Satellite Bus Market to Reach $20.84 Billion by 2030
The global satellite bus market generated $11.91 billion in 2020, and is anticipated to generate $20.84 billion by 2030, witnessing a CAGR of 5.8% from 2021 to 2030, according to a new report from Allied Market Research.
A surge in the number of satellite launches and increases in investment by governments & space agencies will drive the growth of the global satellite bus market. However, a lack of clarity in government policies and stringent government regulations for implementation & use of satellites could hinder market growth. On the other hand, a rise in the incorporation of new technologies and advancements in satellite mission technologies present new opportunities in the coming years.
The communication segment held the highest market share in 2020, accounting for more than one-fourth of the global satellite bus market, and that segment is estimated to maintain its leadership status throughout the forecast period. Satellite communication plays a vital role in the global communications systems which drives the growth of the market. In addition, communication satellites are used for wireless, radio, internet, television, mobile communication applications and military applications which also proves to be a factor supplementing the growth of the segment in the global market. Moreover, the Earth observation & meteorology segments are projected to manifest the highest CAGR of 6.9% from 2021 to 2030, owing to its contribution towards understanding of climate change and the global environment.
Large satellites accounted for the biggest share of the market in 2020, contributing to nearly two-fifths of the global satellite bus market, and is projected to maintain its lead position during the forecast period. This is due to the fact that large satellites can be used to carry numerous components in a single satellite bus which can be used to perform numerous operations. However, the small segment is expected to portray the largest CAGR of 9.8% from 2021 to 2030, owing to less cost needed to develop and launch small vehicles.
North America held the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global satellite bus market. This is attributed to numerous developments carried out by the key companies operating in the satellite & associated components industry. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 6.7% during the forecast period, owing to the increased application of satellites in numerous industries such as surveillance, mapping, navigation & others.
(Source: Allied Market Research news release. Image from file)