Military Vetronics Market |Share, Growth, Size 2028
The global satellite bus market size was USD 27.67 billion in 2020. The market is projected to grow from USD 30.08 billion in 2021 to USD 54.33 billion in 2028 at a CAGR of 8.81% in the 2021-2028 period. This information is provided by Fortune Business Insights™, in its report, titled, “Satellite Bus Market, 2021-2028.”
Based on the research conducted by our analysts, the production of the spacecraft bus mainly concentrates on three prime aspects such as payload carrying capacity, heat dispersal of the spacecraft bus, and payload lifting power allocation.
The budget of governmental or commercial market players intended for space industry development or space launches has deteriorated, owing to distribution of the budget toward curbing the spread of the novel coronavirus and associated infrastructure expenditure.
Size, Subsystem, Application, and Region are Studied
Based on size, the market is segregated into small satellite, medium satellite, and heavy satellite. The small satellite segment held the highest share in 2020 and is estimated to show remarkable growth during the forecast period.
On the basis of subsystem, the market is segmented into structures and mechanisms, thermal control system, electric power system, altitude control system, telemetry tracking & control (TT&C), flight software, and propulsion system.
In terms of application, the market is categorized into Earth observation & meteorology, communication, scientific research & exploration, surveillance & security, and mapping & navigation.
Geographically, the global market is classified into North America, Europe, Asia Pacific, and the rest of the world.
Browse Complete Report Summary:
Augmented Satellite Launches owing to Huge Adoption Rate across Commercial and Military Sectors to Fuel Market Growth
Space systems and infrastructure of satellites necessitate numerous satellite components to deliver imaging solutions, signals, communications as well as other solutions that upgrade the satellites' competencies. Since the introduction of micro, nano, and small spacecraft buses, the conventional satellite components for medium and large satellites have turned out to be more expensive than earlier. It also needs more space infrastructure such as ground monitoring stations and related components. This development is projected to drive the satellite bus market growth at a reasonable rate. Therefore, this is anticipated to bolster the demand for satellite bus.
North America led the market in 2020 and was worth USD 12.15 billion. This region held the largest satellite bus market share. The growth is attributed to the augmented expenditure on the space sector and surging satellite launching contracts between the U.S. Department of Defense and the space agency.
Asia Pacific is predicted to display significant growth during the forecast period. The growth is accredited to increasing expenditure from the governments of China, South Korea, and India on the space sector.
Europe is estimated to register considerable growth during 2021-2028. The growth is attributed to the rising expenditure from space agencies.
Inventive Product Launches by Crucial Players to Boost Market Growth
The important players implement numerous tactics to upsurge their position in the market as leading companies. One such key strategy is procuring companies to thrust the brand value among users. Another effective strategy is intermittently unveiling groundbreaking satellite bus products with a detailed study of the market as well as its target audience.
September 2021 – Aegis Aerospace Inc. awarded a new contract to develop and operate the STPSat-7 satellite for the United States Space Force’s (USSF) Space Systems Command’s (SSC) Space Test Program (STP). The company will develop STPSat-7 and utilize its M-1 satellite bus and ground systems developed for the STPSat-4 mission.
List of Key Players Covered in the Report
Honeywell International Inc. (U.S.)
L3Harris Technologies, Inc. (U.S.)
Lockheed Martin Corporation (U.S.)
Maxar Technologies (U.S.)
Mitsubishi Electric Corporation (Japan)
Northrop Grumman (U.S.)
OHB SE (Germany)
Thales Group (France)