Major players in the satellite bus market are Airbus SAS, Ball Corporation, Boeing, Honeywell International Inc, Israel Aerospace Industries Ltd, Lockheed Martin Corporation, Mitsubishi Electric Corporation, Sierra Nevada Corporation, Thales Alenia Space, SpaceQuest Ltd, Alliant Techsystems Inc, Sputnix, and Magellan Aerospace.
New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Satellite Bus Global Market Report 2022" - https://www.reportlinker.com/p06317023/?utm_source=GNW
The global satellite bus market is expected to grow from $10.42 billion in 2021 to $11.04 billion in 2022 at a compound annual growth rate (CAGR) of 4.98%. The market is expected to reach $13.62 billion in 2026 at a CAGR of 5.39%.
The satellite bus market consists of sales of satellite buses by entities (organizations, partnerships, and sole proprietors) that refer to the satellite’s primary body and structural component used to hold the payload and scientific equipment.Satellite buses are frequently tailored to client specifications.
Satellite buses are primarily utilized in geosynchronous satellites, especially communications satellites. It is also used in lower-orbit spacecraft including low-earth-orbit missions.
The main types of satellite buses include small satellites, medium satellites, and large satellites.The small satellite refers to a primary body and structural component used to hold the payload and scientific equipment in satellites weighing less than 500 kilograms.
These satellite buses are used for earth observation and meteorology, communication, scientific research and exploration, and other applications.
North America was the largest region in the satellite bus market in 2021.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 and Africa.
The satellite bus market research report is one of a series of new reports that provides satellite bus market statistics, including satellite bus industry global market size, regional shares, competitors with a satellite bus market share, detailed satellite bus market segments, market trends and opportunities, and any further data you may need to thrive in the satellite bus industry. This satellite bus market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The increase in investment by governments & space agencies is significantly driving the growth of the satellite bus market.The government of different countries is allocating special budgets for exploration, development, testing, evaluation, procurement and operation, and conservation of satellites and associated factors.
The increased expenditure on new satellites is expected to boost the utilization of satellite buses, as they are often used as a structural body and primary system for space vehicles.For instance, according to the Government Space Programs 2020 report by Euroconsult, a leading global strategy consulting and market intelligence firm, government space expenditure increased by 10% from 2019 to 2020, showing the highest yearly budget growth since 2009.
The US retains its leadership in government space spending, accounting for 58% of the world’s total ($47.7 billion in 2020). Thus, an increase in investment by government and space agencies will contribute to a rise in demand for satellite buses during the forecast period.
Technological advancement is a key trend gaining popularity in the satellite bus market.Major companies operating in the satellite bus market are focused on bringing technological advancements in satellite buses to strengthen their position.
Some of the recently introduced technologies include electric propulsion technology, high-resolution cameras, advanced remote seeing technology, future generation GPS satellites, LIDAR technology, and others.These advanced satellite buses offer advanced payload, better visibility with advanced cameras, and reduce cost.
For instance, currently, Lockheed Martin Corporation, a USA-based provider of aerospace, arms, defence, and information technology solutions, is developing an LM400 satellite bus with a 1,700 KG payload and offers a wide variety of flexibility for various applications with common design and hardware.
In October 2020, AAC Clyde Space, a Sweden-based new space company that specializes in small satellite technologies and services, announced to acquiring SpaceQuest for $8.4 million. Through this acquisition, AAC Clyde Space will grow its operations in the USA and expand its Space as a Service [SaaS] business. SpaceQuest Ltd is a US-based spacecraft component and engineering company that works on the operations of small satellites.
The countries covered in the satellite bus market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06317023/?utm_source=GNW
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