The global satellite and spacecraft subsystem market has experienced substantial growth in recent years due to the increasing advancements in technology and the emergence of new applications. According to BIS Research, 2,243 commercial satellites were successfully deployed into orbit in 2022, marking a remarkable increase of over 32 percent compared to 2021. By leveraging Artificial Intelligence (AI) in satellite and spacecraft subsystems testing and deployment, engineers and operators can enhance performance, improve reliability, and optimize operational efficiency.
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Satellite and Spacecraft Subsystem Market – A Global and Regional Analysis. The detailed study is a compilation of 84 market data tables and 32 figures spread across 241 pages.
Global Satellite and Subsystem Market Analysis: Trends, Data, and Growth Projections:
The global satellite and spacecraft subsystem market has been fueled by the emergence of innovative technologies, including reusable launch vehicles, SmallSats, and CubeSats. The development of SmallSats and CubeSats has attracted the interest of private companies and government agencies by offering more affordable access to space and enabling new business models, such as satellite constellations.
The global satellite and spacecraft market (satellite subsystem) was valued at $29.43 billion in 2022, growing at a CAGR of 4.11%, and is estimated to reach $54.55 billion by 2033.
Market Drivers and Challenges:
This market is driven by a notable surge in research and development activities aimed at crafting cost-efficient satellite subsystems and components. This surge is fueled by the growing demand for economic solutions in the manufacturing and deployment of these satellites. Furthermore, increasing developments in cislunar programs promise significant market growth.
The market challenges arise from the threats of space radiation on both spacecraft and astronauts. In particular, the Van Allen belts, with highly charged particles trapped by Earth’s magnetic fields, present a substantial risk of radiation poisoning.
Report Focus and Methodology:
The satellite and spacecraft subsystem market report provides a credible global and regional market analysis and forecast for 2023-2033. The report profiles existing and upcoming products, applications, end users, and key players, in the market.
BIS Research follows an effective market intelligence methodology, comprising a crucial 15-step process. Data is captured from reliable intelligent sources such as expert interviews, patents, web analytics, scholarly articles, scientific publications, and research and development literature.
BIS follows the Deep Tech M-A-P™ approach, which includes market, application, and product, within the syndicated and custom research projects.
M- The Market section covers an industry overview, business dynamics, competitive benchmarking, and company profiles. It provides insights to enter, expand, or exit markets globally, regionally, or locally.
A- The Application section dives deep into product analyses, technology insights, use cases, and user types. This data is backed by precise market estimates and forecasts.
P- The Product section covers products, parts, technologies, and materials. Companies looking to drive an innovative agenda need information about product definitions, demand analysis, technology benchmarking and roadmaps, patents, as well as pricing analysis.
The market can be categorized into several segments based on various criteria. In terms of end users, it encompasses commercial entities, civil government organizations, defense sectors, and academic/research groups.
When considering satellite subsystems, the market can be broken down into payload, electrical and power subsystems, command, and data handling systems, communication subsystems, and more. The launch vehicle subsystems include structure, avionics, propulsion systems, control systems, electrical systems, stage separation mechanisms, and thermal systems. The deep space probe subsystems segment encompasses orbiters, landers, and rovers.
The regional segmentation covers North America (specifically the U.S. and Canada), Europe (including the U.K., France, Germany, Russia, and the Rest-of-Europe), Asia-Pacific (encompassing China, India, Japan, and the Rest-of-Asia-Pacific), as well as Latin America and the Middle East and Africa.
Key Players and Market Shares:
Key players in the global satellite and spacecraft subsystem market include Airbus S.A.S., Ball Aerospace, Northrop Grumman, Lockheed Martin Corporation,Data Device Corporation, Honeywell International, Israel Aerospace Industries, Mitsubishi Electric Corporation, OneWeb, and OHB System.
Key players are also expanding their market presence by targeting new geographic regions and untapped markets to establish local offices, distribution networks, and partnerships to better serve customers and address specific regional needs.
Analyst’s Take on the Market Projection:
According to Nilopal Ojha, Principal Analyst, BIS Research, “The satellite and spacecraft system market is a rapidly growing market with a lot of potential. The key trends in the market include the increasing demand for satellite-based services in a variety of industries, the growing adoption of small satellites, and the development of new technologies, such as constellations of satellites and reusable launch vehicles However, there are also some challenges that the market faces, such as the high cost of satellite development and launch, the complex and challenging regulatory environment for satellite operations, and the growing risk of space debris. Stakeholders in the market should focus on developing new technologies that can reduce the cost of satellite development and launch, developing new applications for satellite-based services, and working to address the challenges posed by space debris.”
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.
Contact: Head of Marketing Email: [email protected] BIS Research Inc. 39111 PASEO PADRE PKWY STE 313, FREMONT, CA 94538-1686 Visit our Blog @ https://bisresearch.com/news Get Expert Insights @ https://community.insightmonk.com Connect with us on LinkedIn @ https://www.linkedin.com/company/bis-research Connect with us on Twitter@ https://twitter.com/BISResearch
Reportedtimes, Extended Distribution, iCN Internal Distribution, BNN, Research Newswire, English