space Ltd, Airbus S.A.S, Tyvak Nano-Satellite Systems Inc., Busek Co. Inc., CU Aerospace L.L.C., Maxar Technologies, EnduroSat, Planet Labs Inc, and Others are the key market players.