Overview and Scope
The satellite bus refers to the satellite’s primary body and structural component used to hold the payload and scientific equipment. Satellite buses are frequently tailored to client specifications. Satellite buses are primarily utilized in geosynchronous satellites, especially communications satellites. It is also used in lower-orbit spacecraft including low-earth-orbit missions.
Sizing and Forecast
The satellite bus market size has grown strongly in recent years. It will grow from $12.1 billion in 2023 to $12.88 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to increasing demand for small satellites, high adoption of satellite constellation, and growing number of private space enterprises.
The satellite bus market size is expected to see strong growth in the next few years. It will grow to $16.6 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to increase in the number of satellite launches, increasing demand from defense sector, and increasing government investments in space sector. Major trends in the forecast period include companies should consider undergoing partnerships to strengthen their position, focus on launching small satellite buses, consider applying advanced and additive manufacturing techniques, including 3d printing in satellite buses, and focus on the use of internet of things.
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Segmentation & Regional Insights
The satellite bus market covered in this report is segmented –
1) By Type: Small Satellite, Medium Satellite, Large Satellite
2) By Application: Earth Observation And Meteorology, Communication, Scientific Research and Exploration, Other Applications
North America was the largest region in the satellite bus market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the satellite bus market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in investment by governments & space agencies is significantly driving the growth of the satellite bus market. The government of different countries is allocating special budgets for exploration, development, testing, evaluation, procurement and operation, and conservation of satellites and associated factors. The increased expenditure on new satellites is expected to boost the utilization of satellite buses, as they are often used as a structural body and primary system for space vehicles. For instance, in February 2022, according to the Orbital Today article, a UK-based online space magazine, the government of the UK announced the investment of £600,000 in funding to the UK space industry to enhance the research and development in the space sector and space exploration programs. Thus, an increase in investment by government and space agencies will contribute to a rise in demand for satellite buses during the forecast period.
Key Industry Players
Major companies operating in the satellite bus market report are Lockheed Martin Corporation, Thales Group, Airbus SE, Northrop Grumman Corporation, The Boeing Corporation, Mitsubishi Electric Corporation, Ball Corporation, Honeywell International Inc., Sierra Nevada Corporation, Israel Aerospace Industries Ltd. (IAI), Comsat Systems Private Limited, Mitsubishi Heavy Industries, Dhruva Space, Inovor Technologies, Beijing Commsat Technology Development Co Ltd, Anabond Limited, Avasarala Technologies Limited, The China Aerospace Science and Technology Corp (CASC), Gilmour Space Technologies Valiant Space NextAero, Tamadic Co Ltd, Instarsat, AAC Clyde Space, Alba Orbital, Argotec, Exobotics, Exodus Orbitals, Cessna, Telespazio SpA, Raytheon, JSC Information Satellite Systems Reshetnev, Russian Satellite Communications Company, Surrey Satellite Technology Ltd, GomSpace Group AB, EnduroSat, Sputnix, SpaceQuest Ltd, Alliant Techsystems Inc, Visiona Tecnologia Espacial, Embratel Satelites, INVAP SE, OneWeb, Empresa Argentina de Soluciones Satelitales Sociedad Anonima (ARSAT), Satellogic, SAR-Sat Arabia, Arabsat, Israel Aerospace Industries (IAI), Space AI SpacePharma (SPACEPHARMA), Circle Aerospace, Space Plasmatics, SCS Space, Heliaq, CubeSpace / Innovus, Dragonfly Aerospace, Simera Sense
The satellite bus market report table of contents includes:
1. Executive Summary
2. Satellite Bus Market Characteristics
3. Satellite Bus Market Trends And Strategies
4. Satellite Bus Market – Macro Economic Scenario
5. Global Satellite Bus Market Size and Growth
…
32. Global Satellite Bus Market Competitive Benchmarking
33. Global Satellite Bus Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Satellite Bus Market
35. Satellite Bus Market Future Outlook and Potential Analysis
36. Appendix
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