Satellite Bus Market size is expected to grow USD 19,3783.3 million by 2030

According to the Market Statsville Group (MSG), the global satellite bus market size is expected to grow from USD 12,071.2 million in 2021 to USD 19,3783.3 million by 2030, at a CAGR of 5.4% from 2022 to 2030. A satellite bus is a space vehicle's structural body and major system that transports all of the satellite's key components. A satellite bus is also a generic model around multiple-production satellite spacecraft are built. The satellite bus serves as a delivery mechanism for satellite payload, containing all of the satellite's required components. Although each spacecraft is distinct in shape and size depending on the size of the satellite, all satellite buses are similar in construction. Furthermore, it is made up of multiple subsystems, each with its own purpose. Its structural design throws additional demands such as communication lines, onboard data processing, battery capacity, and data memory. The satellite bus architecture accommodates all spacecraft components, including payload instruments, intended to be employed in a space mission.

Increased government and space agency spending, an increase in the frequency of satellite launches, and new product releases in the satellite manufacturing market and launch systems all contribute to the global growth of the satellite bus industry. However, stringent government regulations for satellite deployment and use are issues impeding the growth of the satellite bus business. Furthermore, factors such as increased incorporation of new technologies and developments in satellite mission technologies are likely to give profitable prospects for global market growth.

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COVID-19 Impact on the Global Satellite Bus Market
The COVID-19 pandemic affects almost every element of global economic activity and humans. With the rise of COVID-19, multiple governments throughout the world have implemented limitations and controls on global commerce, affecting the supply chain for various sectors. Furthermore, the epidemic has presented an existential threat to millions of enterprises throughout the world, as well as creating an unemployment crisis for billions of workers owing to the globally imposed lockdown. Furthermore, the COVID-19 pandemic has disrupted critical supply chains throughout the space manufacturing industry. Many planned developments in the space industry have also been pushed back owing to the Covid-19 pandemic. The satellite industry has been impacted by the pandemic's spread and the consequent slowdown in the global economy. Yet, the satellite bus market has been able to minimize the pandemic's negative impacts due to advancements in expanding satellite missions over time.

Global Satellite Bus Market Dynamics
Drivers: Increased Space Exploration Missions and Lower Space Launch Costs to Drive Market Growth
Commercial space exploration costs are expected to fall as smaller launch vehicles allow potential space market entrants easier access. The market's leading manufacturers and governmental organizations place a premium on additive layer manufacturing (ALM) for the production of space-based products and services. The introduction of reusable launch vehicles and an increase in space exploration missions are expected to reduce the number of space launches. Over the last decade, governmental space agencies have prioritized interplanetary space exploration of the Moon, Mars, and other cosmic objects and the launch of space-based telescopic satellites housed in space buses.

Restraints: High maintenance costs
The NASA analysis on error cost escalation along the space project life cycle demonstrates the cost escalation in discovering and addressing faults and delays in satellite manufacture. The cost of error resolution is one unit of space system cost factors at the requirement stage, three to eight units at the design stage, seven to sixteen units at the manufacturing stage, twenty-eight units at the integration and testing stage, and more than 1500 units at the operations stage.

The design complexity and integration of different satellite instruments and subsystems in large-size satellite manufacture result in numerous faults at various phases of the satellite's life cycle. This element is the primary cause of cost growth for error resolution at various levels.

Opportunities: Increasing Satellite System Advancements
The rising number of space exploration missions will likely support the market's healthy expansion. Increased investments in space-related missions are expected to provide profitable commercial prospects. Satellite system technical advancements are predicted to allow for rapid industrial development. The growing number of private space enterprises is expected to be an important driver in driving market demand. Furthermore, deploying tiny satellites in applications such as earth observation will likely boost the market growth in the coming years.

Market players advancements in satellite buses are expected to increase market potential in the coming years. For instance, Orbital ATK introduced a new generation of satellite service vehicles in March 2018. The MEV is a variation of the Mission Robotic Vehicle, and the Mission Extension Pods are based on Orbital ATK's ESPASat small satellite bus.

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Scope of the Global Satellite Bus Market
The study categorizes the satellite bus market based on satellite size, subsystem, and application at the regional and global levels.

By Satellite Size Outlook (Sales, USD Million, 2017-2030)
Small
Medium
Large
By Subsystem Outlook (Sales, USD Million, 2017-2030)
Structures & mechanisms
Thermal control
Electric power system
Attitude control system
Propulsion
Telemetry tracking command
Flight software
By Application Outlook (Sales, USD Million, 2017-2030)
Earth observation & meteorology
Communication
Scientific research & exploration
Surveillance & security
Mapping
Navigation
By Region Outlook (Sales, USD Million, 2017-2030)
North America
US
Canada
Mexico
Europe
Germany
Italy
France
UK
Spain
Poland
Russia
The Netherlands
Norway
Czech Republic
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Indonesia
Malaysia
Thailand
Singapore
Australia & New Zealand
Rest of Asia Pacific
South America
Brazil
Argentina
Colombia
Rest of South America
The Middle East & Africa
Saudi Arabia
UAE
South Africa
Northern Africa
Rest of MEA

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Propulsion system segment accounts for the highest cagr during the forecast period by subsystem
Based on the subsystem, the satellite bus market is divided into structures and mechanisms, thermal control system, electric power system, attitude control system, telemetry tracking & control (TT&C), flight software, and propulsion system. The propulsion system segment will have significant growth with the highest CAGR during the forecast period. The deployment of improved propulsion systems, the increasing number of space exploration missions, and strong investment in the space sector are all contributing to the growth.

Small satellite segment accounts for the largest market share by application
Based on the application, the satellite bus market is divided into small satellite, medium satellite, heavy satellite. The small satellite segment held the largest market share in 2021 due to the increasing number of small satellite launches, and the growing need for military satellites from defense forces for real-time information drives the expansion of the satellite bus market.

Asia-Pacific accounts for the highest CAGR during the forecast period by Region
Based on the regions, the global satellite bus market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Countries in the Asia-Pacific region, such as China, India, and Japan, are rapidly increasing their space investments, resulting in increased demand for satellite buses with regional companies. For instance, the China Academy of Space Technology (CAST), the Indian Space Research Organization, and Mitsubishi Electric, among others, capture the market share. One of the primary development reasons for the region's market is the rising private and government investment in the space sector. China, for example, intends to deploy 12 IoT satellites and two sophisticated maritime satellites in 2021. In addition, the nation intends to complete the launch of the BeiDou constellation by 2020.

Similarly, Japan Aerospace Exploration Agency (JAXA) is aggressively collaborating with other enterprises to expand its presence in the space sector. In 2018, the Japanese government announced intentions to more than quadruple the country's space sector by more than USD 11 billion over the next five years, as well as providing a USD 940 million fund to space start-ups in the form of investments and loans. Similar actions by governments throughout the Asia-Pacific region are expected to promote market expansion.

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Key Market Players in the Global Satellite Bus Market
The global satellite bus market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.

Major players in the global satellite bus market are:

Honeywell International Inc
Lockheed Martin Corporation
Airbus S.A.S.
Boeing
Thales Group
IAI
Mitsubishi Electric Corporation
BALL CORPORATION
Sierra Nevada Corporation
Northrop Grumman Corporation

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