The satellite bus market was USD 9.28 Billion in 2016 and is projected to reach USD 13.64 Billion by 2022, at a CAGR of 5.97% during the forecast period. The base year considered for the study is 2016 and the forecast period is from 2017 to 2022.
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The report "Satellite Bus Market by Subsystem (Structures & Mechanisms, Thermal Control, Electric Power, Attitude Control, Propulsion, Telemetry Tracking and Command (TT&C), Flight Software), Satellite Size, Application, and Region - Global Forecast to 2022", The satellite bus market is estimated to grow from an estimated USD 10.21 Billion in 2017 to USD 13.64 Billion by 2022, at a CAGR of 5.97% during the forecast period.
Browse 67 Market Data Tables and 43 Figures spread through 142 Pages and in-depth TOC on "Satellite Bus Market - Global Forecast to 2022"
Key factors such as increasing focus on low cost, rise in demand for earth observation related activities, mass production, and long life cycle of satellites have generated the interest of satellite manufacturers and related players in the satellite industry. Growth in the satellite market has aided the increase in demand for bus components, boosting the satellite bus market.
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Based on satellite size, the small (1-500 kg) segment is expected to lead the satellite bus market during the forecast period
Based on satellite size, the small (1-500 kg) segment is estimated to lead the satellite bus market during the forecast period, as these satellites can be used for high precision and complex space missions such as remote sensing, navigation, maritime and transportation management, space & earth observation, disaster management, military intelligence, telecommunications, and other academic purposes.
The earth observation & meteorology application segment is estimated to lead the satellite bus market during the forecast period
Based on application, the earth observation & meteorology segment is projected to lead the satellite bus market during the forecast period due to the increasing use of satellites for scientific research purposes as well as for earth observation worldwide. The advanced design and manufacture of satellite buses for various satellite applications, such as communications, earth observation & meteorology, communication, scientific research & exploration, surveillance & security, and mapping & navigation are expected lead to an increase in the launch of satellites into orbits.
North America is estimated to account for the largest share of the satellite bus market in 2017
North America is estimated to lead the satellite bus market in 2017. There is an increasing interest in satellites due to the lowered cost of satellite launch vehicles, and an increase in the applicability of satellites in both, commercial and military sectors.
Thus, the growing applicability of satellites is one of the most significant factors propelling the demand for satellite bus in North America. In addition, advances in propulsion technology and spacecraft design have contributed to the growth of the satellite bus market in North America.
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Airbus Group (Netherlands), The Boeing Company (US), China Academy of Space Technology (China), Honeywell International Inc. (US), Indian Space Research Organization (India), Israel Aerospace Industries Ltd (Israel), Lockheed Martin Corporation (US), MacDonald, Dettwiler and Associates Ltd. (Canada), Mitsubishi Electric Corporation (Japan), Orbital ATK, Inc. (US), and Thales Alenia Space (France), among others, are the major players in the satellite bus market.
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