Dublin, March 06, 2023 (GLOBE NEWSWIRE) -- The "Satellite Bus Global Market Opportunities and Strategies to 2031" report has been added to ResearchAndMarkets.com's offering.
The satellite bus market reached a value of nearly $10,418.0 million in 2021, having grown at a compound annual growth rate (CAGR) of 3.1% since 2016. The market is expected to grow from $10418.0 million in 2021 to $13,622.5 million in 2026 at a rate of 5.5%. The market is then expected to grow at a CAGR of 5.6% from 2026 and reach $17,866.0 million in 2031.
Growth in the historic period resulted from increasing demand for small satellites, high adoption of satellite constellation, and growing number of private space enterprises. The market was restrained by coronavirus (COVID-19) outbreak.
Going forward, increase in the number of satellite launches, increasing demand from defense sector, and increasing government investments in space sector. Factor that could hinder the growth of the satellite bus market in the future include fluctuating raw material prices and lack of skilled workers.
The satellite bus market is segmented by type into small satellite, medium satellite, and large satellite. The small satellite market was the largest segment of the satellite bus market segmented by container type, accounting for 47.1% of the total in 2021. Going forward, the medium satellite segment is expected to be the fastest growing segment in the satellite bus market segmented by container type, at a CAGR of 5.9% during 2021-2026.
The satellite bus market is also segmented by application into earth observation and meteorology, communication, scientific research and exploration, and other applications. The communication market was the largest segment of the satellite bus market segmented by application, accounting for 33.5% of the total in 2021. Going forward, the earth observation and meteorology segment is expected to be the fastest growing segment in the satellite bus market segmented by application, at a CAGR of 6.0% during 2021-2026.
North America was the largest region in the satellite bus market, accounting for 34.8% of the total in 2021. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the satellite bus market will be Asia Pacific, and, Middle East where growth will be at CAGRs of 7.2% and 7.0% respectively. These will be followed by Africa, and, North America where the markets are expected to grow at CAGRs of 5.5% and 5.1% respectively.
The global satellite bus market is consolidated with a few large players dominating the market. The top ten competitors in the market made up to 73.24% of the total market in 2021. Lockheed Martin Corporation was the largest competitor with 17.01% share of the market, followed by Thales Group with 12.65%, Airbus SE with 11.55%, Northrop Grumman Corporation with 10.17%, The Boeing Corporation with 8.92%, Mitsubishi Electric Corporation with 4.62%, Ball Corporation with 3.67%, Honeywell International Inc. with 3.18%, Sierra Nevada Corporation with 0.81%, and Israel Aerospace Industries Ltd. (IAI) with 0.68%.
The top opportunities in the satellite bus market segmented by type will arise in the small satellite market segment, which will gain $1,442.4 million of global annual sales by 2026. The top opportunities in the satellite bus market segmented by application will arise in the communication market segment, which will gain $1,084.2 million of global annual sales by 2026. The top opportunities in the satellite bus market size will gain the most in USA at $740.6 million.
Market-trend-based strategies for the satellite bus include companies should consider undergoing partnerships to strengthen their position, focus on launching small satellite buses, consider applying advanced and additive manufacturing techniques, including 3D printing in satellite buses, and focus on the use of Internet of Things.
Player-adopted strategies in the satellite bus market includes offering lower cost satellite buses through the launch of new products, strengthening its business operations through strategic collaborations and partnerships, enhancing its market presence through gaining new contracts, offering cost-effective, modular, and highly capable spacecraft buses through new contract wins, and enhancing its production capabilities through business expansions.
To take advantage of the opportunities, the report recommends the satellite bus companies to focus on use of 3D printing, focus on use of internet of things, focus on small satellite buses, focus on emerging markets, focus on mergers and acquisitions, offer value-based pricing, leverage online marketing, continue to use B2B promotions, targeting government and commercial markets.
Key Metrics
| Report Attribute | Details |
| No. of Pages | 234 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $10418 Million |
| Forecasted Market Value (USD) by 2031 | $17866 Million |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | Global |
Company Profiles
- Lockheed Martin Corporation
- Thales Group
- Airbus SE
- Northrop Grumman Corporation
- The Boeing Company
Key Mergers and Acquisitions
- Kongsberg To Acquire NanoAvionics
- BAE Systems Acquired In-Space Missions
- SpaceX Acquired Swarm Technologies Inc.
- Phantom Space Corp Acquired Micro Aerospace Solutions (MAS)
- AAC Clyde Space Acquired SpaceQuest
Key Topics Covered:
1. Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction and Market Characteristics
6.1. General Market Definition
6.2. Summary
6.3. Market Segmentation By Type
6.3.1. Small Satellite
6.3.2. Medium Satellite
6.3.3. Large Satellite
6.4. Market Segmentation By Application
6.4.1. Earth Observation And Meteorology
6.4.2. Communication
6.4.3. Scientific Research And Exploration
6.4.4. Other Applications
7. Major Market Trends
7.1. Focus On Small Satellite Buses
7.2. Use Of 3D Printing
7.3. Use Of Internet Of Things
7.4. Partnerships And Collaborations
For more information about this report visit https://www.researchandmarkets.com/r/f6wzpl
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
