Allied Market Research published a report, titled, “Satellite Bus Market by Subsystem (Structures and Mechanisms, Thermal Control, Electric Power System, Attitude Control System, Propulsion, Telemetry Tracking Command, and Flight Software), Application (Earth Observation and Meteorology, Communication, Scientific Research and Exploration, Surveillance and Security, Mapping, and Navigation), and Satellite Size (Small, Medium, and Large): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the global satellite bus market size was valued at $14.1 billion in 2023, and is projected to reach $23.4 billion by 2033, growing at a CAGR of 5.4% from 2024 to 2033.
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Prime determinants of growth
The global satellite bus market has experienced significant growth and transformation, driven by increase in investment by governments & space agencies, new product launches in the satellite manufacturing market and launch systems, and increase in number of satellite launches. Also, incorporation of new technologies, and advancements in satellite mission technologies are anticipated to provide lucrative market growth opportunities during the forecast period.
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The structures and mechanisms segment to maintain its leadership throughout the forecast period.
By subsystem, the structures and mechanisms segment held the highest market share in 2023, owning to increase in demand for strong structure for use in rugged environment. Numerous types of designs such as monocoque as well as modular frame designs have been introduced by different manufacturers. Introduction of such system maximizes internal volume, and provides more thermal mass, which allows for more mounting points to the structure of the satellite bus.
The communication segment to maintain its leadership throughout the forecast period.
By application, the communication segment held the highest market share in 2023, owning to its vital role in global communication systems. In addition, communication satellites are used for wireless, radio, internet, television, mobile communication, and military applications, which also drives the growth of the segment in the global market.
The small satellite segment to maintain its dominance during the forecast period.
By satellite size, the small satellite segment dominated the global market share in 2023, owning to small satellites are popular and they are cheaper to build and launch as compared to larger ones. In some cases, like scientific research and radio communication, using many small satellites is more effective than relying on a few big ones. They are increasingly used for a variety of missions, including scientific research, remote sensing, and communication services. The use of small satellites is widely growing around the world especially for smaller countries and companies to participate in space activities and support their sustainable development goals.
North America is expected to dominate the market in 2033.
By region, North America held the highest market share in terms of revenue in 2023, owing to presence of companies such as Lockheed Martin Corporation, The Boeing Company, Northrop Grumman Corporation, Sierra Nevada Corporation, and Ball Corporation creates ample opportunities for the growth of the market in North America. In addition, the North America satellite bus market is gaining traction due to numerous developments carried out by key companies operating in the satellite and related components manufacturing industry. Companies involved in the production and manufacturing of essential components have carried out numerous developments, which has supplemented the growth of the market in North America.
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Leading Market Players: –
- Airbus S.A.S
- Ball Corporation
- Israel Aerospace Industries Ltd. (IAI)
- ISRO
- Lockheed Martin Corporation
- Mitsubishi Electric Corporation
- Northrop Grumman Corporation
- Sierra Nevada Corporation
- Thales Group
- The Boeing Corporation
The report provides a detailed analysis of these key players in the global satellite bus market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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