The satellite bus market is estimated at USD 10.21 Billion in 2017 and is projected to reach USD 13.64 Billion by 2022, at a CAGR of 5.97% during the forecast period. Factors such as increased deployment of small satellites, increasing space exploration missions, and rising demand for earth observation related applications are expected to fuel the growth of the satellite bus market.

Based on satellite size, the small (1-500kg) segment of the satellite bus market is projected to grow at the highest CAGR during the forecast period. Various countries are focusing on developing small satellites owing to their low-cost and short development time, which has been made possible due to the use of proven standard equipment and off-the-shelf components. This pushes the market for satellite bus in small satellites.

Based on subsystem, electrical power system segment of the satellite bus market is projected to grow at the highest CAGR during the forecast period. The electric power system is responsible for the generation, storage, conditioning control, and distribution of power within the satellite. The EPS manages the power input from solar cells, charges onboard batteries, and distributes electric power, at the required voltage to all other subsystems of the satellite.

Based on application, the earth observation & meteorology segment in the satellite bus market is projected to grow at the highest CAGR during the forecast period. These satellites are capable of monitoring situations, such as cyclones, storms, floods, fires, volcanic activities, earthquakes, landslides, oil slicks, environmental pollution, and industrial and power plant disasters, among others.

North America led the satellite bus market in 2016. The US government is increasingly investing in the satellite bus industry to enhance the capabilities and efficiency of satellite bus and launch vehicles. However, the satellite bus market in the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The Asia Pacific is considered a lucrative market for domestic and regional satellite bus manufacturers, and thus, the increase in the development of satellites is expected to propel the growth of the satellite bus market in this region.

Factors such as complexity issues related to bus subsystems, scarce intellectual assets, and regulatory challenges may act as restraints for the growth of the satellite bus market.

Key players profiled in the satellite bus market report include Orbital ATK (US), Inc., Lockheed Martin Corporation (US), Thales Alenia Space (France), Airbus Group (Netherlands), and China Academy of Space Technology (China), among others. Contracts was the key strategy adopted by leading players to sustain their positions in the satellite bus market. This strategy was adopted by companies to increase their reach, and enhance their revenues and service offerings.

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