CubeSat Market worth $375 million by 2023? Exculsive Market Report by MarketsandMarkets.

The CubeSat market report provides an analysis of the market from 2018 to 2023. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities in the market. The 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. The CubeSat market in Asia Pacific is expected to witness substantial growth during the forecast period due to the number of CubeSats launched every year and new start-up companies developing advanced technologies for CubeSats. The growing use of CubeSats for Earth observation services and in government & military applications are some of the factors driving the market in the US, China, Japan, and India.

The earth observation application segment is expected to grow at the highest CAGR during the forecast period. There has been an increase in the rate of investments in the space industry by government and commercial organizations which has caused an increase in development of CubeSat constellations for various applications such as science & technology, and communication & navigation, among others. Planet Labs (US) is a global leader in manufacturing and launching of 3U satellites for Earth observation. These satellites are used to take high-resolution pictures of the Earth that can be used for agriculture monitoring, natural disaster warnings, and rescue missions.

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The size segment of the CubeSat Market is expected to grow at the highest CAGR during the forecast period. 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.

Based on end user, the commercial segment of the CubeSat market is projected to grow at the highest CAGR during the forecast period. The growth of the commercial segment can be attributed to the increase in the rate of investments in the space industry by government and commercial organizations resulting in an increase in the development of CubeSat constellations for various applications such as science & technology, and communication & navigation, among others.

In terms of geographic coverage, the CubeSat market has been segmented into 4 regions, namely, North America, Europe, Asia Pacific (APAC), and the Rest of The World (which includes the Middle East, Latin America, and South Africa). North America is estimated to account for the largest share of the CubeSat market in 2018. The increasing demand for satellite services from satellite operators and government agencies is influencing the growth of the CubeSat market in North America. The CubeSat market is also expected to witness significant growth in the emerging economies of the Asia Pacific region, such as China, Japan, and India.

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