Satellite Bus Market to Reach $23.4 Billion by 2033: Report
Multiple Factors Drive 5.4% Annual Growth
The global satellite bus market, valued at $14.1 billion in 2023, is projected to reach $23.4 billion by 2033, growing at a CAGR of 5.4% from 2024 to 2033 according to a new report from Allied Market Research.
The market has experienced significant growth and transformation, driven by increase in investment by governments & space agencies, new product launches in the satellite manufacturing market and launch systems, and increase in number of satellite launches. Also, incorporation of new technologies, and advancements in satellite mission technologies are anticipated to provide lucrative market growth opportunities during the forecast period.
The structures and mechanisms segment held the highest market share in 2023, owing to an increase in demand for strong structures for use in rugged environments. Numerous types of designs such as monocoque as well as modular frame designs have been introduced by different manufacturers. Introduction of such systems maximizes internal volume, and provides more thermal mass, which allows for more mounting points to the structure of the satellite bus.
By application, the communication segment held the highest market share in 2023, owing to its vital role in global communication systems. In addition, communication satellites are used for wireless, radio, internet, television, mobile communication, and military applications, which also drives the growth of the segment in the global market.
The small satellite segment dominated the global market share in 2023. Small satellites are popular and they are cheaper to build and launch as compared to larger ones. In some cases, like scientific research and radio communication, using many small satellites is more effective than relying on a few big ones. They are increasingly used for a variety of missions, including scientific research, remote sensing, and communication services. The use of small satellites is widely growing around the world especially for smaller countries and companies to participate in space activities and support their sustainable development goals.
North America held the highest market share in terms of revenue in 2023, owing to the presence of companies such as Lockheed Martin Corporation, The Boeing Company, Northrop Grumman Corporation, Sierra Nevada Corporation, and Ball Corporation creating ample opportunities for the growth of the market in North America. In addition, the North America satellite bus market is gaining traction due to numerous developments carried out by key companies operating in the satellite and related components manufacturing industry. Companies involved in the production and manufacturing of essential components have carried out numerous developments, which has supplemented the growth of the market in North America.