🌎Satellite Payload Market Size Worth $120.33 Billion By 2024–2032📈
The global satellite payloads market size was worth around USD 9.87 billion in 2022 and is predicted to grow to around USD 18.75 billion by 2030 with a compound annual growth rate (CAGR) of roughly 8.27% between 2023 and 2030.
The COVID-19 outbreak presented previously unheard-of difficulties for the satellite payload market. Due to supply-chain delays brought on by the epidemic, satellite launches and other space missions were delayed. Component shortages resulted from manufacturing stoppages, and the production and launch of satellites were further delayed by strict government laws governing the import and export of products.
In addition, shortages of computer chips brought on by plant closures in nations like South Korea and China also affected satellite manufacture and launch services. On the other hand, an increasing number of satellite launches and higher space industry spending were responsible for the market’s robust rebound following the COVID-19 pandemic.
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The market is expanding as a result of an increasing number of tiny satellite launches for various uses, including military and commercial uses for Earth observation, communications, and photography.
The market is expanding due to rising space sector spending, an increase in space exploration activities, and an increase in satellite launches. Government spending on space initiatives worldwide hit a record high of almost USD 103 billion in 2022. In addition, the growing use of satellite constellations for high-speed communication services and increased spending by international space agencies, governments, and research institutions will propel market expansion in the upcoming years.
Throughout the Forecast Period, the Commercial Segment Is Anticipated to Show Significant Growth
The anticipated period will witness notable expansion in the commercial segment. The rise can be attributed to the growing quantity of satellites launched for business purposes. For the fifth year in a row, the commercial satellite sector launched a record number of satellites into orbit, according to the 26th annual State of the Satellite sector Report (SSIR) published by the Satellite Industry Association (SIA). A total of 2,325 commercial satellites were deployed in 2022, up more than 35% from 2021, according to the SSIR.
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Moreover, a number of firms are investing in constellations of nanosatellites to provide high-speed imaging, navigation, and communication capabilities. SpaceView imaging payloads from L3Harris Technologies are used to support a range of tasks, such as mapping, urban planning, mining, forestry, agriculture, and oil and gas extraction.
For example, in May 2023, the US commercial space company Momentus Inc. signed a contract with the satellite technology company Hello Space to carry a hosted payload of a demo deployer carrying four pocketqube satellites on the Vigoride-7 mission, which is intended to launch on the SpaceX Transporter-9 mission. Momentus Inc. provides in-space infrastructure and orbital transportation services. Throughout the projection period, these advancements will fuel the expansion of the commercial category.
Satellite Payloads Market: Competitive Analysis
The global satellite payloads market is dominated by players like:
- Airbus Group
- Harris Corporation
- Honeywell International Inc
- Lockheed Martin Corporation
- Thales Group
- Raytheon Company
- Space Systems/Loral
- LLC
- Space Exploration Technologies Corp
- ViaSat Inc
- Boeing
The global satellite payloads market is segmented as follows:
By Payload Type
- Communication
- Navigation
- Imaging
- Others
By Orbit Type
- Medium Earth Orbit (MEO)
- Geosynchronous Earth Orbit (GEO)
- Low Earth Orbit (LEO)
By Frequency Band
- C,K/KU/KA Band
- VHF & UHF Band
- X band, S&L Band
- Others
By Application
- Communication and Navigation
- Remote Sensing
- Surveillance
- Others
Global Satellite Payloads Market: Regional Segment Analysis
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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Segmentation of the Satellite Payload Industry
A scientific or technological device carried by a satellite for particular purposes is called a payload. Payloads differ according to their size, function, characteristics, makeup, etc. The payload and the bus are both part of the satellite. The payloads and subsystems are transported via a satellite bus.
The satellite payloads are designed to carry out particular tasks, like communications, imaging, and orbital navigation. It consists of a variety of devices, including spectrometers, cameras, antennas, repeaters, and transponders, among others.
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Market segments for satellite payloads include payload type, orbit, application, end-use, and location. The market is divided into segments based on payload type, including communication, navigation, imaging, and others. The market is divided into GEO, MEO, and LEO segments based on orbit.
The market is split into commercial and military end-user categories. The market is divided into segments based on applications, including scientific research, telecommunication, weather monitoring, and surveillance. The market is divided geographically into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa.
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