Satellite Bus Market Will Record an Upsurge in Revenue during 2023-2028
The global satellite bus market is estimated to grow from USD 11.14 billion in 2022 to USD 15.67 billion by 2028 at a CAGR of 5.80% during the forecast period. The market is driven by a number of factors, including the increasing demand for small satellites, the growing use of earth observation satellites, and the rising space budgets of emerging economies.
Key Market Drivers
- Increasing demand for small satellites: Small satellites are becoming increasingly popular due to their lower cost and shorter development time. This is driving the demand for satellite buses that are specifically designed to meet the needs of small satellites.
- Growing use of earth observation satellites: Earth observation satellites are used to collect data on the Earth's surface, atmosphere, and oceans. This data is used for a variety of applications, including climate monitoring, disaster management, agriculture, and urban planning. The growing use of earth observation satellites is driving the demand for satellite buses.
- Rising space budgets of emerging economies: Emerging economies are investing more in their space programs, which is driving the demand for satellite buses. For example, China's space budget is expected to increase from USD 12 billion in 2022 to USD 20 billion by 2028.
Market Segmentation
The satellite bus market is segmented by satellite size, application, and subsystem type.
By satellite size:
- Small (<500 kg)
- Medium (500-2,500 kg)
- Large (>2,500 kg)
By application:
- Earth observation and meteorology
- Communication
- Scientific research and exploration
- Surveillance and security
- Mapping and navigation
By subsystem type:
- Structures and mechanisms
- Thermal control system
- Electric power system
- Attitude control system
- Propulsion
- Telemetry, tracking, and command (TT&C)
- Flight software
Regional Insights
North America is expected to remain the largest market for satellite buses during the forecast period. The region is home to major spacecraft OEMs and tier-one players, such as Orbital ATK, Lockheed Martin, and Honeywell International.
Asia-Pacific is expected to be the fastest-growing market for satellite buses during the forecast period. The region is witnessing significant growth in its space industry, driven by increasing investments from governments and private companies.
Key Market Players
Some of the key players in the satellite bus market include:
- Airbus
- Boeing
- Leonardo
- Lockheed Martin
- Northrop Grumman
- Orbital ATK
- Thales Alenia Space
- Mitsubishi Electric
- NEC
- Israel Aerospace Industries
- Harbin Aircraft Industry Group
Conclusion
The satellite bus market is expected to grow steadily during the forecast period, driven by a number of factors, including the increasing demand for small satellites, the growing use of earth observation satellites, and the rising space budgets of emerging economies.
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