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Market Insight
Global COVID-19 Pandemic Impact on Satellite Bus Market is anticipated to register a CAGR of 5% over the forecast period. This can be attributed to developments in small satellites and the rise in number of space exploration missions. The increased capacity of small satellites for carrying payloads as well as an increase vehicle performance for preventing mission failures is likely to bode well for the market. Customized requirements by end-use industries for satellites have led to companies manufacturing components according to different shapes, sizes, and processing capacity. Recently, Lockheed Martin Corporation has launched common components ranging from different sizes which can help in expediting the production process. Investments by government space agencies and private firms are expected to drive up the production of spacecraft buses. The increased capacity of small satellites with respect to downlink rates and data storage can bode well for the market. Launch of satellites for commercial purposes will be lucrative for the market in the coming years.
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However, lack of ground data-rate-receiving stations and production costs of spacecraft buses can constrain the global satellite bus market growth.
Competition Outlook
Airbus SAS, Boeing, Mitsubishi Electric Corporation, Maxar Technologies Ltd, Thales Group, Lockheed Martin Corporation, Sierra Nevada Corporation, China Aerospace Science and Technology Corporation (CASC), Ball Corporation, Israel Aerospace Industries Ltd, Northrop Grumman Corporation, and Honeywell International Inc. are reputed players of the Global Satellite Bus Market.
Segmentation
By Subsystem, the market covers insights on components such as electric power system, attitude control system, flight software, telemetry tracking and command, structures and mechanisms, thermal control, and propulsion. The electric power system segment dominated the market in 2018 and will register the highest CAGR during the forecast period. EPS generates, stores, controls, and distributes power within the satellite. The EPS component is designed on the basis of power management strategies configured by satellite designers. Development of microelectronic technologies will influence the power and performance of electric power systems.
Global COVID-19 Pandemic Impact on Satellite Bus Market is segmented by Satellite Type, Subsystem and Application. Based on satellite type, the market has been segmented into large satellite, medium satellite, and small satellite. In 2018, the small satellite segment had the lead in the global market and it is expected to register the highest CAGR during the forecast period. Small satellites are being developed by students to study the weather in space while traveling in low orbit. Recently, SpaceX has launched the SmallSat Rideshare Program for launching small satellites to the Sun-synchronous orbit.
Applications discussed in the market report include surveillance and security, communication, mapping and navigation, earth observation and meteorology, and scientific research and exploration. The communication segment had the lead in the market in 2018. However, the earth observation and meteorology segment is expected to register the highest growth rate during the forecast period. The low manufacturing costs of satellites and the increased capacity of showcasing images of the Earth in a clear and concise manner can drive the segment growth till 2024.
Regional Analysis
Global Satellite Bus Market has been segmented, by region, into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and Latin America.
North America is predicted to lead in the market owing to the deployment of satellites for use by the industries of oil & gas, forestry, and agriculture. The use of drones for monitoring and surveillance of crops spread over vast expanses of land is expected to bode well for the global satellite bus market.
However, the APAC satellite bus market can expand at a rapid velocity owing to the manufacture of small satellites at low costs and developments in satellite components. The improved data transmission speeds as well as the improved frequency of ground stations are likely to bode well for the market. Future experimental payloads to be launched in the coming years can provide an abundance of opportunities to the market.
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NOTE: Our Team of Researchers is Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
