The global 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. Some of the factors that are expected to fuel the growth of the CubeSat market are the increasing focus on reducing mission costs as well as the rise in demand for CubeSats in applications related to earth observation, communication, science, and technology.
The major players in the CubeSat market include Planet Labs (US), Pumpkin Space Systems (US), GomSpace (Germany), Clyde Space (UK), Surrey Satellite Technologies (US), Sierra Nevada Corporation (US), Capella Space (US), Space Systems Loral (US), EnduroSat (Bulgaria), and CU Aerospace (US). These players have adopted various growth strategies, such as contracts, acquisitions, expansions, and partnerships/collaborations, to further expand their presence in the global CubeSat market.
GomSpace (Sweden) is one of the leading manufacturers and suppliers of nanosatellite solutions to commercial, government, and academic markets across the globe. The company is estimated to account for a share of 15.0% of the nanosatellite manufacturing sector, globally. GomSpace manufactures 1U, 2U, 3U, and 6U CubeSat platforms as well as subsystems. In November 2018, the company received a contract with from the European Space Agency (ESA) to supply 6U CubeSats for an In-Orbit Demonstration (IOD) mission to demonstrate the various abilities of CubeSats. GomSpace not only manufactures CubeSats but also offers satellite services.
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Space Systems Loral (US) is one of the global leaders offering integrated space technologies. The company has manufactured the highest number of geostationary communication satellites, globally. The satellites manufactured by Space Systems are used for video content distribution, broadband Internet, mobile communication, and direct-to-home television. The company is collaborating with BUSEK Co. (US) to carry out advancements in solar electric propulsion systems. These systems are expected to be used by NASA and other agencies of the US Government to enhance the travel capability of satellites.
EnduroSat (Bulgaria) is a privately held company founded in 2015. The company is one of the fastest-growing space companies in the European region. EnduroSat offers unique and customized solutions to its clients to cater to their requirements. CubeSat packages offered by the company include mission analysis and design systems, custom training programs, unique CubeSat platforms, custom payload engineering services, launch assistance services, ground segment services, and mission control operation services. EnduroSat allows customers to configure their own CubeSats to meet their requirements. The company has over 30 customers across the globe. EnduroSat’s product line includes 1U, 1.5U, 2U, 3U, and 6U structures, solar panels, and custom modules.
CubeSat Market by Application (Earth Observation & Traffic Monitoring, Communication, Science & Technology and Education), End User (Government & Military, Commercial, Non-profit Organizations), Size, Subsystem, and Region - Global Forecast to 2023
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