The growth of the global satellite bus market can be attributed to the increasing adoption of CubeSats as they are equipped with the potential of automated data gathering, warning systems, and enhanced imaging capabilities. These functions assist scientists in performing space exploration and earth monitoring activities with precision and safety. Furthermore, increasing investments by various governments in space projects are propelling market growth. However, the rigid design structure of satellite buses is expected to hamper the market growth as the new players, planning to enter the satellite bus market, do not possess the required technology for manufacturing the specific satellites.
The global satellite bus market has been segmented based on satellite type, subsystem, application, and region.
By application, the global satellite bus market has been categorized as communication, earth observation and meteorology, scientific research and exploration, mapping and navigation, and surveillance and security. The communication segment dominated the market in 2018. However, the earth observation and meteorology segment is expected to be the fastest-growing during the forecast period. Satellite bus assists in observing the earth and track natural resources which is expected to contribute to the growth of the segment over the forecast period. Satellite bus such as AstroBus-XS manufactured by the aeronautics company, Airbus SAS, offers features such as extended swath, increased image size, and the capabilility to acquire more images of the earth in a single day.
Based on region, the global satellite bus market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The North American market accounted for the largest market share in 2018. However, the market in Asia-Pacific is expected to register the highest CAGR during the forecast period. Increasing adoption of satellites for offering enhanced network connectivity to consumers in rural areas is driving the market growth in the region. For example, in January 2019, China launched the Chang'e 4, a satellite that assists in offering Internet connectivity in rural areas.
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The key players in the global satellite bus market are Airbus SAS (Netherlands), Ball Corporation (US), China Aerospace and Technology Corporation (CASC) (China), Israel Aerospace Industries Ltd (Israel), Boeing (US), Honeywell International Inc. (US), Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Mitsubishi Electric Corporation (Japan), Maxar Technologies Ltd (US), Sierra Nevada Corporation (US), and Thales Group (France).