By Region, the study segments the market into North America, Europe, Asia-Pacific, Middle East & Africa, and South and Central America.
North America accounted for the largest share of revenue in 2022. The North American CubeSats market is being driven by the most significant frequency of commercial CubeSat launches, as well as the introduction of new enterprises that are propelling the sector's growth. Leading manufacturers are expanding the market in the region due to their presence. As one leading expert in CubeSat technology, Tyvak Inc., carries out feasibility studies by offering mission design and analysis, along with engineering support, which is further boosting the growth of the CubeSats market throughout the region during the forecasting year.
These services are beneficial for mission compatibility.
CubeSat Market SIZE (USD MILLION) REGION 2022 VS 2032
Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review
Further, the countries considered in the scope of the CubeSat are the US, Canada, Mexico, Germany, UK, Italy, Spain, China, India, Japan, South Korea, South Africa, Brazil, Argentina.
The Asia Pacific region is expected to have the largest market CAGR in the CubeSat market. The region's self-motivated techniques of risk management amid natural disasters are fueling the increased need for SmallSats in this region. Demand for CubeSats is predicted to rise over the forecast period due to the development and growing investments of new satellite systems. According to the China National Space Administration, China is making significant investments in its space-based capabilities, and the government plans to launch roughly 100 satellites by 2025 and establish itself as a major space power by 2045.
The launch of low cast tiny satellites into space is one of several steps being taken by the governments to improve broadcast, remote sensing, and communication and navigation applications. The Middle East and Africa's CubeSat market is mostly expanding in the United Arab Emirates and Saudi Arabia.
One of the major markets for CubeSats worldwide is South America. Some of the major growth factors for the Latin American small satellite market include the demand for low-cost satellites across industries, the ongoing requirement for continuous earth surveillance, greater investment by venture companies, and advancement in material technology.
Recent Development News :
July 2024: Engineering students of the University of Kansas have successfully endorsed their small satellite, which they refer to as ‘CubeSat’, into space. NASA’s Firefly aerospace rocket has flown this satellite for the first time through the ELAna 43 mission of NASA. The KUbeSat-1, which was barely two weeks old at the moment, became KU's first satellite to orbit around Earth. This time, it was possible because NASA was partnering with eight CubeSats, and it launched using firefly aerospace’s Alpha rocket.
KUbeSat-1 is essentially a three-unit nanosatellite that is not larger than a loaf of bread and weighs about three pounds. This was also the first time Kansas was becoming a part of this program. The CubeSat, however, originated in order to aid nonprofit organizations in accomplishing their missions. Lastly, KUbeSat-1 is significant because it uses cosmic rays in order to carry out its measurement, which was historically done on land. KUbeSat-1 possesses a new significance that will have immense benefits in the field of astrophysics.
The second package, the High-Altitude Calibration Instrument Version X focuses on signals that are emitted in the atmospherically high band caused due to cosmic interactions. The expected life span in orbit is 1-2 years but practical outlooks suggest it is more to be around 1 year. The information gained from the mission is intended for academic work as well as for creating more advanced payloads in the future.
