Market Trends of satellite bus Industry
Small satellites are poised to generate the demand in the market
- The classification of spacecraft by mass is one of the main metrics for determining the launch vehicle size and cost of launching satellites into orbit. In North America, during 2017-2022, around 45+ large satellites launched were owned by North American organizations. More than 80 medium-sized satellites launched were operated by North American organizations. Around 2900+ small satellites were manufactured and launched in this region.
- Europe has witnessed significant growth in recent years, primarily driven by the increasing demand for different satellite masses. Satellite mass is one of the most critical factors that influence the satellite manufacturing market in Europe. This is because different types of satellites require different masses, influencing the launch vehicle market. For instance, during 2017-2022, a total of 569 satellites were launched in the region. Of these 569 satellites, minisatellites accounted for the largest share, with 451 satellites launched into orbit, followed by 44 nanosatellites, 37 large satellites, 16 medium size satellites, and seven microsatellites.
- Satellite manufacturing has become an increasingly important industry in Asia-Pacific in recent years, driven by the need to meet the growing demand for advanced satellite capabilities. The range of satellite mass that is being manufactured in Asia-Pacific varies significantly, and this has a significant impact on the growth of the market. For instance, during 2017-2022, a total of 370 satellites were launched in the region. Of that, microsatellites accounted for the largest share, with 130 satellites launched into orbit, followed by 75 large satellites, 63 nanosatellites, 60 medium size satellites, and 42 minisatellites.
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Investment opportunities in the market are increasing spending on space programs
- In North America, government expenditure for space programs hit a record of approximately 103 billion in 2021. The region is the epicenter of space innovation and research, with the presence of the world's biggest space agency, NASA. In 2022, the US government spent nearly USD 62 billion on its space programs, making it the highest spender on space in the world. For instance, till February 2023, NASA distributed USD 333 million as research grants. In 2022, the US government spent nearly USD 62 billion on its space programs.
- European countries are recognizing the importance of various investments in the space domain and are increasing their spending on space activities and innovation to stay competitive and innovative in the global space industry. On this note, in November 2022, ESA announced that it proposed a 25% boost in space funding over the next three years designed to maintain Europe's lead in Earth observation, expand navigation services and remain a partner in exploration with the United States. The European Space Agency (ESA) is asking its 22 nations to back a budget of EUR 18.5 billion for 2023-2025. Germany, France, and Italy are the major contributors.
- Considering the increase in space-related activities in the Asia-Pacific region, in 2022, according to the draft budget of Japan, the space budget of the country was over USD 1.4 billion, which includes the development of the H3 rocket, Engineering Test Satellite-9, and the nation’s Information Gathering Satellite (IGS) program. Similarly, the proposed budget for India's space programs for FY22 is USD 1.83 billion. In 2022, South Korea's Ministry of Science and ICT announced a space budget of USD 619 million for manufacturing satellites, rockets, and other key space equipment.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- The demand for satellite miniaturization is rising across the world
