Satellite Bus is also known as spacecraft bus designed to carry payloads such as instruments or other space experiments products. The market is majorly driven by increasing demand for small satellite buses due to their performance and increasing payload carrying capacity. In addition, increasing investment by the various governments into the space industry is propelling market growth. For instance, in October 2021, SpaceX announced to launch of Photon, the first satellite-based on a Rocket Lab bus, in early 2023. Similarly, Millennium has also announced the development of A U.S. Space Force missile warning experimental satellite, which will be built on the Millennium Space bus to be launched by 2022 in orbit. Such increasing development and rising investment are bolstering the market growth.
MARKET SCOPE
The "Global Satellite Bus Market Analysis to 2028"? is a specialized and in-depth study of the aerospace and defense industry with a special focus on the global market trend analysis. The report aims to provide an overview of the Satellite Bus market with detailed market segmentation by satellite size, subsystem, application, and geography. The report provides key statistics on the market status of the leading Satellite Bus market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on satellite size, the market is segmented as small, medium, and large.
- On the basis of the subsystem, the market is segmented into structures and mechanisms, thermal control, electric power system, attitude control system, propulsion, telemetry tracking and command (TT&C), and flight software.
- On the basis of application, the market is segmented into earth observation and meteorology, communication, scientific research and exploration, surveillance and security, mapping and navigation, and others.
MARKET DYNAMICS
Drivers:
- The increasing demand for satellite-based communication services is a significant factor in driving the growth of the satellite bus market.
- Growing demand for small satellite buses is bolstering the market growth.
Restraints:
- High cost of satellite bus development is limiting the market growth.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Satellite Bus market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive Porter's Five Forces analysis, highlighting the factors affecting the Satellite Bus market in these regions
IMPACT OF COVID-19 ON SATELLITE BUS MARKET
The outbreak of the COVID-19 has severely impacted the aviation and space industry. According to the OECD (Organisation for Economic Co-operation and Development), the space industry took a severe hit from the COVID - 19 pandemic. Specifically, small players in the space sector faced a considerable downturn in their financial condition. The OECD also mentioned there is a substantial chance that the space industry will be led towards more concentration, eliminating smaller players due to the high cost of entry and operation to the sector. However, according to the survey conducted by the Korea Association for the Promotion of Space Technology, 42% of space companies surveyed in Korea are expecting to recover business in the first half of 2021, showing a positive sign for the market growth.
MARKET PLAYERS
The report covers key developments in the Satellite Bus market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Satellite Bus market are anticipated to lucrative growth opportunities in the future with the rising demand for Satellite Bus in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Satellite Bus market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Airbus S.A.S.
- BALL CORPORATION
- CAST
- Honeywell International Inc.
- IAI
- Lockheed Martin Corporation
- Mitsubishi Electric Corporation
- Northrop Grumman
- Sierra Nevada Corporation
- Thales Group
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.