CubeSat is a kind of SmallSat, which is usually used for space research and is made in multiples of 10 cm x 10 cm x 10 cm. Its size can be approximated to that of a Rubik’s cube and it has a weight of around 1.33 kg. The CubeSats are generally put up in orbit by the deployers of the international space station. These 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. It is inexpensive, quick to build nanosatellite, often used as commercial-off-the-shelf components.
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Numerous nations have been focusing on developing CubeSats, owing to their low cost and short development time made possible with the use of proven standard equipment and off-the-shelf components. Various commercial, as well as private ventures have made major investments in companies operating in the CubeSat market to capitalize on the opportunities presented through low-cost CubeSat missions related to communication, earth observation, and science & technology, among others. CubeSats offer advanced functionalities such as automated data gathering, warning systems, and enhanced imaging capabilities. These functions assist scientists in performing space exploration and earth monitoring activities with precision and safety. CubeSats are available in different sizes and are used for complex space missions such as tracking space junk and map the distribution of galactic cosmic radiation across the night sky. The “Global Cubesat Market” is accounted for $125.75 million in 2017 and is expected to reach $692.45 million by 2026 growing at a CAGR of 20.9% during the forecast period.
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As the private space industry is flourishing and private spaceflight companies are making unbelievable evolution around the world, it is expected that the demand for CubeSats will rise in the coming years. These nanosatellites are allowing the new space industry to carry out different missions at very low cost and associated with minimum risks. Increasing demand for Internet of Things (IoT) and Machine-to-Machine (M2M) small satellite networks and disaster management through satellite remote sensing are the major factors which are expected to create lucrative opportunities for the market in the next years. Recent innovations in CubeSat subsystems have enabled them to reach a wider segment of consumers in the satellite industry. The companies are developing relatively low-cost CubeSats, which facilitate services almost equivalent to the traditional big satellites that serve government agencies or public-sector industries. This, in effect, is expected to increase competition in the near future as well as facilitate the utilization of CubeSats for different applications.
North America is having the presence of a number of large companies that offers these services in this region. The well-established players are Harris Corporation, Interorbital Space Organization (ISO), Lockheed Martin Corporation, Sierra Nevada Corporation and others. The North America region is expected to show signs of high growth rate in the CubeSat market due to the count of CubeSats developed each year and the growing order for CubeSats from NASA, the Defense Department of various countries, and different research organizations. 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.
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North America 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. Furthermore, stringent government regulations pertaining to manufacturing and launching of CubeSats are boosting the market growth in the region. Several universities in North America in association with various industry players are launching CubeSat satellites for educational purposes. Increased adoption of CubeSats by space organizations, government departments, and defense agencies are boosting the market growth in the region. These CubeSats in the North America region are widely being used for delivering useful scientific data and commercial services.
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