Market Overview:
Satellite Bus Market Size is expected to reach USD 9.27 Billion by 2030, registering a CAGR of 5.96% during 2020-2030. A satellite bus, also referred to as the body of a satellite, comprises essential satellite components and other necessary scientific equipment. Satellite buses play a crucial role as they enable the safe placement of satellite equipment into space.
The increasing deployment of small satellites and increasing demand for Earth observation imagery and analytics are primarily driving the market's growth. Additionally, a rise in demand for space data is contributing to the growth of the market. There are no limits to the range and scope of services that satellites can render. There is an ever-growing demand for satellite-provided services such as surveillance for military, environmental, or public safety applications, navigation and positioning, vehicle tracking, and telecommunication. The telecommunications industry, which has been using space for its services for many years and is a critical part of the global infrastructure for communications and commercial and government data transmission and applications, is expected to have the highest demand.
Furthermore, the demand for Earth observation (EO) data is growing for various applications, including environmental and scientific analysis and metrology. Moreover, increasing concern for security for border control, terrorism, and immigrants has also led to high demand for space data to ensure safety in military operations. Therefore, increasing demand for space data is expected to drive demand for low-cost satellites, thereby driving the growth of the Satellite Bus Market Outlook.
Key Players:
Airbus SAS (Netherlands), Ball Corporation (US), Boeing (US), China Aerospace Science and Technology Corporation (China), Honeywell International Inc. (US), Israel Aerospace Industries (Israel), Lockheed Martin Corporation (US), Maxar Technologies Ltd. (US),Mitsubishi Electric Corporation (Japan), Northrop Grumman Corporation (US), Sierra Nevada Corporation (US), Thales Group (France).
Segmental Analysis
By Satellite Type
The small satellite segment is expected to grow at the highest rate: The small satellite segment is expected to register the highest CAGR during the forecast period, 2021 to 2027. This growth can be attributed to various advantages that small satellites offer, such as having a lower manufacturing cost and being mass-produced more easily. These satellites reduce the substantial economic cost of launch vehicles and the construction costs. Moreover, with lower manufacturing costs, there is a decrease in financial risk for damage or malfunction as well.
The medium satellite segment generated significant revenues in 2020: The medium satellite segment accounted for significant revenues in 2020. This is due to their size, which is large enough to ensure good hardware configuration, including a bigger battery and power source. They also have a better transmitter output signal.
The large satellite segment accounted for the largest market share in 2020: The large satellite segment held the largest market share in 2020. Much of this can be attributed to their growing demand for several applications, including communication, navigation, mapping, and security.
By Subsystem
The electric power system (EPS) segment is expected to witness the highest growth in the market: The electric power system (EPS) segment is expected to grow at a steady growth rate during the forecast period and is expected to dominate the Satellite Bus Market Insights during the review period. Much of this can be attributed to the electric power system's crucial functions, including supply, transfer utilization of electric power, and collection of routine information from various systems and sensors installed in the satellites.
The thermal control segment generated significant revenues in 2020: The thermal control segment accounted for significant revenues in 2020. Thermal control systems are crucial for the physical integrity and optimum efficient operation of several components systems of satellites. The thermal control systems include several active and passive components to maintain optimum temperature throughout the satellite efficiently.
The attitude control segment accounted for a considerable market share in 2020: The attitude control segment held a significant market share in 2020. An attitude control system is essential for the orientation maintenance and stabilization of satellites. Moreover, owing to the increasing adoption of small satellites, including micro and nano-satellites, the companies have been constantly investing in the technological development of attitude control systems, thereby driving their demand in the global satellite bus market.
The flight software segment is forecasted to grow at the highest rate: The flight software segment is likely to witness the highest growth rate in the coming years during the forecast period. Much of this can be ascribed to the growing demand for enhanced processing capabilities and improved onboard activities controls.
The satellites are becoming increasingly software-dependent. Flight software runs on a processor embedded in the electrical systems of the satellite. It is responsible for controlling onboard activities, data processing, and maintaining satellite health and safety. It has instructions for the satellite to perform all operations necessary for the mission. The flight software must operate in a real-time environment. Owing to the increase in processing capability with command data handling (CDH) and other processors, more capabilities have been enabled with flight software.
The telemetry tracking and command (TTC) segment is forecasted to grow at a significant rate: The telemetry tracking and command (TTC) segment is expected to register a considerable growth rate in the coming years during the forecast period. The growth of the segment in the market is propelled by their growing demand for various applications, such as monitoring of the health and status of the satellite through the collection, processing, and transmission of data from the various satellite subsystems, the determination of the satellite's exact location through the reception, processing, and transmission of ranging signals, and the proper control of satellite through the reception, processing, and implementation of commands transmitted from the ground.
Related Reports:
Military Computers Market Research Report Information by Type (Rugged Computers, Embedded Computers), By Platform (Ground, Airborne, Naval), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2030.
Artificial Intelligence in the Military Market Research Report: Information by Offering (Hardware, Software, Services), Technology (Advanced Computing, AI Systems), Platform (Airborne, Land, Naval, Space), Application,Region - Forecast till 2030
About Market Research Future:
Market Research Future (MRFR) is a global market research company that prides itself on its services, offering comprehensive and accurate analysis with respect to various markets and consumers worldwide. Market Research Future has the distinguished goal of providing customers with optimal quality research and granular research. Our market research by products, services, technologies, applications, end users, and market players for global, regional, and national market segments, allows our customers to see more, learn more, and do more, helping to answer your most important questions
Contact:
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street, 5Th Floor, New York, New York 10013,
United States of America
+1 646 845 9312
