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.

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.

Think of satellites as complex gadgets floating in space. They come in all shapes and sizes, but almost all of them have at least these two things in commonan antenna and a power supply. That antenna is how they talk to us on Earth, sending and receiving data. The power supply? Usually, it's a battery or, more commonly, solar panels that turn sunlight into electricity. While other parts can vary depending on what the satellite actually does, you'll often find these familiar components, like the ones we've listed below. Antennas are super important because they're how the satellite broadcasts and gets messages from Earth. Then there are the command and control systems, which are like the satellite's brain, checking everything and following instructions from back home. Sensors act as the satellite's eyes, tracking its position to make sure it stays on course. And if it needs to move or change direction, thrusters (basically tiny rockets) handle that. Most satellites use those solar panels to soak up sunlight and turn it into the power they need. Now, signals go up (uplink) and down (downlink) at different frequencies. So, satellites use something called transponders to switch those frequencies and then amplify the signal before sending it back to Earth.

The U.S. and Canada Satellite Component Market Overview

We're seeing a real boost in the satellite market because of their increased use by militaries worldwide. This push has led to some pretty cool innovations, like tiny bodyguard satellites and even space-based laser defenses, all to keep valuable space assets safe. Lots of countries are buying satellites to beef up their strategic military operations. In Asia-Pacific, China is leading the pack, growing fast in civil, military, and commercial satellite tech. Remember those two BeiDou Satellites China planned to launch into geostationary orbit in 2020? And then there's Change-5, the mission aiming to bring back lunar samples! But it's not just China; the U.S. and other countries are busy planning and launching satellites too, all to strengthen their military and improve communication within their armed forces. All this activity is really fueling market growth.

Okay, so here's the thing – while satellites are super useful for communications and all sorts of space missions, there are definitely some bumps in the road. For starters, the cost of all those fancy satellite parts is pretty high, and let's not forget the risks involved with programming and designing them! It's a complex job, and honestly, a lot of space missions fail because of these design and programming challenges. Plus, designers often lean on computer models for aerodynamics instead of real-world wind tunnel tests. All this stuff is really holding back market growth. Think about it – even medium-sized satellites need tons of components to handle signals, communications, imaging, and everything else that makes them useful. And get thiseven though we're seeing more micro, nano, and small satellites, the parts for them are actually getting more expensive! We're talking about needing more ground monitoring stations and other infrastructure. It's a problem. On top of all that, setting up new space network stations or any related space infrastructure? Yeah, that's going to cost a fortune too.

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 MarketSegmentation 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

The satellite component market in the U.S. and Canada is broken down by type into things like Spacecraft Panels, Bus Structures, Precision Optical Structures, Deployable Structural Systems and Mechanisms, Solar Arrays, Antenna Reflectors, and even Propulsion Tanks. Turns out, Spacecraft Panels were the big winners in 2021, grabbing the largest chunk of the market, and they're expected to keep growing fast—like, a 13.58% jump each year! Think about itthese panels soak up that sweet solar energy from the Sun (since satellites are close enough to get plenty of it). They convert that sunshine into electricity to keep the satellite running. Plus, they charge up batteries so the spacecraft can keep going even when it's not basking in direct sunlight. Even on Mars, NASA has used solar panels to power cool stuff like the InSight lander and the Mars Exploration Rovers. Back on Earth (or rather, above it), Bus Structures held the number two spot in the market during 2021.

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

• U.S.• Canada

To Get Summarized Market Report By Region-

Looking at things regionally, we've divided the market into two main playersThe U.S. and Canada. Back in 2021, the U.S. grabbed the biggest slice of the pie and is expected to keep growing fast, with a projected annual growth rate (CAGR) of 14.28%! Canada came in second place that year. What's happening in the United States? Well, there's a lot of buzz around adopting new tech and keeping up with the latest advancements. Plus, with a bunch of display panel manufacturers located there, they're always eager to jump on the newest technologies. Don't forget the U.S. government is pouring more money into the space sector, and having big names like Thales, Northrop Grumman, L3Harris Technologies, Inc., and Boeing around really helps drive the market forward in this area.

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.

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