GLOBAL CUBE SATELLITE MARKET INSIGHTS AND FORECAST
Cube satellite, also called cubeSat, is a category of small satellite which has a standardized unit and volume. The standards for the same have been defined by the CubeSat Design Specification (CSD). A basic cube satellite unit measures 10 x 10 x 10 cm and has a mass of around 1.33 Kg. A cube satellite of this dimension is referred to as 1U. Satellites with bigger dimensions in multiples of the basic cube satellite dimensions can be established by combining several basic cube satellites.
What is a cubesat used for?
Cube satellites are widely used across applications related to remote sensing, communication, education, science technology, traffic monitoring, metrology, space observation, & others. For the course of study, cube satellites having dimensions ranging from 0.25 U to 28 U have been considered.
What does a cubesat do?
1. Remote Sensing: Cube satellite’s light weight and low mission cost allows the structuring of constellations, which provide less revisit time, and better coverage to ensure the continuous monitoring. These remotely sensed information can be used for management of various calamities such as natural disaster, local instability, state failure, active engagement, organized crime, terrorism. The remote sensing application holds the largest revenue share in the global cubesat satellite market
2. Communication: Communication industry is going through rigorous transformation by implementation of latest technologies. Cube satellites are used in worldwide IoT services, Internet coverage, and machine to machine communications
3. Education: The short development time for building a cube satellite is significantly contributing to the success of scientific and educational missions. Moreover, a low cost of development is expected to increase adoption of cube satellites to train young researchers and students in the space engineering and science
4. Others: Cube satellites are also widely used in other applications such as science technology, traffic monitoring, metrology, geo location, logistics, and space observation. Moreover, it is an economically effective solution for handling and locating assets such as aircraft, vehicles, ships, and others in areas where there is no land cover
Global cubesat market forecast:
The global cube satellite market is analyzed to grow a steady rate from $154.8 million in 2020 to $275.8 million in 2025 at a CAGR of 12.2%. Rising prominence of space industry companies manufacturing cube satellites for earth observation applications, earthquakes forecasting, climate change, Ionosphere monitoring, agriculture, forestry, wildlife, weather forecasting, and disasters monitoring is driving the growth of the satellite industry. Moreover, reduction in overall mission cost and technological advancements, reliability, development time, mission lifetime, and tolerance in risk acceptance as compared to traditional satellite companies expected to increase investment by large satellite companies.
North America holds the largest share in the global cube satellite market, owing to the presence of top satellite companies who hold the major satellite stocks in the region. Further, it is anticipated to grow at rapid pace due to ongoing investment in the cubesat companies for developing new cubesat components, and incorporating new technologies. Cube satellites are widely used by various end users such as military & defense, educational institutions and universities, civil, and commercial.
Biggest satellite companies in global cube satellite market are AAC Clyde Space, Planet Labs, Capella Space, Sierra Nevada Corporation, Surrey Satellite Technologies, Pumpkin Space Systems, CU Aerospace, L.L.C., and GomSpace.