Wilmington, Delaware, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Satellite Payload Market by Payload Type (Communication, Imaging, and Navigation), Orbit Type (LEO, MEO, and GEO), Vehicle Type (Small, Medium, and Heavy), Payload Weight (Low, Medium, and High), Frequency Band(C Band, Ka Band, S and L Band, X Band, VHF and UHF Band, and Others), and Application (Telecommunication, Remote Sensing, Scientific Research, Surveillance, and Navigation): Global Opportunity Analysis and Industry Forecast, 2021–2030". The report indicates that the global satellite payload industry was valued at $8.2 billion in 2020 and is estimated to garner $17.6 billion by 2030 with a growing CAGR of 8.3% between the forecast period of 2021 to 2030.
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Key Players in Satellite Payloads Industry:
- Mitsubishi Electric Corporation
- Intelsat S.A.
- The Boeing Company
- Raytheon Technologies Corporation
- Viasat, Inc.
- Honeywell International Inc.
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Thales Group
Factors influencing the growth of the global satellite payload market:
The global satellite payload market is experiencing growth due to factors such as utilization of satellite payload in commercial applications, rise in adoption of small satellites, and technical advancements. Moreover, stringent government norms regarding satellite launches and surge in concerns over space debris restrict the market growth to some extent. Nevertheless, rise in adoption of satellite constellations and rise in investments in space technology by several governments will provide ample growth opportunities for the market in upcoming years.
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The medium segment to retain its dominance in terms of revenue during the forecast period
On the basis of vehicle type, the medium segment garnered the major share in 2020 contributing to more than two-fifths of the overall market revenue and is projected to rule the roost during the forecast period. The growth is attributed to decreasing costs and weight of medium satellites. The small segment, on the other hand, would display the fastest CAGR of 11.8% during the forecast period. This is due to conversion of hardware logics to software logics, integration of latest lightweight materials in mechanical systems, and technical advancements in miniaturization of electronic components.
The low segment to rule the roost
Under the payload weight category, the low segment held the major share in 2020 accounting for more than half of the global market revenue and is expected to rule the roost in terms of revenue from 2021 to 2030. Organizations across the globe are progressively favoring lightweight and affordable satellite payloads for the purpose of collecting data for scientific research, testing novel technologies, monitoring weather conditions, delivering broadband services, and facilitating emergency communications. However, the high segment would display the fastest CAGR of 9.7% throughout the forecast timeframe, due to rising deployment of science platforms, defense payloads, spacelab modules for the assembly of the ISS (International Space Station).
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North America generated largest share in 2020
The regional basis in the report indicates that the market across North America was largest in 2020 contributing to nearly half of the overall market revenue. The factors propelling the growth of the segment are rise in navigation, surveillance, and telecommunication applications. Asia-Pacific, on the other hand, would display a notable CAGR of 9.6% during the forecast period. The growth is attributed to the high investment in military, retail, defense, and public transportation across the region and surge in development of cost-effective payloads.
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