CubeSat market to reach $375 million by 2023, says report
NORTHBROOK, Ill. The global CubeSat market is projected to grow from $152 million in 2018 to $375 million by 2023, at a CAGR of 19.87 percent, according to a new report from MarketsandMarkets, "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."
The study's authors found that the factors expected to fuel the growth of the CubeSat market in the next few years include increasing focus on reducing mission costs plus the rise in demand for CubeSats in applications related to earth observation, communication, science, and technology.
Based on size, the report states that the 3U segment is estimated to account for the largest share of the CubeSat market in 2018.