With The Increased Number Of Satellite Launches, The Satellite Bus Market Is Expected To Exceed $13 Billion By 2026 - By The Business Research Company
LONDON, Nov. 23, 2022 /PRNewswire/ -- The increasing number of satellite launches is expected to propel the satellite bus market growth during the forecast period. Growing satellite launches by both public and commercial companies are anticipated to accelerate the deployment of satellite buses, which is anticipated to drive market expansion. For example, in 2022, SpaceX, a US-based company that designs, manufactures advanced rockets and spacecraft, launched 32 satellites for Starlink Mission, a satellite internet constellation operated by SpaceX to provide satellite Internet access coverage and broke the annual launch record.
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The global satellite bus market size is expected to grow from $10.42 billion in 2021 to $11.04 billion in 2022 at a compound annual growth rate (CAGR) of 4.98%. The global satellite bus market share is expected to reach $13.62 billion in 2026 at a CAGR of 5.39%.
3D Printing Is A Key Trend In The Satellite Bus Market
The increasing use of 3D printing is a key trend gaining popularity in the satellite bus market. Companies are applying advanced and additive manufacturing techniques, including 3D printing in satellite buses, to provide faster cycle times while improving performance. For example, in March 2022, Millennium Space Systems, a US-based aerospace company, planned to launch a 3D printed metal satellite structure to orbit and planned to start offering satellite buses with the 3D printed structure.
Shortage Of Skilled Workers Is Expected To Limit The Growth Of The Satellite Bus Market
As per the satellite bus market forecast, lack of skilled workers is restraining the growth of the satellite bus market during the forecast period. Due to the highly specialized nature of the industry, with new technologies and processes coming in nd a constant focus on cost reduction, companies in the industry will require a talented, engaged and increasingly specialized workforce. But there is a shortage of skilled professionals in the industry.
Satellite Bus Market Segmentation
The global satellite bus market analysis is segmented -
1) By Type: Small Satellite, Medium Satellite, Large Satellite
2) By Application: Earth Observation and Meteorology, Communication, Scientific Research and Exploration, Others
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