Satellite Payload Market
By payload type, the communication segment is anticipated to exhibit significant growth in the near future.
— Allied Market Research
WILMINGTON, NEW CASTLE, DELAWARE, US, February 29, 2024 /EINPresswire.com/ — The market size of Satellite Payload Industry was valued $8,210.9 million in 2020 and is projected to reach $17,603.4 billion in 2030, registering a CAGR of 8.3%. 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″.
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North America leads the market in terms of revenue, followed by Asia-Pacific, Europe, and LAMEA. The satellite payload market has strengthened in North America due to the growth in telecommunication, navigation, and surveillance applications. Government and military organizations are using satellite imaging for mapping, military reconnaissance, disaster management, and others. The increasing number of terrorist attacks and natural disasters, along with growing requirement for communication of sensitive information in such situations has increased the adoption of satellite payload. In 2020, the U.S. led the global satellite payload market share, and this trend is expected to continue during the forecast period.
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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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).
The significant factors impacting the growth of the satellite payload market include increase in adoption of small satellites, and greater use of satellite payload in commercial applications. Furthermore, growth in demand from the defense sector, and technological advancements associated with satellite payload are expected to drive the market growth. Moreover, greater concerns regarding space debris, and stringent government regulations associated with satellite launch hinder the market growth. Growing adoption of satellite constellation, and rising investment by government and research organizations for satellite advancement are expected to offer growth opportunities during the forecast period.
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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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Based on orbit type, the satellite payload market size is segregated into LEO, MEO, and GEO. In 2020, the LEO orbit segment dominated the market, owing to opportunities such as technological advancements, and growth in public sector funding. Evolution of Internet of Things (IOT), growth in commercial applications, and greater demand from the defense sector is expected to accelerate this growth. Increased adoption of wireless technologies, advanced motion & temperature sensors, high precision cameras, and others is expected to supplement the market growth. In addition, advancements in data transmission capability, improvement in geospatial processing, and scalability of cloud-based platforms to provide satellite imagery are expected to provide lucrative opportunities in the near future.
By payload type, the communication segment is anticipated to exhibit significant growth in the near future.
By orbit type, the LEO segment is expected to register a significant growth during the forecast period.
By vehicle type, the small vehicle segment is anticipated to exhibit significant growth in the near future.
By payload weight, the high weight segment is anticipated to exhibit significant growth in the near future.
By frequency band, the VHF and UHF segment is anticipated to exhibit significant growth in the near future.
By application, the remote sensing segment is anticipated to exhibit significant growth in the near future.
By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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David Correa
Allied Market Research
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