Global Satellite Bus Market Insights Forecasts to 2033

• The Global Satellite Bus Market Size was Valued at USD 35.53 Billion in 2023
• The Market Size is Growing at a CAGR of 7.65% from 2023 to 2033
• The Worldwide Satellite Bus Market Size is Expected to Reach USD 74.29 Billion by 2033
• Europe is Expected to Grow the fastest during the forecast period.

The Satellite Bus Market Size is Anticipated to Exceed USD 74.29 Billion by 2033, Growing at a CAGR of 7.65% from 2023 to 2033.

Market Overview

A satellite bus, also known as a spacecraft bus or satellite platform, is a homogeneous, modular construction or framework that serves as the fundamental component of a satellite. The principal systems and subsystems required for the satellite's operation are carried by and supported by the payload, which changes according to the mission and purpose of the satellite. The payload is attached to the bus. It is expected that the launch of many technologies into the market and their integration into satellite imaging would improve the technology of satellite photography, offering profitable prospects for market expansion.  Electric propulsion, high-resolution cameras, sophisticated remote sensing, next-generation GPS satellites, light detection and ranging (LIDAR), hyperspectral, and multispectral sensors are a few of the recently announced technologies.  The growing collaboration between government space agencies and commercial satellite operators significantly improves the possibilities for the satellite bus industry. Government initiatives to create an environment that encourages private businesses to expand and grow their position in the space sector include public-private partnerships and outsourcing satellite manufacture. Because more money is being spent on space initiatives, the market for satellite buses has a great deal of potential to expand and flourish in the forecast period.

Report Coverage

This research report categorizes the market for the satellite bus market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the satellite bus market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the satellite bus market.

Driving Factors

Numerous components are needed for space systems and satellite infrastructure in order to support communications, signals, imaging, and other solutions that improve satellite capabilities. Following the emergence of nano, micro, and mini spacecraft buses, the classic technological components have increased demand. The growing tendency of government organizations and business small- and microsatellite producers collaborating. The strong demand and adoption rate of spacecraft buses for commercial and military applications have fueled the market expansion over the projection period.

Restraining Factors

In the large-scale satellite manufacturing process, several mistakes occur at different phases of the satellite's life cycle due to the intricate design and the integration of multiple satellite instruments and subsystems. The primary cause of the cost growth for mistake resolution at various levels is this component.

Market Segmentation

The satellite bus market share is classified into size, subsystem, and application.

• The small satellite segment is expected to hold the largest share of the satellite bus market during the forecast period.    

Based on the size, the satellite bus market is categorized into small satellite, medium satellite, and heavy satellite. Among these, the small satellite segment is expected to hold the largest share of the satellite bus market during the forecast period. The cost of small satellite platforms has decreased and their accessibility has improved for a range of applications due to technological and downsizing advances. These satellites are more affordable to build, launch, and operate than larger ones, making them more available to a wider range of customers, including corporations, government agencies, and educational institutions. Low-budget groups, entrepreneurs, and nascent space endeavors find this price particularly enticing.  

• The propulsion system segment is expected to grow at the fastest CAGR during the forecast period.    

Based on the subsystem, the satellite bus market is categorized into structures and mechanisms, thermal control system, electric power system (EPS), altitude control system, telemetry tracking & command (TT&C), flight software, and propulsion system. Among these, the propulsion system segment is expected to grow at the fastest CAGR during the forecast period. The use of advanced propulsion systems, an increase in space exploration missions, and significant investment in the space industry are all contributing factors to the growth. Since the propulsion system keeps the spacecraft bus and its parts at the right temperature, growth in this system is expected to be low.

• The communication segment is expected to hold a significant share of the satellite bus market during the forecast period.

Based on the application, the satellite bus market is categorized into earth observation & meteorology, communication, scientific research & exploration, surveillance & security, and mapping & navigation. Among these, the communication segment is expected to hold a significant share of the satellite bus market during the forecast period. This demand is mostly driven by the expansion of mobile devices, broadband internet access, and the need for a stable communication infrastructure in rural areas. The provides services to a number of businesses, such as the government, media, telecommunications, aviation, and marine industry. It is compatible with many different applications, such as data transfer, Internet of Things connectivity, telephony, and broadband internet access.  

Regional Segment Analysis of the Global Satellite Bus Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is projected to hold the largest share of the satellite bus market over the forecast period.

North America is projected to hold the largest share of the satellite bus market over the forecast period. Due to the increasing demand in space technology, the market in the region is growing, attracting companies such as Virgin Orbit and SpaceX. The expansion of the regional market is anticipated to be supported by the growing frequency of satellite launches in the area by space agencies like the National Aeronautics and Space Administration (NASA) for a range of purposes, including broadcasting, internet connectivity, navigation, and communication. For example, NASA awarded research funds of USD 333 million till February 2023. The US government invested around USD 62 billion in space initiatives in 2022.

Europe is expected to grow at the fastest CAGR growth of the satellite bus market during the forecast period. Increased funding from space agencies in the UK, Germany, Russia, and other countries is the cause of the growth. In addition, major OEMs like Thales Group, Airbus, and others propel market expansion throughout Europe. In light of this, ESA declared in November 2022 that it will increase space budget by 25% over the following three years in an effort to keep Europe at the forefront of Earth observation, grow its navigation services, and continue to collaborate with the US on exploration projects.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the satellite bus market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Airbus
• Boeing
• Centum
• Honeywell International Inc.
• IAI
• L3Harris Technologies, Inc.
• Lockheed Martin Corporation
• Maxar Technologies
• Mitsubishi Electric Corporation
• Northrop Grumman
• OHB SE
• Thales Group
• Others

Key Market Developments

• In August 2023, LeoStella, a U.S.-based satellite design and production business, revealed its third-generation small satellite bus product line, the LS-300. Significant payload capacity and other improved capabilities are introduced with the LS-300.

• In June 2023, Spacecraft buses were supplied by Blue Canyon Technologies for NASA's PolSIR project. Blue Canyon Technologies, a subsidiary of RTX, was chosen to construct two 12U CubeSat buses for the project, which is focused on studying high-altitude ice clouds in tropical and sub-tropical regions.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global satellite bus market based on the below-mentioned segments:  

Global Satellite Bus Market, By Size

• Small Satellite
• Medium Satellite
• Heavy Satellite

Global Satellite Bus Market, By Subsystem

• Structures and Mechanisms
• Thermal Control System
• Electric Power System (EPS)
• Attitude Control System
• Telemetry Tracking & Command (TT&C)
• Flight Software
• Propulsion System

Global Satellite Bus Market, By Application

• Earth Observation & Meteorology
• Communication
• Scientific Research & Exploration
• Surveillance & Security
• Mapping & Navigation

Global Satellite Bus Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa