According to the latest report published by Variant Market Research,the Global Satellite Bus Market size is projected to reach $1,660 Million by 2025 from $994 Million in 2017. In this report, Satellite Busmarket forecast says that the global market is growing at a CAGR of 6.6% from 2017 to 2025. By Geography, Asia-Pacific and Rest of the World are expected to grow at a CAGR of 7.3% and 7.0%, respectively, during the forecast period.
"Satellite Bus Market (By Satellite Size: Small (1-500kg), Medium (501-2,500kg), and Large (>2,500kg); By Subsystem: Structures and Mechanisms, Attitude Control System, Thermal Control, Electric Power System (EPS), Propulsion, Telemetry Tracking and Command (TT&C), and Flight Software; By Application :Earth Observation & Meteorology, Scientific Research & Exploration, Communication, Surveillance & Security, and Mapping & Navigation;By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025"
The global satellite bus market is mainly driven by growing space exploration missions
The factors driving the growth of the global satellite bus market includes improved deployment of small satellites, growing space exploration missions, and relocation of satellites to geostationary orbits (GEO). However, technical glitches associated with bus subsystems are the major restraint to deal for the market growth. Though, technological advancements in the bus component is expected to generate numerous growth opportunities for the market in the coming years.
Satellite size, subsystem, application, and geography are the segment considered in the global satellite bus market. On the basis of satellite size, the segmentation includes small (1-500kg), medium (501-2,500kg), and large (>2,500kg). By subsystem, the segment is divided into structures and mechanisms, thermal control, attitude control system, propulsion, telemetry tracking and command (TT&C), electric power system(EPS), and flight software. Furthermore, scientific research & exploration, earth observation & meteorology, communication, surveillance & security, and mapping & navigation are covered under the application segment.
The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico. Germany, France, UK, Spain, Italy and Rest of Europe are analyzed under the European market. China, Japan, India, South Korea and Rest of Asia-Pacific are included under the Asia-Pacific market. While,RoW is bifurcated into South America, Middle East, and Africa.
Small (1-500Kg), by satellite size segment dominated the market with major share in 2017
On the basis of satellite size, small (1-500Kg) accounted for the majority of the share in the year 2017, and is expected to continue its dominance during the forecast period 2017 – 2025. The high growth in the segment can be attributed to the applicationof small satellites for high precision and complex space missions such as remote sensing, maritime and transportation management, navigation, space & earth observation, military intelligence, and telecommunications among others.
Electrical power system in the subsystem segment is expected to attain the fastest CAGR between 2017 and 2025
Electical power system is likely to grow with the fastest pace throughout the forecast period 2017 – 2025, as itcharges onboard batteries, manages the power input from solar cells, and distributes electric power, at the necessary voltage to all other sub-systems of the satellite.
Earth observation & meteorology occupied the principal share in the application segment in 2017
Earth observation & meteorology contributed for the majority of the share in 2017, in the application segment and is also expected to lead the market in the forecast timeframe. The market for this application is growing due to the growing use of satellites for earth observation and scientific researches going on globally.
North Americaled the global satellite bus market with highest shares
In 2017, North America was the highest revenue generating region accounting for 46.73% of the global satellite bus market share,due todropped cost of satellite launch vehicles, and surging employment of satellites in both, commercial and military sectors. However, Asia-Pacific is likely to achieve the fastest CAGR of 7.3% during the forecast period 2017 – 2025.
Key players operating in the market include Lockheed Martin Corporation, Honeywell International Inc., The Boeing Company, Thales Alenia Space, Israel Aerospace Industries Ltd, Mitsubishi Electric Corporation, Orbital ATK Inc, Sierra Nevada Corporation, Airbus Group, and Macdonald, Dettwiler and Associates Ltd., among others.