According to IMARC Group latest report titled “Satellite Payload Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on satellite payload market growth. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global satellite payload market size reached US$ 16.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.5 Billion by 2028, exhibiting a growth rate (CAGR) of 6.1% during 2023-2028.
Satellite payloads represent core functional and operational components of the satellite assembly. They share the power supply and transponder of the satellite but have independent communication circuitry and operating systems. These components consist of thermal infrared spectrometers, antennas, cameras, photometers, transponders, repeaters, etc. They are incorporated into the cube, small, medium, and large satellites. Satellite payloads are widely used for communication, remote sensing, navigation, space exploration, and imaging. The obtained data is then transferred to the ground receiver for further processing. They also include passengers, flight crew, cargo, ammunition, and scientific instruments for research and experimentation. Consequently, satellite payloads are gaining extensive traction across the globe.
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Market Trends:
The expanding aerospace industry is primarily driving the satellite payload market. Additionally, the inflating need for intelligence gathering, reconnaissance, and imaging technologies for air surveillance is further bolstering the market growth. Besides this, the widespread adoption of satellite payloads for generating images of land, water, and forest resources, which are utilized for the monitoring of agricultural lands, tracking of climatic changes, disaster mitigation, etc., is acting as another significant growth-inducing factor. Moreover, continuous technological advancements, such as the introduction of Artificial Intelligence (AI) and cloud-enabled software-defined radio payloads, are positively influencing the global market. Apart from this, they can be reprogrammed and reconfigured and facilitate advanced satellite communications, which is also stimulating market growth. Furthermore, the rising investments in the field of space technologies and the increasing popularity of broadcasting services are anticipated to fuel the satellite payload market over the forecasted period.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Airbus SE
- Gomspace A/S
- Honeywell International Inc.
- L3harris Technologies Inc.
- Lockheed Martin Corporation
- Maxar Technologies Inc.
- Mitsubishi Electric Corporation
- Northrop Grumman Corporation
- Sierra Nevada Corporation
- Thales Group
- The Aerospace Corporation
- The Boeing Company
Satellite Payload Market Segmentation:
Our report has categorized the market based on region, type, orbit, frequency band, application and end use industry.
Breakup by Type:
- Minisatellite
- Microsatellite
- Nanosatellite
- Others
Breakup by Orbit:
- Low Earth Orbit (LEO)
- Medium Earth Orbit (MEO)
- Geostationary Earth Orbit (GEO)
- Beyond Geosynchronous Orbit
Breakup by Frequency Band:
- C, K/KU/KA Band
- S and L Band
- X Band
- VHF and UHF Band
- Others
Breakup by Application:
- Earth Observation and Remote Sensing
- Satellite Communication
- Science and Exploration
- Mapping and Navigation
- Space Observation
- Others
Breakup by End User:
- Commercial
- Academic
- Government and Military
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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