The satellite bus market is anticipated to grow at a CAGR of 3. 67% during the forecast period. - The increasing demand for satellite applications for various purposes, such as communication, navigation, space exploration, and scientific purposes, earth observation, and experiments, is anticipated to generate demand for new satellites, which will subsequently generate demand for satellite buses during the forecast period.
New York, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Satellite Bus Market - Growth, Trends, and Forecasts (2020 - 2025)" - https://www.reportlinker.com/p05993768/?utm_source=GNW
- Miniaturization of electronic components enabled the creation of more lightweight and affordable satellite buses while providing the required advances in technological capabilities is anticipated to propel the growth of the market in the coming future.
- The COVID-19 pandemic forced several delays in planned programs, supply chain disruptions, workforce scarcities, and vaporization of revenue streams of several players in the market. This is now threatening the survival of start-ups in the market.
Key Market Trends
Small Satellite Segment will Grow with the Highest CAGR During the Forecast Period
During the period of 2012-2019, the number of small satellites deployed increased due to their advantage to have similar capabilities to the conventional satellites, at a relatively smaller cost of manufacturing. Revolutionary technological advancements have facilitated the miniaturization of electronics, which has pushed the invention of smart materials, in turn, reducing the satellite size and mass over time for manufacturers. Hence, numerous space startups are being started currently, creating a market for small satellites and mini rockets, owing to the increasing pace of deployment of small satellites in the earth and celestial observation, space research, and communication applications. For instance, companies like OneWeb, Amazon, Telesat, and SpaceX among others plan to launch more than 40,000 small satellites in the coming decade. Similarly, many new programs are in pipeline for the production and launch of small satellites for defense purposes. With growing investments into the launch of satellite constellations, the small satellite segment is anticipated to witness the highest growth during the forecast period.
Asia-Pacific Region is Expected to Generate the Highest Demand During the Forecast Period
Countries in the Asia-Pacific region like China, India, and Japan among others rapidly increasing the space investments, thereby generating demand for satellite buses with regional companies like China Academy of Space Technology (CAST), Indian Space Research Organization, and Mitsubishi Electric among others taking the majority share of the market in their respective countries. The increasing private and government investments in the space industry is one of the major growth factors for the market in the region. For instance, China has plans to launch 12 IoT satellites and two advanced marine satellites in 2021. Also, the country plans to complete its the launch of BeiDou constellation by 2020. Similarly, Japan Aerospace Exploration Agency (JAXA) is actively working with other companies and rapidly enhancing its footprint in the space industry. In 2018, the Japanese government announced that it plans to double the country’s space industry by more than USD 11 billion and provide a fund of USD 940 million to space start-ups in the form of investments and loans over the next five years. Similar initiatives of governments across the Asia-Pacific region are anticipated to drive the growth of the market.
The satellite bus market is consolidated with Lockheed Martin Corporation, Airbus SE, Northrop Grumman Corporation, Thales Group, and Israel Aerospace Industries Ltd. The increasing demand from commercial and military end-users has led to the development of new satellite buses that bank on the availability of common components for satellite buses of different sizes to enable the market players to leverage its supply chain more effectively. For instance, in August 2020, Sierra Nevada Corporation unveiled two new satellite platforms designed to offer increased payload capacity for MEO and other orbits. The SN-200M variant specifically adapts SNC’s SN-200 bus for MEO. Additionally, the SN-1000 is a demonstration platform based on the SN-200M bus flying an Evolved Expendable Launch Vehicle (EELV) Secondary Payload Adapter (ESPA). Both satellites build on the US Air Force Demonstration and Science Experiment (DSX) program. Since traditional satellite manufacturers are not the sole investors of the market in focus, a radical change in the market dynamics is anticipated to emerge. Hence, to retain their competitive edge, some satellite ventures have plans to manufacture satellite buses, space systems, payloads, or subsystems and components in-house to maximize the cash flow and profits.
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