Overview and Scope
The satellite payload refer to modules that are carried by satellites having the ability to execute specific functions. The payload, which includes communications antennas, receivers, and transmitters, assists the satellite in fulfilling its functions and helps in telecommunications, remote sensing, scientific research, surveillance, and navigation.
Sizing and Forecast
The satellite payload market size has grown strongly in recent years. It will grow from $16.7 billion in 2023 to $18.31 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to communication infrastructure demand, earth observation and remote sensing, global navigation systems, scientific research and exploration, military and defense applications.
The satellite payload market size is expected to see strong growth in the next few years. It will grow to $25.83 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to rise in small satellite deployments, global efforts in climate monitoring, government and private sector collaboration, exploration of lunar and planetary bodies, enhanced space situational awareness. Major trends in the forecast period include focus on reconfigurable and software-defined payloads, increased demand for in-orbit servicing payloads, rapid growth in demand for remote sensing payloads, use of artificial intelligence (AI) in payload data processing, increasing interest in space science payloads.
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Segmentation & Regional Insights
The satellite payload market covered in this report is segmented –
1) Payload Type: Communication, Imagery, Navigation, Other Payload Types
2) Orbit Type: LEO (Low Earth Orbit), GEO (Geosynchronous Earth Orbit), MEO (Medium Earth Orbit)
3) By Vehicle Type: Small, Medium, Heavy
4) By End User: Commercial, Government And Defense, Dual Users
North America was the largest region in the satellite payload market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the satellite payload market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing number of satellite launches is expected to propel the growth of the satellite payload market. Payload provides the communications antennas, receivers, and transmitters used for different applications. The satellites are now smaller in size to accommodate more satellites on one rocket. For instance, in December 2022, according Parabolic Arc, a US-based media brand Company, reported that there were a total of 186 orbital launches, with 178 successes, 7 failures, and 1 partial failure in 2022. The increase in the number of launches in the US can primarily be attributed to SpaceX’s Falcon 9 rocket, which reached orbit 60 times in 2022. Therefore, the increasing number of satellite launches is driving the growth of the satellite payload market .
Key Industry Players
Major companies operating in the satellite payload market report are Airbus SE, Raytheon Technologies Corporation, RTX Corporation, The Boeing Company, Lockheed Martin Corporation, General Dynamics Mission Systems, Northrop Grumman Corporation, Mitsubishi Electric Corporation, Honeywell International Inc., Safran SA, L3Harris Technologies Inc., Ball Aerospace & Technologies Corp, Teledyne Technologies Inc., Space Exploration Technologies Corp, Viasat Inc., Thales Alenia Space, Sierra Nevada Corporation, Cobham PLC, Maxar Technologies Inc., OHB SE, Kratos Defense & Security Solutions Inc., MDA Corporation, Indian Space Research Organisation, Intelsat General Corporation, Lucix Corporation, Gomspace, Space Systems/Loral LLC
The satellite payload market report table of contents includes:
1. Executive Summary
2. Satellite Payload Market Characteristics
3. Satellite Payload Market Trends And Strategies
4. Satellite Payload Market – Macro Economic Scenario
5. Global Satellite Payload Market Size and Growth
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31. Satellite Payload Market Other Major And Innovative Companies
32. Global Satellite Payload Market Competitive Benchmarking
33. Global Satellite Payload Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Satellite Payload Market
35. Satellite Payload Market Future Outlook and Potential Analysis
36.Appendix
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