Market Overview:

Small Satellite Bus Industry 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 small satellite bus market 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.

COVID-19 Impact:

Deterred economic growth across countries has been primary challenge posed by COVID-19, limiting governments’ spending on space agencies. The cut in investments has slowed down the expansion rate of the satellite bus industry. As SARS-CoV-2 cases escalate and the lockdown is in full force, production and launch of new satellites has gone down in line with travelling restrictions. Research and development activities for satellite bus have been cut short owing to the novel coronavirus and the resultant travel bans worldwide.

On the bright side, satellite buses may note steady demand in the near future, with governments beginning to lift restrictions, and new satellites being launched. Backlogs with respect to space projects created owing to the pandemic are expected to be right on track, which could translate into better business for the global Small Satellite Bus Industry.

Key Players:

The top contenders in the satellite bus industry include Ball Corporation (US), Maxar Technologies Ltd (US), Israel Aerospace Industries Ltd (Israel), Thales Group (France), Boeing (US), Lockheed Martin Corporation (US), Airbus SAS (Netherlands), Sierra Nevada Corporation (US), China Aerospace and Technology Corporation (CASC) (China), Northrop Grumman Corporation (US), Mitsubishi Electric Corporation (Japan), Honeywell International Inc. (US), to name a few.

Market Segmentation:

Satellite type, subsystem and application are the top small satellite bus market industry market segments listed in the MRFR study.

With respect to satellite type, the satellite bus industry caters to medium satellite, large satellite and small satellite. The small satellite segment has remained in the lead since 2018 and can also record the fastest growth rate as these satellite types provide benefits including easy manufacturing and low expenditure for development.

Depending on subsystem, the segments can be structures and mechanisms, attitude control system, thermal control, flight software, electric power system, telemetry tracking and command as well as propulsion. Electric power system was the top segment in 2018 and can most likely take the highest growth rate over the forecast period. EPS help store, generate, distribute and control power present inside the satellite and is extremely compatible with the satellite’s payload or mission. This system also offers significant power density that helps satellite in terms of functioning.

Some of the major applications of satellite bus are earth observation and meteorology, communication, mapping and navigation, surveillance and security and scientific research and exploration. As of 2018, the top segment has been the communication application but earth observation and meteorology can be the fastest advancing segment in the coming years. Satellites are used in monitoring as well as forecasting climate patterns, analyzing crop yields, reviewing mineral deposits, and monitoring the availability of water sources.

Regional Analysis:

The regional distribution of the global Small Satellite Bus Industry includes the Middle East & Africa or MEA, Europe, North America, Asia Pacific or APAC, as well as Latin America.

North America Clinches the Top Position

Since 2018, North America has prevailed as the market leader, thanks to the rising use of satellites for several applications in forestry, oil and gas and agriculture. The US is the top growth engine in the region, as it has the biggest space industry in the world, with the second highest budget allocated for the same. The country is home to NASA, which is the world’s leading space agency and is extensively involved in various space activities. The country is also base for a huge number of renowned spacecraft OEMs, like Lockheed Martin, Honeywell International and Orbital ATK, which adds to the strength of the Small Satellite Bus Industry.

The APAC Market Gears Up for Fastest Growth

It is however the APAC market that will advance at the fastest rate during the assessment period. With the increasing launch of low-cost satellites and frequent innovations in technology, the APAC market will emerge as a strong contender. Moreover, the robust presence of local satellite bus producers, growing spending on small satellite projects, and the surge in start-ups participating in space activities will also bolster the region’s lucrativeness in the ensuing years.

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