Selbyville, Delaware, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Satellite Bus Market was valued at USD 13.6 billion in 2023 and is projected to be worth USD 25 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
A key driver for this growth is the increasing utilization of Earth observation satellites in areas like environmental monitoring, agriculture, disaster management, and urban planning. One of the major hurdles for the market growth is navigating the intricate maze of international, national, and regional regulations. Each country has its own set of rules governing satellite operations, covering aspects like licensing, frequency allocation, and orbital slot management. Adhering to these regulations can be both time-consuming and expensive. Moreover, obtaining the necessary licenses for specific frequency bands or orbits can be a protracted and unpredictable process, often resulting in delays in satellite deployment.
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The satellite bus market is also significantly propelled by the trend of miniaturization and modular design in satellite technology. Small satellite buses, such as CubeSats and nanosatellites, are gaining traction due to their cost-effectiveness, quicker development timelines, and the feasibility of launching multiple satellites at once. These small buses boast modular designs, enabling customization for diverse missions by simply adding or removing components. This not only trims down overall costs but also boosts the flexibility and scalability of satellite systems, making them appealing to both commercial and governmental bodies.
The overall industry is divided into satellite size, orbit type, application, end-user industry, and region.
The market categorizes satellite buses based on size into small, medium (500-1000 kg), and large (over 1000 kg). The small satellite bus segment is anticipated to witness a CAGR of 10% during the forecast period. The rising trend of small satellite constellations is amplifying the demand for dependable and scalable small satellite buses. This surge in demand has spurred innovations in bus design for catering to the distinct needs of constellations, such as advanced communication systems, onboard processing, and superior power management.
Segmented by end-user industry, the satellite bus market encompasses commercial, government/military, and civil/scientific sectors. The commercial segment is set to lead the global market, projecting revenues exceeding USD 10 billion by 2032. This dominance is fueled by a rising demand for Earth Observation (EO) and remote sensing applications, particularly in commercial sectors like agriculture, urban planning, environmental monitoring, and disaster management.
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North America led the global satellite bus market, capturing over 30% share in 2023. The dominance is attributed to substantial investments in space technology and the presence of industry giants like Lockheed Martin and Boeing. Strong governmental backing, especially from NASA and the Department of Defense, creates a favorable landscape for satellite bus development and deployment.
Satellite Bus Market Players
Companies including Lockheed Martin Corporation, Northrop Grumman, Airbus, Boeing, Maxar Technologies Holdings Inc., Thales Group, Israel Aerospace Industries (IAI) are some firms working in satellite bus industry.
The satellite bus market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD million) from 2021 to 2032, for the following segments:
Market, by satellite size
- Small satellite bus
- Nano-satellite bus (1 kg to 10 kg)
- Micro-satellite bus (10 kg to 100 kg)
- Mini-satellite bus (100 kg to 500 kg)
- Medium satellite bus (500-1000 kg)
- Large satellite bus (more than 1000 kg)
Market, by orbit type
- Low Earth Orbit (LEO)
- Medium Earth Orbit (MEO)
- Geostationary Orbit (GEO)
- Highly Elliptical Orbit (HEO)
- Others
Market, by application
- Communication
- Earth observation & remote sensing
- Navigation
- Scientific research & space exploration
- Technology demonstration
- Surveillance & reconnaissance
Market, by end-user industry
- Commercial
- Government/Military
- Civil/Scientific
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
