Satellite Bus Global Market Report 2024

The satellite bus market size has grown strongly in recent years. It will grow from $12.1 billion in 2023 to $12.88 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The expansion observed during the historical period can be attributed to the increasing demand for small satellites, the high adoption of satellite constellations, and the growing number of private space enterprises.

The satellite bus market size is expected to see strong growth in the next few years. It will grow to $16.6 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The anticipated growth in the forecast period can be attributed to an increase in the number of satellite launches, a growing demand from the defense sector, and increasing government investments in the space sector. Key trends expected during the forecast period include companies considering partnerships to strengthen their position, a focus on launching small satellite buses, the consideration of advanced and additive manufacturing techniques, including 3D printing in satellite buses, and a focus on the use of the Internet of Things (IoT).

The satellite bus market is experiencing significant growth driven by increased investments from governments and space agencies. Governments worldwide are allocating special budgets for the exploration, development, testing, procurement, and operation of satellites, fueling demand for satellite buses. An illustrative example is the UK government's announcement in February 2022, investing £600,000 to enhance research and development in the space sector and space exploration programs. This surge in government and space agency investments is expected to boost the utilization of satellite buses, integral as structural bodies and primary systems for space vehicles.

The satellite bus market is set for growth due to the escalating number of satellite launches conducted by both public and commercial entities. Companies such as SpaceX and ISRO are actively launching satellites, contributing to increased deployment of satellite buses. For instance, in 2022, SpaceX achieved a record-breaking 32 satellite launches for the Starlink Mission, aiming to provide global satellite internet coverage. Simultaneously, ISRO launched the EOS-04 earth observation satellite in 2022, contributing to the growing demand for satellite buses.

A key trend in the satellite bus market is the focus on technological advancements by major companies. Industry leaders are striving to enhance satellite buses by incorporating technologies such as electric propulsion, high-resolution cameras, advanced remote sensing, and LIDAR. Lockheed Martin Corporation, in January 2023, introduced the LM400 satellite bus, featuring a 1,700 KG payload capacity and offering flexibility for various applications through a common design and hardware.

The adoption of 3D printing is gaining popularity as a key trend in the satellite bus market. Companies are leveraging advanced manufacturing techniques, including 3D printing, to expedite cycle times and enhance performance. Boeing, for example, launched a high-throughput small satellite production and test facility in March 2022, incorporating 3D printing to produce entire space-qualified satellite buses and expedite delivery timelines for small satellites.

In July 2022 , Kongsberg Defense & Aerospace acquired 77% of NanoAvionics for $63.58 million. This acquisition positions Kongsberg to offer cost-efficient solutions across the satellite development lifecycle, from manufacturing and payload production to launch services, mission control, and data processing. NanoAvionics, known for spacecraft engineering and smallsat bus manufacturing, complements Kongsberg's capabilities.

Major companies operating in the satellite bus market report are Lockheed Martin Corporation, Thales Group, Airbus SE, Northrop Grumman Corporation, The Boeing Corporation, Mitsubishi Electric Corporation, Ball Corporation, Honeywell International Inc., Sierra Nevada Corporation, Israel Aerospace Industries Ltd. (IAI), Comsat Systems Private Limited, Mitsubishi Heavy Industries, Dhruva Space, Inovor Technologies, Beijing Commsat Technology Development Co Ltd., Anabond Limited, Avasarala Technologies Limited, The China Aerospace Science and Technology Corp (CASC), Gilmour Space Technologies Valiant Space NextAero, Tamadic Co Ltd., Instarsat, AAC Clyde Space, Alba Orbital, Argotec, Exobotics, Exodus Orbitals, Cessna, Telespazio SpA, Raytheon, JSC Information Satellite Systems Reshetnev, Russian Satellite Communications Company, Surrey Satellite Technology Ltd., GomSpace Group AB, EnduroSat, Sputnix, SpaceQuest Ltd., Alliant Techsystems Inc., Visiona Tecnologia Espacial, Embratel Satelites, INVAP SE, OneWeb, Empresa Argentina de Soluciones Satelitales Sociedad Anonima (ARSAT), Satellogic, SAR-Sat Arabia, Arabsat, Israel Aerospace Industries (IAI), Space AI SpacePharma (SPACEPHARMA), Circle Aerospace, Space Plasmatics, SCS Space, Heliaq, CubeSpace / Innovus, Dragonfly Aerospace, Simera Sense.

North America was the largest region in the satellite bus market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the satellite bus market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the satellite bus market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The main types of satellite buses include small satellites, medium satellites, and large satellites. Small satellites refer to primary bodies and structural components used to house payloads and scientific equipment in satellites weighing less than 500 kilograms. Services related to small satellites include leasing, maintenance, and support, catering to applications such as earth observation and meteorology, communication, scientific research and exploration, among others.

The satellite bus market research report is one of a series of new reports that provides satellite bus market statistics, including satellite bus industry global market size, regional shares, competitors with a satellite bus market share, detailed satellite bus market segments, market trends and opportunities, and any further data you may need to thrive in the satellite bus industry. This satellite bus market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The satellite bus market consists of sales of mini satellite buses, CubeSats, microsatellites, nanosatellites, and picosatellites. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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