Already on ArticleSlash?

Forgot your password? Sign Up

Satellite Bus Market to Grow at CAGR of 5.5% during 2018 – 2023

 


Visitors: 19

The Satellite Bus Market: Highlights

The Satellite Bus Market is projected to grow at a healthy CAGR 5.5% during the forecast period. Increasing deployment of small satellites, especially for earth observation-related applications; increasing space exploration missions, technological advancement in the systems, increasing space budget of the emerging economies, and increasing participation of private space companies are the major factors spurring the growth of the satellite bus market.

Satellite Bus Market - Insights by Subsystem Type:

The satellite bus market is segmented based on the subsystem type as Structures & Mechanisms, Thermal Control, Electric Power System, Attitude Control System, Propulsion, Telemetry Tracking & Command (TT&C), and Flight Software. Electrical power system segment is projected to grow at the highest CAGR during the forecast period. The electric power system plays a vital role through generation, storage, conditioning control, and distribution of power within the satellites. Electric power system helps in managing the power input of solar cells, charging onboard batteries, and distributing the electric power, to all other subsystems of the satellite at the required voltage.

Satellite Bus Market - Insights by Satellite Size Type:

The market is segmented into small, medium, and large size. Large size currently dominates the market and is expected to maintain its dominance over the next five years, driven by a host of factors including the presence of a large number of satellite buses and solar cells in order to allow a large number of functions including greater solar production and processing capacity. It also expected that small size segment is likely to witness the highest growth during the forecast period. The demand for small satellites is growing due to sharply reducing launch costs from commercial space companies as well as an increased demand for small satellites from earth observation to communications to networking applications. Furthermore, the low cost and short development time in the integration of small satellites are other factors substantiating the growth of the segment in the satellite bus market.

Satellite Bus Market - Insights by Application Type:

The market is segmented into Earth Observation and Meteorology, Communication, Scientific Research & Exploration, Surveillance & Security, and Mapping & Navigation. The earth observation and meteorology segment is expected to grow at the highest rate in the coming five years, owing to their capability to monitor situations, such as cyclones, storms, floods, fires, volcanic activities, earthquakes, landslides, oil slicks, environmental pollution, and other such calamities. There has been a high focus for the development of small satellites targeting key areas including earth observation, communications, and networking.

Satellite Bus Market - Insights by Region:

North America dominates the satellite bus market, driven by the presence of major spacecraft OEMs and tier players. The USA is the growth engine of the region’s market as the country has the highest space budget in the world, which is almost six times the country with the second highest space budget. Also, NASA is the largest space agency in the world, which is largely involved in space-related activities located in the USA. Furthermore, major spacecraft OEMs, such as Orbital ATK, Lockheed Martin, and Honeywell International, have the presence in the USA.

Europe and Asia-Pacific are also likely to offer good growth opportunities in the coming years. Europe will be driven by space investments by ESA and Russia. Asia-Pacific is likely to be the fastest-growing market in the foreseen future, driven by a host of factors, including the emergence of India and China in the space sector, investments in small satellite projects, and an increased number of start-ups involved in space activities across the region.

The supply chain of this market comprises ram material suppliers, component manufacturers, satellite bus system providers, spacecraft OEMs, space agencies, and space research institutes. The key satellite bus manufacturers are Orbital ATK, Inc. , Lockheed Martin Corporation, Thales Alenia Space, Airbus Group, China Academy of Space Technology, Israel Aerospace Industries Ltd, The Boeing Company, Honeywell International Inc. , Mitsubishi Electric Corporation, Ball Corporation, Macdonald, Dettwiler and Associates Ltd. , and Sierra Nevada Corporation. Advancement in the technology and formation of a long-term relationship with OEMs are some of the key strategies adopted by the major players to gain a competitive edge in the market.

Source: https://www.stratviewresearch.com/357/Satellite-Bus-Market.html

(732)

Article Source:


 
Rate this Article: 
 
Aerospace 3D Printing Market to Grow at CAGR of 22.3% during 2018 – 2023
Rated 4 / 5
based on 5 votes
ArticleSlash

Related Articles:

Non-Woven Prepreg Market to Grow at 9.2% CAGR during 2018-2023

by: Gourav Guwal (May 20, 2019) 
(Business/International Business)

Recyclable Thermoset Market to Grow at 6.3% CAGR during 2018-2023

by: Gourav Guwal (June 20, 2019) 
(Business/International Business)

Global PVB Resin Market to Grow at 4.5% CAGR during 2018-2023

by: Gourav Guwal (June 26, 2019) 
(Business/International Business)

Acrylic Fibers Market to Grow at 1.3% CAGR during 2018-2023

by: Gourav Guwal (June 27, 2019) 
(Business/International Business)

Aircraft Elastomers Market to Grow at CAGR of 5.1% during 2018 – 2023

by: Khemant Kolpe (May 23, 2019) 
(News/International)

Mining Chemicals Market to Grow at 4.7% CAGR during 2018-2023

by: Gourav Guwal (June 21, 2019) 
(Business/International Business)

Aircraft Lighting Market to grow at CAGR of 5.4% during 2018 – 2023

by: Khemant Kolpe (June 03, 2019) 
(News/International)

Aircraft Lubricant Market to Grow at CAGR of 5.3% during 2018 – 2023

by: Khemant Kolpe (May 22, 2019) 
(News/International)

Airborne LiDAR Market to Grow at CAGR of 16.3% during 2018 – 2023

by: Khemant Kolpe (June 03, 2019) 
(News/International)

Aerospace 3D Printing Market to Grow at CAGR of 22.3% during 2018 – 2023

by: Khemant Kolpe (May 23, 2019) 
(News/International)