The new report by Expert Market Research titled, ‘Global Satellite Bus Market Growth, Share, Price, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global satellite bus market, assessing the market based on its segments like substation, satellite size and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 6.02%
The satellite bus sector is benefiting from the growing demand for satellites in many end-use industries. Satellites are increasingly being used for such applications as the demand for improved data processing and effective global positioning systems (GPS) grows. As a result, the deployment of satellite buses is increasing to enable optimal satellite launch and operation, fueling market growth.
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Furthermore, the growing use of smaller satellites in industries such as communication and information technology is driving up demand for satellite buses to meet mission demands, boosting market growth. The increasing number of innovative small satellites launched by both commercial and public entities is likely to boost the deployment of satellite buses, which is predicted to drive market growth.
Additionally, increased demand for commercial-off-the-shelf (COTS) constructed satellite buses to enable the efficient launch of smaller satellites is likely to support market expansion. Such advances are expected to increase demand for satellite buses in a variety of industries, including defence and automotive, and to fuel market expansion in the future years.
Industry Definition and Major Segments
The infrastructure of spacecraft is referred to as a satellite bus, sometimes known as a spacecraft bus. It is used as a space transit mechanism and relies on the proper operation of several subsystems. The bulk of a satellite bus is kept at a minimum while putting forces on spacecraft during launch.
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Based on subsystems, the market covers:
• Attitude Determination and Control Subsystem
• Command and Data Handling
• Electric Power System
• Telemetry, Tracking and Command
• Thermal Control
Based on satellite sizes, the market is categorised into:
• Large Satellites (above 500 kgs)
• Small Satellites (upto 500 kgs)
The major regional markets include:
• North America
• Latin America
• Middle East and Africa
The launch of various space missions by governments is fueling the expansion of the satellite bus market. Furthermore, the development of civilian spacecraft and satellites is fueling market expansion. In September 2021, for example, SpaceX flew four private citizens into space. Satellite buses are increasingly being used to minimise the mass, volume, and power consumption of spacecraft, which is critical to the success of space missions.
Furthermore, the usage of satellite buses increases data memory, battery capacity, and solar array efficiency, all of which contribute to market expansion. The market is predicted to rise due to the development of advanced satellite buses to fulfil the rising demand for automation and intelligence. The growing volume of data is driving up need for effective bus management and control systems, which is expected to boost the satellite bus industry’s growth.
Furthermore, market expansion is expected to be aided by increased need for enhanced connection in satellite buses to improve communication. As a result, sensors on satellite buses are being digitised to improve their compatibility and functionality. In addition, the increasing usage of digital sensors to improve the cost-effectiveness and accuracy of satellite sensors is expected to support market expansion in the next years.
Key Market Players
The major players in the market are Thales Group, Lockheed Martin Corporation, Airbus SE, OHB SE, Israel Aerospace Industries Ltd, among others.
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