Global Satellite Bus Market to Reach US$ 23.3 Billion by 2032, Propelled by Augmenting Demand for Space-based Applications

July 14, 2023 | Aerospace and Defense

According to the latest report by IMARC Group, titled “Satellite Bus Market Report by Subsystem (Structures and Mechanisms, Thermal Control, Electric Power System, Attitude Control System, Propulsion, Telemetry Tracking Command, Flight Software), Satellite Size (Small, Medium, Large), Application (Earth Observation and Meteorology, Communication, Scientific Research and Exploration, Surveillance and Security, Mapping, Navigation), and Region 2024-2032,” the global satellite bus market size reached US$ 14.7 Billion in 2023. A satellite bus refers to the structural and functional framework of a satellite. It is essentially the backbone of the satellite system, providing mechanical support, power management, thermal control, and communication interfaces for the satellite's payload. The satellite bus encompasses vital subsystems such as the power supply, propulsion, attitude control, and telemetry systems, which are responsible for maintaining the satellite's orbit, stability and operational capabilities in space. These buses are developed and manufactured by specialized aerospace companies or satellite manufacturers. They companies invest significant resources in research, development, and testing to ensure the reliability and performance of their satellite bus platforms.

Global Satellite Bus Market Trends:

The satellite bus market is majorly driven by the growing demand for satellites and space-based applications. Additionally, the increasing need for global connectivity and communication services is fueling the demand for communication satellites. With the rising popularity of high-speed internet, video streaming, and data-intensive applications, satellite operators and telecommunications companies are heavily investing in advanced satellite bus platforms to enhance their network capabilities and provide reliable connectivity to underserved regions. Furthermore, the growing demand for earth observation and remote sensing applications is a significant driver in the market. Earth observation satellites play an essential role in monitoring environmental changes, managing natural resources, and supporting disaster response and recovery efforts. Moreover, the increasing interest in space exploration and scientific research is also augmenting the growth of the market. Numerous governments and private entities are investing in satellite missions to explore space, study celestial bodies, and conduct scientific experiments, which is creating a positive outlook for the market. Besides, the emergence of new commercial applications such as satellite-based navigation systems, on-orbit servicing, and satellite servicing missions is contributing to the market growth. Looking forward, the market value is projected to reach US$ 23.3 Billion by 2032, exhibiting a growth rate (CAGR) of 5.2% during 2024-2032.

Market Summary:

  • Based on the subsystem, the market has been segmented into structures and mechanisms, thermal control, electric power system, attitude control system, propulsion, telemetry tracking command and flight software.
  • On the basis of the satellite size, the market has been classified into small, medium and large.
  • Based on the application, the market has been categorized as earth observation and meteorology, communication, scientific research and exploration, surveillance and security, mapping and navigation.
  • On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Airbus SE, Ball Corporation, Centum Electronics Limited, Honeywell International Inc., Israel Aerospace Industries, Lockheed Martin Corporation, Maxar Technologies Inc., NanoAvionics Corp. (AST SpaceMobile Inc), NEC Corporation (AT&T Corporation), Northrop Grumman Corporation, Sierra Nevada Corporation, Thales Group and The Boeing Company.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Subsystem, Satellite Size, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Airbus SE, Ball Corporation, Centum Electronics Limited, Honeywell International Inc., Israel Aerospace Industries, Lockheed Martin Corporation, Maxar Technologies Inc., NanoAvionics Corp. (AST SpaceMobile Inc), NEC Corporation (AT&T Corporation), Northrop Grumman Corporation, Sierra Nevada Corporation, Thales Group and The Boeing Company.
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Global Satellite Bus Market to Reach US$ 23.3 Billion by 2032, Propelled by Augmenting Demand for Space-based Applications
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