Satellite Payload Market Size Worth $17,603.4 Billion In 2030, At A CAGR Of 8.3% Airbus SE, The Boeing Company

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Satellite Payload Market

The global satellite payload market is experiencing growth due to factors such as utilization of satellite payload in commercial applications

WILMINGTON, NEW CASTLE, DE, UNITED STATES, September 12, 2024 /EINPresswire / -- 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 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.

The key players profiled in this report include

Airbus SE
The Boeing Company
Honeywell International Inc.
Intelsat S.A.
Lockheed Martin Corporation
Mitsubishi Electric Corporation
Northrop Grumman Corporation
Raytheon Technologies Corporation
Thales Group
Viasat, Inc.

Modern communication payload is being designed to offer high data throughput systems, ultra-low jitter clocking solutions, and highly integrated point-of-load (POL) solutions to reduce overall board size. The adoption of photonics, laser-based and optical technologies has increased in the recent years for data transmission. Laser based technologies offer advantages such as greater security, reduced interference to space signals, higher speed, and superior accuracy over traditional radiofrequency (RF) technique.

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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).

Regional Analysis:

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.

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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.

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David Correa
Allied Market Research
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