Satellite Bus Market is Expected to Exceed $13 Billion by 2026
The global satellite bus market size is expected to grow from $10.42 billion in 2021 to $11.04 billion in 2022, and reach $13.62 billion in 2026 at a CAGR of 5.39%. according to new research from The Business Research Company.
The increasing number of satellite launches is expected to propel the satellite bus market growth during the forecast period. Growing satellite launches by both public and commercial companies are anticipated to accelerate the deployment of satellite buses, which is anticipated to drive the market expansion. For example, SpaceX to date has launched more than 3,500 satellites for its Starlink program.
3D Printing Is a Key Trend in the Satellite Bus Market
The increasing use of 3D printing is a key trend gaining popularity in the satellite bus market. Companies are applying advanced and additive manufacturing techniques, including 3D printing in satellite buses, to provide faster cycle times while improving performance. For example, in March 2022, Millennium Space Systems, a US-based aerospace company, planned to launch a 3D printed metal satellite structure to orbit and planned to start offering satellite buses with the 3D printed structure. At the same time, a lack of skilled workers is restraining the growth of the satellite bus market during the forecast period. Due to the highly specialized nature of the industry, with new technologies and processes coming in and a constant focus on cost reduction, companies in the industry will require a talented, engaged and increasingly specialized workforce. But there is a shortage of skilled professionals in the industry.
The satellite bus market consists of sales of satellite buses by entities (organizations, partnerships, and sole proprietors) that refer to the satellite's primary body and structural components 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.
The main types of satellite buses include small satellites, medium satellites, and large satellites. A 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. These satellite buses are used for earth observation and meteorology, communication, scientific research and exploration, and other applications.
(Source: The Business Research Company news release. Images from file)