Satellite and Spacecraft Sub-systems Market Expected to Witness 4.9% CAGR and Reach $44.33 Billion by 2031.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Satellite and Spacecraft Sub-system Market- (By Products (Satellite Sub-System, Launch Vehicle System), By End-User (Commercial, Civil Government, Defense, Academic/Research Group)) Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Satellite and Spacecraft Sub-system Market is valued at US$ 29.23 Bn in 2022, and it is expected to reach US$ 44.33 Bn by 2031, with a CAGR of 4.9% during a forecast period of 2023-2031.

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The military uses satellites for communication, and they are also utilized for navigation, television broadcasts, and phone calls, among other things. Satellite communication is possible because radio waves are sent from a satellite and data from antennas and transponders all over the world are collected and processed. During the projected period, it is anticipated that the market for satellite communication will grow due to the increased development of new satellite technologies. For instance, Northrop Grumman stated in April 2021 that its Mission Extension Vehicle 2 had successfully docked to the commercial satellite Intelsat 10-02. A robot spacecraft called Mission Extension Vehicle 2 works to extend the lifespan of satellites. Creating sub-systems that improve satellite end-of-life disposal and lessen space debris generation is motivated by the growing concern about space debris and the regulatory requirements for debris mitigation.

List of Prominent Players in the Satellite and Spacecraft Sub-system Market:
• Airbus S.A.S.
• Ball Corporation
• Data Device Corporation
• Honeywell International
• Israel Aerospace Industries
• Lockheed Martin Corporation
• Mitsubishi Electric Corporation
• Northrop Grumman
• OneWeb
• O.H.B. System

Market Dynamics:
Drivers-
The global market for satellite and spacecraft sub-systems is predicted to grow considerably as a result of the surge in demand for IoT devices across several industries, including the automotive, defence, and healthcare sectors. Additional factors that are anticipated to influence the satellite communication system market forecast during the forecast period include the expansion of the use of radio broadcasts, satellite communication equipment in online streaming services, and T.V. broadcasts, as well as the rise in demand for military and defence satellite and spacecraft sub-system system solutions.

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Challenges:
Cost constraints may restrict the adoption of cutting-edge technologies and innovations, particularly for smaller companies or emerging space programs. Integrating several sub-systems into a satellite or spacecraft and verifying their performance in space can be difficult and time-consuming, requiring careful coordination and validation. Additionally, space debris is a growing concern, and satellite and spacecraft sub-systems must take into consideration end-of-life disposal and measures to minimize space debris generation. Sustainable practices are must for the long-term viability of space programs.

Regional Trends:
The North America Satellite and Spacecraft Sub-system Market is expected to record a major market share in terms of revenue and is likely to grow at a high CAGR in the near future. Due to the efforts of colleges, start-ups, and research facilities, the region has seen an increase in tiny satellite missions, such as CubeSats and nanosatellites. In this market, there is a rising demand for small, affordable sub-systems. Commercial space activities, such as satellite manufacture, launch services, and satellite-based services, have been undertaken by European businesses. The expansion of the commercial space industry fuels demand for a variety of sub-systems. Due to a significant spike in investment by major companies and government organizations to support transportation and logistics, telecommunication, and other sectors, Asia-Pacific is anticipated to become a prominent market for the satellite communication system business.

Recent Developments:
• In June 2023, OHB Sweden and Thales Alenia Space signed a contract. This agreement covers developing, manufacturing, integrating, testing, and delivering a propulsion system for two major ESA and EU Copernicus missions. CHIME and ROSE-L are important space projects. The ROSE-L mission would also enable several applications, benefiting agriculture, environmental monitoring, food security, and hazard management.
• In May 2023, NASA granted a contract to Lockheed Martin Corporation. This contract is for developing and demonstrating NASA's Human Landing System and its key components. An essential part of Artemis, this programme is crucial. The program's major goal is to develop an environmentally friendly lunar lander that can safely take astronauts to the moon.

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Segmentation of Satellite and Spacecraft Sub-system Market-
By Products-
• Satellite Sub-System
o Payload
 Antenna
 Inter-Satellite Links
 Processor
 Imaging Sensor
o Electrical and Power Sub-system
 Power Management Device
 Solar Panel
 Battery
 Field-Programmable Gate Array
 Application Specific Integrated Circuit (ASIC)
 Power Converter
o Command and Data Handling System
 Onboard Computer
 Memory
 OBC Adaptor
 Router
 Processor
 Microcontroller
 Solid State Recorder
 Field-Programmable Gate Array (FPGA)
o Communication Sub-system
 Transmitter and Receiver
 Processor
o Thermal Control Sub-system
 Temperature Sensors
 Heaters
 Thermostats
 Insulation
o Attitude Determination and Control Sub-system
 Temperature Sensors
 Heaters
 Thermostats
 Insulation
o Propulsion System
 Temperature Sensors
 Heaters
 Thermostats
 Insulation
o Mechanism
o Actuator
o Structure
• Launch Vehicle System
o Structure
 Skin
 Frame
 Bulk Head
 Control Surfaces
 Payload Adapter
o Avionics
 Communication
 Navigation
 Radar
 Health Management
 Onboard Computer/Flight Computers
 Fibre Optic Cables
 Sensor
o Propulsion System
 Thrusters
 Propellant Tank
 Valves and Regulators
 Plumbing/Tubing
 Flow Control Unit
 Pump
 Combustion Chamber
 Nozzle
 Pointing Mechanism
o Control System
 Actuators
 Mechanism
 Motors
o Electrical System
 Wire-loom
 Power Control Units
 Battery
 Surge Protection Device
 Power Adapters
 Connectors
o Stage Separation
o Thermal System
 Sensors
 Thermal Computer
 Thermostat/Thermal Control System
 Skin
By End-User-
• Commercial
• Civil Government
• Defense
• Academic/Research Group
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.