Market Highlights
Growth Of The Global Satellite Bus Market can be attributed to the increasing adoption of Cube Sats as they are equipped with the potential of 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. Furthermore, increasing investments by various governments in space projects are propelling market growth. However, the rigid design structure of satellite buses is expected to hamper the market growth as the new players, planning to enter the satellite bus market, do not possess the required technology for manufacturing the specific satellites.
The global satellite bus market has been segmented based on satellite type, subsystem, application, and region.
On the basis of satellite type, the global satellite bus market has been divided into small satellite, medium satellite, and large satellite. The small satellite segment is expected to account for the largest market share and register the highest CAGR during the forecast period of 2019 to 2024. Small satellites include types of satellites such as nanosatellites, microsatellite, and minisatellites. The growing adoption of nanosatellites is driving the growth of the small satellite segment. Nanosatellites weigh less than 1.33 kgs per unit and assist in various activities, such as space research and earth observation. These lightweight satellites offer various benefits such as easy construction of satellites and cost-effectiveness.
On the basis of subsystem, the global satellite bus market has been classified as attitude control system, structures and mechanisms, flight software, thermal control, propulsion, electric power system (EPS), and telemetry tracking and command (TT&C). The electric power system (EPS)segment is expected to account for the largest market share and register the highest CAGR during the forecast period of 2019 to 2024. The EPS supports multiple electricity sources such as fuel and solar. Furthermore, the EPS are reliable, compatable, and cost-effective.
Key Players
The key players in the global satellite bus market are Airbus SAS (Netherlands), Ball Corporation (US), China Aerospace and Technology Corporation (CASC) (China), Israel Aerospace Industries Ltd (Israel), Boeing (US), Honeywell International Inc. (US), Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Mitsubishi Electric Corporation (Japan), Maxar Technologies Ltd (US), Sierra Nevada Corporation (US), and Thales Group (France).
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