CubeSat is a class of SmallSat, which is typically used for space research and is constructed in multiples of 10 cm x 10 cm x 10 cm and is approximately in size of a Rubik’s cube and weighs around 1.33 kg. The CubeSats are generally put up in orbit by the deployers of the international space station. The CubeSats are beneficial as they carry out many kinds of operations like technology demonstration, collecting information, or take measurements from space, help students understand the working of space missions from scratch. CubeSats are also extensively used in commercial purposes like telecommunication services, agriculture, and business intelligence. The growing use of CubeSat in the commercial space is further driving the growth of the global CubeSat market throughout the forecast period. The global CubeSat market created an amount of $XX million in 2018 and is expected to rise to $3,267.14 million in 2027, while growing at 22.04% of CAGR. The base year regarded for the market study is 2018, and the projected period lies between 2019 and 2027.

Major factors that are responsible for the advancement of the global CubeSat market are:

• Large-scale demand for SmallSats
• Technological developments in electronic equipment for SmallSats
• The growing demand for miniaturization of satellites

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The global CubeSat market is mainly driven by the growing developments in the innovation of products and advancement in electronic circuitry, which is boosting the growth of the CubeSat market in the projecting years. The need for miniaturization of small satellites is also paving the way for market growth.

The Payload in the CubeSat market accounted for a significant share of 25.39% in the subsystem segment in 2018. The CubeSat market in the payload is largely influenced by the surging demand for small and effective payloads. The preference for safe launch services with the help of CubeSat is boosting the market for the payload in the CubeSat market during the estimated period. The prominent companies in the market are developing multiple payload adapters, therefore refining full utilization of payload capability, sinking cost for CubeSat launch, and swelling the number of CubeSats for a particular application in satellite constellation which is further helping the market growth. The rise in the strategic corporate initiatives undertaken by the major companies, together with the low raw materials prices, has fueled the growth of the market in the coming years.

The increasing trend for CubeSats devices is showcasing the growth projections for this segment. Further, the investments in research and development activities, along with the adoption of strategy like mergers by several companies is driving the market growth of CubeSats for the upcoming period.

Amid the growing acceptance of CubeSats, the market is facing some restraints and challenges. The lack of expertise in launching CubeSats coupled with ignorance by the aerospace organizations regarding the launch of CubeSats is further deterring the growth of the market in the forecast period 2019-2027. The increased regulations levied by the organizations is also challenging the growth of the market in the coming years. However, the presence of new entrants and satellite deployers, which are permitting access to space at an economical cost, is boosting the demand for CubeSats in the forecast period.

Report scope of the global CubeSat market encompasses segmentation by size, subsystem, end-user, along with the region.

Market by Size:

• 1U
• 2U
• 3U
• 6U
• Other Sizes

Market by Subsystem:

• Thermal Control System (TCS)
• Payload
• Telecommunication: TT&C
• Structure
• Power System
• On-Board Computer: C&DH
• Propulsion System
• Attitude Control System: ADCS

Market by End-User:

• Government
• Academic
• Commercial
• Non-Profit Organization
• Defense

The global CubeSat market, based on geography, has been segmented into major regions such as:

• North America: Canada and United States
• Europe: Germany, United Kingdom, France, Russia, Italy, Spain, & Rest of Europe
• Asia-Pacific: China, India, Australia, South Korea, Japan, & Rest of Asia Pacific
• Rest of World: Middle East & Africa, Latin America

In terms of revenue, North America is the foremost region for the CubeSat market, with capturing around 78.5 % market share in 2018. This prominent position of North America is ascribed to the presence of large companies that offers these services in this region. The well-established players are Harris Corporation, Interorbital Space Organization (ISO), and others.

Furthermore, the North America CubeSat market growth is augmenting owing to the initiatives of the government and the space organizations in the region, which are innovating products, thereby boosting the global market during the period. For example, the increasing collaborations between NASA’S space programs and entrepreneurs are boosting the satellite industry in the region by increasing continuous research and development activities, eventually fueling the growth of the market.

North American is also the fastest-growing region for the CubeSat market. The mounting growth of the North American region is attributed to numerous factors like rising demand for small satellites, and an increase in research and development spending.

Clyde Space has partnered with Swedish space tech company AAC Microtel to create a market for small and nanosatellites. This collaboration will further accelerate the growth and create long term opportunities for the development of the space industry, thereby creating jobs and boosting the growth of the CubeSats in the forecast period and also will create opportunities to expand the workforce and capture market share in a fast-growing market.

The global CubeSats market has been classified by size, subsystem, end-user, and region. The size segment is further segmented into 1U, 2U, 3U, 6U, and other sizes. The subsystem segment comprises of Payload, Structure, and Telecommunication; TT&C, On-Board Computer; C&DH, Power System, and Attitude Control System; and ADCS, Propulsion System, and Thermal Control System (TCS). The End-User segment is further divided into academic, commercial, government, defense, and non-profit organizations.

The market includes several players, and few of the major players involved in the global CubeSat market are:

• Clyde Space Ltd.
• EnduroSat AD
• GomSpace A/S
• Gauss SRL
• And many others

In the report, the company profiles of key market players are extensively discussed. Most of the companies are seeking corporate strategies, namely partnership, merger & acquisition, agreements, new product launch, and contracts, to gain a competitive edge over each other. For instance, in December 2018, Harris Corporation launched and communicated with its first small satellite from India’s Polar Satellite Launch Vehicle. This showcased the company’s ability to provide complete end-to-end mission solutions for the fast-growing CubeSat market.

Key findings of the global CubeSat market are:

• North America dominates the global CubeSat market by seizing the largest share of around 78.46% in 2018
• The market players are focusing on increasing the research and developments capabilities to achieve advanced innovation in the small satellite industry
• The upsurge in demand for CubeSats in the defense sector is furthering the market growth in the forecast period
• The demand for 6U CubeSats in the commercial space is influencing the growth of the market globally