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Satellite Bus Industry Trends, Global Market Growth, Analysis 2024
Satellite Bus Industry Trends
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According to The Business Research Company's, The satellite bus market size has grown strongly in recent years. It will grow from $12.1 billion in 2023 to $12.88 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to increasing demand for small satellites, high adoption of satellite constellation, and growing number of private space enterprises.
The satellite bus market size is expected to see strong growth in the next few years. It will grow to $16.6 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to increase in the number of satellite launches, increasing demand from defense sector, and increasing government investments in space sector. Major trends in the forecast period include companies should consider undergoing partnerships to strengthen their position, focus on launching small satellite buses, consider applying advanced and additive manufacturing techniques, including 3d printing in satellite buses, and focus on the use of internet of things.
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Market Drivers and Trends:
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, in February 2022, according to the Orbital Today article, a UK-based online space magazine, the government of the UK announced the investment of £600,000 in funding to the UK space industry to enhance the research and development in the space sector and space exploration programs. 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 reduced cost. For instance, in January 2023, Lockheed Martin Corporation, a USA-based provider of aerospace, arms, defense, and information technology solutions, developed 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.
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Major Key Players of the Market:
IBM Corporation, NICE Ltd, Thomson Reuters Corporation, Broadridge Financial Solutions Inc, Wolters Kluwer N.V., London Stock Exchange Group plc, MetricStream Inc, GB Group plc, ACTICO GmbH, Ascent Technologies, Inc., Accentur*e, ACI worldwide, BAE system, Oracle corporation, Centenal, CustomerXPs, IDfy, Merkle Science, Ant Group, Tencent, Lufax, Zhong An, Alibaba, Baidu, Yu'eBao, LiCaiTong, HuaBei, IVXS Limited, Pole Star Space Applications, PricewaterhouseCoopers Private Limited, CLAUSEMATC, REGnosys Limited, Tessian, Coryltics, Alyne, Blinking, CleverSoft, ComplyAdvantage, CyNation, DataGuard, Dathena, ElectronicId, FacePhi, Fenergo, 4STOP, Governance.com, Hawk:AI, IDpal, Privitar, RegBot, Kompany, AQMetrics, ForcePoint, Amazon, Microsoft, Google, Ayasdi AI LLC, Hummingbird RegTech Inc., Jumio Corporation, MindBridge Analytics Inc., Ceptinel RegTech, Contraloría privada, Codebase Technologies, Azakaw, Sysnet Global Solutions, Privacy Rating, Truata Limited, FinReg Global Solutions Limited, RegTech Africa, Intergreatme, ThisIsMe, DocFox, Entersekt
Satellite Bus Market 2024 Key Insights:
• The satellite bus market size is expected to see strong growth in the next few years. It will grow to $16.6 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Government And Space Agency Investments Propel Satellite Bus Market Growth
• Technological Advancements Driving Innovation In The Satellite Bus Market
• North America was the largest region in the satellite bus market in 2023
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Learn More About The Business Research Company
The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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