U.S. And Canada Satellite Component Market Size By Type (Spacecraft Panels, Bus Structures, Precision Optical Structures, Deployable Structural Systems and Mechanisms), By Geographic Scope And Forecast

U.S. and Canada Satellite Component Market Size And Forecast

U.S. and Canada Satellite Component Market size was valued at USD 14,699.91 Million in 2021 and is projected to reach USD 45,719.57 Million by 2030, growing at a CAGR of 13.90% from 2022 to 2030.

The surge in the use of satellites in military applications driving the growth of the market. Furthermore, the surging integration of the internet of things (IoT) and 5g network augment market growth. The U.S. and Canada Satellite Component Market report provide a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

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The U.S. and Canada Satellite Component Market Definition

A satellite is a space object that orbits or surrounds a larger object. Natural satellites (such as the moon orbiting the Earth) and artificial satellites (such as the International Space Station orbiting the Earth). The primary goal of these satellites is to take photos of the world to help meteorologists calculate weather and track tropical cyclones and hurricanes. Similarly, several satellites photograph the sun, planets, distant stars, and dark matter to aid researchers in better comprehending the Universe and the solar system.

Satellites come in a variety of sizes and configurations, but most of them include at least two similar components: an antenna and a power supply. The antenna often transmits and receives data to Earth, while the power source is either a battery or a solar panel. These panels will produce power by converting sunlight into electricity. Other components used in satellites vary depending on their role, however, some common components are found on most satellites, such as the ones listed below. Antennas are essential in satellite systems for broadcasting and receiving messages from Earth. Command and control systems in satellites check each aspect and receive commands for operation from Earth. Sensors can track the satellite’s position to ensure it stays in the correct orbit and is sloping in the appropriate direction. Thrusters, as well as other moves, allow a satellite to change its location and direction if necessary. The majority of satellites rely on solar panels to convert sunlight into electrical energy. Signals like uplink and downlink will appear and leave at different frequencies. Transponders are used to switch frequencies from uplink to downlink, and then amplify the modified signal for transmission to Earth.

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The U.S. and Canada Satellite Component Market Overview

The surge in the use of satellites in military applications driving the growth of the market. The surge of satellites in military applications has resulted in the development of small bodyguard satellites and space-based laser defenses to protect important space assets. Many countries are purchasing satellites to support their strategic Military activities. In the APAC region, China is the fastest-growing country in civil, military, and commercial capabilities. China is planning to launch two BeiDou Satellites into geostationary orbit in 2020. China plans to follow up this mission in late 2020 with Change-5, a mission that aims to return samples from the Moon to Earth for further study. The U.S and other countries are also involved in the planning and launch of the satellites aiming to strengthen their military activities and communication within their armed forces. These factors are driving the market growth.

However, high costs related to satellite components and their complex programming and design-related risks restrain the growth of the market. Although the satellite is used in communications and many space missions, most space-related missions fail due to the complexity related to the designing and programming of the satellites. The designers rely on numerical modeling of vehicle aerodynamics rather than actual wind tunnel tests. These factors are causing major restraints in the market growth. The space systems and infrastructure of medium and large satellites require a variety of satellite components to deliver signals, communications, imaging solutions, and other solutions which enhance the capabilities of the satellites. Since the advent of micro-, nano-, and small satellites, the conventional satellite components for these satellites have become costlier than earlier, as it also requires more space infrastructure such as ground monitoring stations, and their associated components. This development is anticipated to hamper the market growth. However, a very high cost is required for new space network stations or relevant space infrastructure.

Furthermore, the surging integration of the internet of things (IoT) and 5g network augment market growth. Internet of Things (IoT) provides connectivity in industrial applications for production and machine control through satellites. IoT-based devices exchange real-time data with the processing units that improve production and machine control operations. In the manufacturing process, IoT devices use satellite connectivity for data transmission between IoT systems and components. Thus, satellite connectivity plays a role in the manufacturing sector and process automation, which will further propel the growth of the market.

The U.S. and Canada Satellite Component Market: Segmentation Analysis

The U.S. and Canada Satellite Component Market is segmented on the basis of Type, and Region.

The U.S. and Canada Satellite Component Market, By Type

• Spacecraft Panels
• Bus Structures
• Precision Optical Structures
• Deployable Structural Systems and Mechanisms
• Solar Arrays
• Antenna Reflectors
• Propulsion Tanks

On the basis of Type, the U.S. and Canada Satellite Component Market have been segmented into Spacecraft Panels, Bus Structures, Precision Optical Structures, Deployable Structural Systems and Mechanisms, Solar Arrays, Antenna Reflectors, and Propulsion Tanks. Spacecraft Panels accounted for the largest market share in 2021 and is projected to grow at the highest CAGR of 13.58% during the forecast period. Solar energy comes from the Sun. Satellites, which circle the Earth, are close enough to the Sun to be able to run on solar power. The panels on these spacecraft turn the Sun’s energy into electricity, which drives the craft. The spacecraft’s battery is charged by the electricity generated by these panels. The spacecraft can be powered by these batteries even when it is not in direct sunlight. On Mars, solar energy has been used to power spacecraft. The InSight lander, like NASA’s Mars Exploration Rovers Spirit and Opportunity, and Mars’ Phoenix lander, relied on these panels for power. Bus Structures was the second-largest market in 2021.

The U.S. and Canada Satellite Component Market, By Region

• U.S.
• Canada

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On the basis of Region, the market has been segmented into The U.S. and Canada. The U.S. accounted for the largest market share in 2021 and is projected to grow at the highest CAGR of 14.28% during the forecast period. Canada was the second-largest market in 2021. United States is witnessing major changes in the adoption of new technologies and advancements. Due to the presence of a number of display panel manufacturers in the region, the United States witnesses an increasing adoption of the latest technologies. Increased spending on the space sector from the United States government, and the presence of key players such as Thales, Northrop Grumman, L3Harris Technologies, Inc., Boeing, and others drive the market across the region.

Key Players

The “U.S. and Canada Satellite Component Market” study report will provide a valuable insight with an emphasis on the market including some of the major players such as Orbital Sciences, Astrotech Corp, Moog Inc, ALCOA Inc, Honeywell, Raytheon Technologies (B/E Aerospace), Thales, Lockheed Martin, Leonardo, ORBCOMM Inc, Northrop Grumman, Boeing, Airbus, SpaceX, Curtiss-Wright Corporation, General Electric, Orbit International, Advanced Space, General Dynamics, Transdigm Group, L3HARRIS Technologies Inc, LMI AEROSPACE INC. (Sonaca, Gencorp (Aerojet Rocketdyne Holdings), Teledyne Technologies, Ducommun Inc and Others.

Key Developments

• Orbital ATK, announced it had planned for the company’s next generation of satellite life extension and in-space servicing products

• Md. Yahsat had selected SpaceX to launch its next-generation Thuraya mobile connectivity satellite in 2023.
• Falcon 9 will launch the Thuraya 4-NGS satellite, being built by Airbus Defence and Space for UAE-based Yahsat, in the second half of 2023.

Report Scope

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
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