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The structural body and primary system of a satellite are commonly referred to as a satellite bus. The satellite bus is used as a transport mechanism for a payload. Every space mission depends on the work between spacecraft and payload. The bus drives satellite by generating power and helpful for different applications. Increasing deployment of small satellites, especially for applications such as earth observation, an increase in several space exploration missions, increased investments in space-related missions from emerging economies, technological advancement in satellite systems, and growing private space companies are the major factors driving the growth of the satellite bus market.
Key Market Driver -
• Increased Deployment of Satellites Drives The Growth Of The Market • Increase in Number Of Space Investigation Missions Propels The Market Growth
Key Market Restraint -
• Higher Cost Associated in Repair And Maintenance
By size, the market segmented into small, medium, and large. The small satellite is further classified into nanosatellite, microsatellite, and minisatellite. Based on the subsystem, the market segmented into structures and mechanisms, thermal control, electric power systems (EPS), attitude control system, propulsion, telemetry tracking and command (TT&C), and flight software. Based on the application, the market is segmented into earth observation & meteorology, communication, scientific research & exploration, surveillance & security, and navigation & mapping. From a geographical standpoint, the market categorized into North America, Europe, Asia Pacific, and the Rest of the World.
Major key players that are present in the Global Satellite Bus Market are Honeywell International Inc. (The U.S.), Lockheed Martin Corporation (The U.S.), Airbus S.A.S. (France), Boeing (The US), Thales Group (France), IAI (Israel), Mitsubishi Electric Corporation (Japan), BALL CORPORATION (The U.S.), Sierra Nevada Corporation (The U.S.), Northrop Grumman Corporation (The U.S.), and among others.
North America holds the highest market share in the satellite bus market. The growth is attributed to the
increasing investments in the satellite bus industry by the U.S. to enhance the efficiency and capabilities of the satellite bus and launch vehicles. The presence of key manufacturers in the U.S. such as Lockheed Martin Corporation, BALL CORPORATION, Boeing, Honeywell International Inc., and others drive the growth of the satellite bus market across the region.
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Asia Pacific estimated to capture a significant market share of the satellite bus market globally during the forecast period. An increase in the development of satellites and rising investments in space missions from countries such as China and India drives the market in the region. Europe will witness significant growth due to the presence of key players such as Airbus S.A.S., Thales Group, and others. In the Rest of the World, increasing satellite deployment for exploration missions drives the market growth.
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