Satellite Bus Market Overview
The satellite bus market 2020 could obtain a growth rate of close to 5.96% between 2020 and 2030 (evaluation period), confirms MRFR (Market Research Future). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
The top contenders in the satellite bus market include Ball Corporation (US), Maxar Technologies Ltd (US), Israel Aerospace Industries Ltd (Israel), Thales Group (France), Boeing (US), Lockheed Martin Corporation (US), Airbus SAS (Netherlands), Sierra Nevada Corporation (US), China Aerospace and Technology Corporation (CASC) (China), Northrop Grumman Corporation (US), Mitsubishi Electric Corporation (Japan), Honeywell International Inc. (US), to name a few.
Market to Remain Resilient Despite COVID-19 Impact
Deterred economic growth across countries has been primary challenge posed by COVID-19, limiting governments’ spending on space agencies. The cut in investments has slowed down the expansion rate of the satellite bus market. As SARS-CoV-2 cases escalate and the lockdown is in full force, production and launch of new satellites has gone down in line with travelling restrictions. Research and development activities for satellite bus have been cut short owing to the novel coronavirus and the resultant travel bans worldwide.
On the bright side, satellite buses may note steady demand in the near future, with governments beginning to lift restrictions, and new satellites being launched. Backlogs with respect to space projects created owing to the pandemic are expected to be right on track, which could translate into better business for the global satellite bus market.
Satellite type, subsystem and application are the top market segments listed in the MRFR study. With respect to satellite type, the satellite bus market caters to medium satellite, large satellite and small satellite. The small satellite segment has remained in the lead since 2018, and can also record the fastest growth rate as these satellite types provide benefits including easy manufacturing and low expenditure for development.
Depending on subsystem, the segments can be structures and mechanisms, attitude control system, thermal control, flight software, electric power system, telemetry tracking and command as well as propulsion. Electric power system was the top segment in 2018 and can most likely take the highest growth rate over the forecast period. EPS help store, generate, distribute and control power present inside the satellite and is extremely compatible with the satellite’s payload or mission. This system also offers significant power density that helps satellite in terms of functioning.
Some of the major applications of satellite bus are earth observation and meteorology, communication, mapping and navigation, surveillance and security and scientific research and exploration. As of 2018, the top segment has been the communication application but earth observation and meteorology can be the fastest advancing segment in the coming years. Satellites are used in monitoring as well as forecasting climate patterns, analyzing crop yields, reviewing mineral deposits, and monitoring the availability of water sources.
The regional distribution of the global market includes the Middle East & Africa or MEA, Europe, North America, Asia Pacific or APAC, as well as Latin America.
North America Clinches the Top Position
Since 2018, North America has prevailed as the market leader, thanks to the rising use of satellites for several applications in forestry, oil and gas and agriculture. The US is the top growth engine in the region, as it has the biggest space industry in the world, with the second highest budget allocated for the same. The country is home to NASA, which is the world’s leading space agency and is extensively involved in various space activities. The country is also base for a huge number of renowned spacecraft OEMs, like Lockheed Martin, Honeywell International and Orbital ATK, which adds to the strength of the satellite bus market.
The APAC Market Gears Up for Fastest Growth
It is however the APAC market that will advance at the fastest rate during the assessment period. With the increasing launch of low-cost satellites and frequent innovations in technology, the APAC market will emerge as a strong contender. Moreover, the robust presence of local satellite bus producers, growing spending on small satellite projects, and the surge in start-ups participating in space activities will also bolster the region’s lucrativeness in the ensuing years.
Brows Full Report @ https://www.marketresearchfuture.com/reports/satellite-bus-market-8093
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