Satellite Payload Market 2023: Industry Insight, Drivers, Growth Factors, Analysis and Forecast by 2028
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 overview. 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 are core operational components of the satellite assembly that offer diverse functionalities, including communication capabilities while the satellite is in orbit. Satellite bus carries subsystems and payloads, whereas payload performs specific functions, such as imaging, remote sensing, navigation, space exploration, and communication while in orbit. It comprises numerous equipment, such as repeaters, spectrometers, transponders, antennas, and cameras. Remote sensing and earth observation require radar, cameras, and sensing equipment to collect relevant data and imaging. This obtained data is then transferred to the ground receiver for further processing.
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Market Trends:
The global market is majorly driven by significant growth in the aerospace sector. This is supported by the growing demand for low earth orbit (LEO)-based and earth observation imagery payloads. Along with this, the rising adoption of small satellites for telecommunication, earth observation, and imaging is significantly supporting the market globally. Additionally, small satellites are gaining in popularity across the defense and intelligence, government, and commercial organizations for launching low-cost and efficient payload. This is further boosting the market growth. Moreover, the increasing deployment of SDR payload technology in space missions is creating a positive market outlook. Some of the other factors driving the market further include increasing investments by several governments in space technology and the growing use of hosted payloads.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- 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
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