How is the Satellite Bus Market Poised for Growth: Trends and Opportunities Through 2034
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How has the satellite bus market grown in recent years?
In the past few years, the satellite bus market has seen robust growth. It is projected that the market will expand from $12.66 billion in 2024 to $13.37 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.6%. The upward trend during the historic period was driven by a surge in demand for small satellites, widespread incorporation of satellite constellations, and a rise in the quantity of private spacecraft businesses.
How is the satellite bus market size expected to evolve during the forecast period?
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Which key drivers are propelling the satellite bus market’s growth?
The growth of the satellite bus market is significantly attributed to the increase in investment from governments and space agencies. To establish, test, evaluate, procure, operate, and maintain satellites and their related components, governments across the globe are allotting special budgets. This heightened spending on new satellites is predicted to heighten the application of satellite buses because they are regularly employed as a major system and structural body for space vehicles. For example, the British government, as cited in a February 2022 article from Orbital Today, a UK-based online space journal, declared an investment of £600,000 ($778629) in funding to the UK’s space industry for boosting research and development in the space sector and space exploration programs. Consequently, this upsurge in investments by governments and space agencies is anticipated to fuel an increase in the demand for satellite buses during the projected period.
What are the market segments in the satellite bus industry?
The satellite bus market covered in this report is segmented –
1) By Type: Small Satellite, Medium Satellite, Large Satellite
2) By Application: Earth Observation And Meteorology, Communication, Scientific Research and Exploration, Other Applications
Subsegments:
1) By Small Satellite: Nanosatellite (1 Kg To 10 Kg), Microsatellite (10 Kg To 100 Kg), Picosatellite (Less Than 1 Kg)
2) By Medium Satellite: Weight Range (100 Kg To 500 Kg)
3) By Large Satellite: Weight Range (Over 500 Kg)
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Which leading companies are shaping the growth of the satellite bus market?
Major companies operating in the satellite bus market include Lockheed Martin Corporation, Thales Group, Airbus SE, Northrop Grumman Corporation, The Boeing Corporation, Mitsubishi Electric Corporation, Ball Corporation, Sierra Nevada Corporation, Israel Aerospace Industries Ltd. (IAI), Mitsubishi Heavy Industries, Dhruva Space, Inovor Technologies, Beijing Commsat Technology Development Co Ltd, Avasarala Technologies Limited, The China Aerospace Science and Technology Corp (CASC), Alba Orbital, Argotec, Telespazio SpA, Raytheon, JSC Information Satellite Systems Reshetnev, Surrey Satellite Technology Ltd, GomSpace Group AB, EnduroSat, Sputnix, SpaceQuest Ltd, Visiona Tecnologia Espacial, INVAP SE, Empresa Argentina de Soluciones Satelitales Sociedad Anonima (ARSAT), Satellogic, CubeSpace / Innovus, Dragonfly Aerospace, Simera Sense
What key trends are currently impacting the satellite bus market’s development?
The satellite bus market is witnessing a surge in technological advancement, a key trend that is gaining traction. Major firms in this market are striving to promote technological progress in satellite buses as a way to solidify their lead. Newly introduced technologies such as electric propulsion technology, high-resolution cameras, cutting-edge remote viewing technology, next-gen GPS satellites, LIDAR technology, and more are part of this advancement. These state-of-the-art satellite buses bring numerous benefits such as enhanced payload, improved visibility via advanced cameras, and cost reduction. To illustrate, Lockheed Martin Corporation, an American company specializing in aerospace, weapon systems, defence, and IT solutions, launched an LM400 satellite bus in January 2023. This satellite bus, with its 1,700 KG payload, provides a range of flexibility for multiple applications through its universal design and hardware.
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Which geographic areas are influencing the growth of the satellite bus market?
North America was the largest region in the satellite bus market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the satellite bus market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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