Global Satellite Bus Market Research Report: Information by Satellite Type (Small Satellite, Medium Satellite and Large Satellite), Subsystem (Attitude Control System, Structures and Mechanisms, Flight Software, Thermal Control, Propulsion, Electric Power System [EPS] and Telemetry Tracking and Command [TT&C]), Application (Communication, Earth Observation and Meteorology, Scientific Research and Exploration, Mapping and Navigation and Surveillance and Security) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2024
The global satellite bus market growth is the result of the rising adoption of CubeSats because they have the potential of warning systems, enhanced imaging capabilities, and automated data gathering. These features aid scientists in conducting space exploration as well as earth monitoring activities with safety and precision. Apart from this, surging investments in space projects by several governments benefit the market as well.
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On a different note, the intricate design structure common in satellite buses could work against the market in the coming years. This could be inconvenient for new players who are trying to enter the satellite bus market as do not have the required technology to manufacture certain satellites. However, technological advancements in bus components coupled with migration of satellites to Geostationary Orbits (GSO) are projected to uplift the market position during the review period.
Growing focus on low cost, soaring demand for earth observation related activities, long life cycle of satellites and mass production have peaked the interest of various manufacturers in the satellite industry. Other than this, the satellite market could profit from the mounting demand for bus components.
The worldwide satellite bus market can be categorized with respect to satellite type, subsystem and application.
Depending on the satellite type, the satellite bus market can be split into small satellite, medium satellite, and large satellite. The small satellite segment could account for the largest share, achieving the highest CAGR from 2019 to 2024. Small satellites consist of types of satellites like microsatellite, minisatellites and nanosatellites. The surging adoption of nanosatellites has catapulted the position of the small satellite segment in the global market. Nanosatellites aid in multiple activities including earth observation and space research. Nanosatellites are lightweight and offer a host of benefits such as cost-effectiveness and easy construction.
In terms of subsystem, the satellite bus market includes attitude control system, structures and mechanisms, thermal control, flight software, electric power system (EPS), telemetry tracking, propulsion, and command (TT&C). The electric power system (EPS) segment is poised to land the top position in the market with the highest growth rate during the review period. EPS helps support various electricity sources such as solar and fuel. In addition, EPS are considered to be compatible, cost-effective as well as reliable.
Application-wise, the satellite bus market can be narrowed down to earth observation and meteorology, communication, mapping and navigation, surveillance and security and scientific research and exploration. In 2018, communication had been identified as the leading segment in the market. But the earth observation and meteorology segment could expand at the fastest rate during the evaluation period. As satellite bus helps observe the earth, in addition to tracking natural resources, the earth observation and meteorology segment could get a significant boost in the coming years. Satellite bus like AstroBus-XS which is made by the aeronautics vendor, Airbus SAS, possesses features like increased image size, capability to get more images of the earth in one day along with extended swath.
The global satellite bus market is primarily concentrated in regions of North America, Asia Pacific, Middle East & Africa, Latin America and Europe.
North America had covered the maximum portion of the global market in 2018. With the rising interest in satellites in the region, on account of lowered cost of satellite launch vehicles, the market is expected to rise to greater heights in the near future. Also, a surge in the applicability of satellites in commercial as well as military sectors is working in favor of the market. Therefore, the increasing applicability of satellites is an important factor driving the demand for satellite bus in the region. Additionally, developments propulsion technology as well as spacecraft design stimulates market growth in the region.
The Asia Pacific market could attain the highest CAGR during the conjectured period. Rising adoption of satellites in order to offer improved network connectivity to consumers, especially in rural areas boosts market growth. For instance, in January 2019, China had developed a satellite called Chang'e 4 which helps offer Internet connectivity across rural areas.
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Some of the significant companies molding the worldwide satellite bus market include China Aerospace and Technology Corporation (CASC) (China), Thales Group (France), Boeing (US), Airbus SAS (Netherlands), Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Israel Aerospace Industries Ltd (Israel), Honeywell International Inc. (US), Maxar Technologies Ltd (US), Sierra Nevada Corporation (US), Mitsubishi Electric Corporation (Japan), Ball Corporation (US), to mention a few.
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