What Has Been the Progress and Growth of the Satellite Bus Market in Recent Years?
The satellite bus market has seen considerable growth due to a variety of factors.
• There has been a substantial expansion in the satellite bus market's scale in the past few years. Its expected growth is from $12.66 billion in 2024 to $13.37 billion in 2025, with a compound annual growth rate (CAGR) of 5.6%.
The growth during the historic period may be due to a surge in demand for small satellites, an increased uptake of satellite constellations, and a rise in the number of private sector space businesses.
What is the Forecasted Market Size and CAGR for the Satellite Bus Market?
The satellite bus market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for robust expansion in the satellite bus industry in the coming years, with market size projected to reach $17.3 billion by 2029, reflecting a compound annual growth rate (CAGR) of 6.6%.
This anticipated growth during the forecast timeline can be credited to factors such as escalating satellite launches, burgeoning demand from the defense sector, and rising government-backed investment in the space industry. Key trends forecasted for this period include the necessity for businesses to consider strategic partnerships which will solidify their standing, zeroing in on the launch of small satellite buses, entertaining the application of cutting-edge and additive production methods such as 3D printing in satellite buses, and emphasizing on implementing the internet of things technology.
What Are The Primary Growth Drivers In The Satellite Bus Market?
The satellite bus market is experiencing significant growth owing to the increased investments by governments and space agencies. Various countries' governments are designating special budgets for the satellite industry's exploration, development, testing, evaluation, procurement, operation, and preservation. This growth in spending on new satellites is set to heighten the use of satellite buses, which often serve as the fundamental structure and main system for space vehicles. An example of this occurred in February 2022, when, according to an article published on Orbital Today, a UK-based online space magazine, the UK government declared an investment of £600,000 ($778629) in grants for the UK space industry. The aim of this investment is to bolster research and development in the space sector and space exploration initiatives. Hence, the increased financial backing by governments and space agencies is likely to trigger an uptick in satellite bus demand over the forecast period.
What Are The Principal Market Segments In The Global Satellite Bus Healthcare Industry?
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
Subsegments:
1) By Small Satellite: Nanosatellite (1 Kg To 10 Kg), Microsatellite (10 Kg To 100 Kg), Picosatellite (Less Than 1 Kg)
2) By Medium Satellite: Weight Range (100 Kg To 500 Kg)
3) By Large Satellite: Weight Range (Over 500 Kg)
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Which Emerging Market Trends Are Altering The Satellite Bus Market?
Emergent technology is a predominant trend rapidly gaining traction in the satellite bus market. With the intention of consolidating their market position, principal companies in this industry are striving to incorporate improved technologies into satellite buses. Some of these innovations encompass enhanced propulsion technology, high-definition cameras, cutting-edge remote vision technology, next-gen GPS satellites, LIDAR technology, among others. These state-of-the-art satellite buses provide an enhanced payload, superior visibility owing to improved cameras, and cost-efficiency. To illustrate, in January 2023, Lockheed Martin Corporation, an American firm specializing in aerospace, arms, defense, and information technology solutions, engineered an LM400 satellite bus. Equipped with a 1,700 KG payload, it offers a broad range of adaptability for diverse applications due to its common design and hardware components.
Who Are the Key Players in the Satellite Bus Market?
Major companies operating in the satellite bus market include:
• Lockheed Martin Corporation
• Thales Group
• Airbus SE
• Northrop Grumman Corporation
• The Boeing Corporation
• Mitsubishi Electric Corporation
• Ball Corporation
• Sierra Nevada Corporation
• Israel Aerospace Industries Ltd. (IAI)
• Mitsubishi Heavy Industries
• Dhruva Space
• Inovor Technologies
• Beijing Commsat Technology Development Co Ltd
• Avasarala Technologies Limited
• The China Aerospace Science and Technology Corp (CASC)
• Alba Orbital
• Argotec
• Telespazio SpA
• Raytheon
• JSC Information Satellite Systems Reshetnev
• Surrey Satellite Technology Ltd
• GomSpace Group AB
• EnduroSat
• Sputnix
• SpaceQuest Ltd
• Visiona Tecnologia Espacial
• INVAP SE
• Empresa Argentina de Soluciones Satelitales Sociedad Anonima (ARSAT)
• Satellogic
• CubeSpace / Innovus
• Dragonfly Aerospace
• Simera Sense
What are the Regional Insights into the Satellite Bus Market?
North America was the largest region in the satellite bus market in 2024. 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.
