Satellite Bus Market Growth, Size, Trends And Global Segments Analysis Report And Forecast: 2023-2033


(MENAFN- America News Hour) The satellite bus market
is anticipated to grow at a CAGR of more than 7% during the forecast period.
– The increasing demand for satellite applications for various purposes, such as communication, navigation, space exploration, and scientific purposes, earth observation and experiments, is anticipated to generate demand for new satellites, which will subsequently generate demand for satellite buses during the forecast period.
– The global demand for the adoption of new and advanced satellites with compact size, weight, power, and cost buses is anticipated to propel the growth of the market in the coming future.
– The Asia-Pacific region is anticipated to register the highest CAGR during the forecast period due to the increasing investments in satellites in this region.

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Key Market Trends
Small Satellite segment will Grow with the Highest CAGR During the Forecast Period

During the period of 2023-2033, the number of small satellites deployed increased due to their advantage to have similar capabilities to the conventional satellites, at a relatively smaller cost of manufacturing. Revolutionary technological advancements have facilitated the miniaturization of electronics, which has pushed the invention of smart materials, in turn, reducing the satellite size and mass over time for manufacturers. Due to this, numerous space startups are being started currently, creating a market for small satellites and mini rockets, owing to the increasing pace of deployment of small satellites in the earth and celestial observation, space research, and communication applications. For instance, companies like OneWeb, Amazon, Telesat, and SpaceX among others plan to launch more than 40,000 small satellites in the coming decade. Similarly, many new programs are in pipeline for the production and launch of small satellites for defense purposes. With growing investments into the launch of satellite constellations, the small satellite segment is anticipated to witness the highest growth during the forecast period.
Asia-Pacific Region is Expected to Generate the Highest Demand During the Forecast Period

Countries like China, India, and Japan among others are accounting for the majority of the demand for satellite buses with regional companies like China Academy of Space Technology (CAST), Indian Space Research Organization, and Mitsubishi Electric among others taking the majority share of the market in their respective countries. The increasing private and government investments in the space industry is one of the major growth factors for the market in the region. For instance, China's GalaxySpace announced to invest about USD 700 million to launch a constellation of LEO satellites to provide global 5G communications. Also, China plans to launch three state-owned constellations with test satellites by the end of 2023. Similarly, Japan Aerospace Exploration Agency (JAXA) is actively working with other companies and rapidly enhancing its footprint in the space industry. In 2023, the government announced that it plans to double the country's space industry by more than USD 11 billion and provide a fund of USD 940 million to space start-ups in the form of investments and loans over the next five years. Similar initiatives of governments across the Asia-Pacific region are anticipated to drive the growth of the market.

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Competitive Landscape
The market of satellite buses is fragmented with the presence of many manufacturers including organizations; educational institutions; public, private and state-owned companies. Some of the prominent players in the satellite bus market are Lockheed Martin Corporation, Airbus SE, Northrop Grumman Corporation, Ball Corporation, and Thales Group. With the highly competitive nature of the industry, the companies plan to increase their presence in the market with product innovation as their primary growth strategy. For instance, Lockheed Martin Corporation unveiled a new family of satellite buses (ranging from 10 kg nanosatellites to modernized A2100 at more than 2,300 kg) in 2017. The company invested about USD 300 million for the development of these buses, which has 26 new enhancements from the previous design and more than 280 common components to increase the speed of production and decrease the related costs. Such innovations will help the companies to capture new market opportunities in emerging markets, thereby maximizing the cash flow and profits.
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