New York, March 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Satellite Bus Global Market Report 2023" - https://www.reportlinker.com/p06317023/?utm_source=GNW
, Alliant Techsystems Inc., Sputnix, and Magellan Aerospace.
The global satellite bus market grew from $11.22 billion in 2022 to $11.98 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The satellite bus market is expected to grow to $15.8 billion in 2027 at a CAGR of 7.2%.
The satellite bus market consists of sales of mini satellite buses, CubeSats, microsatellites, nanosatellites, and picosatellites.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The satellite bus 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.
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 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.
It includes services such as leasing and maintenance and support, which are used for earth observation and meteorology, communication, scientific research and exploration, and other applications.
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 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.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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.
Read the full report: https://www.reportlinker.com/p06317023/?utm_source=GNW
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