Market Overview:
Satellite Payloads Market is projected to reach USD 25.05 Billion by 2030 at an 8.7% CAGR from 2020 to 2030. The rising number of private firms in the space industry and increasing defense expenditures drive the growth of the market. Furthermore, the increasing demand for small satellites for earth observation across the globe is projected to aid the growth of the market.
Satellites are widely used for remote sensing, scientific research, surveillance, and navigation to gather data and transmit it to the ground receiver.
Satellite Payloads Market Overview has witnessed high growth in recent years owing to the increasing number of private firms in the space industry and increasing defense expenditure. Moreover, the increasing demand for small satellites for earth observation is further driving the growth of the market. However, satellite launch failures and high development costs are expected to hinder market growth to some extent.
Growth Opportunities in the Market:
Communication payload segment accounted for the larger market share in 2019: The communication payload segment is also expected to exhibit a higher CAGR during the forecast period. This growth can be attributed to the increasing use of satellite communication in the telecommunication, defense, and marine industries, among others.
Low earth orbit segment is expected to be the fastest growing: The low earth orbit segment is expected to exhibit the highest CAGR during the review period. The increasing use of small satellites that operates in the low earth orbit is driving the growth of the segment. The geosynchronous orbit segment accounted for the largest market share in 2019.
Telecommunication application segment is expected to be the fastest growing: The telecommunication segment accounted for the largest market share in2019 and is expected to exhibit the highest CAGR during the review period. The increasing use of satellites for providing voice and data communications is driving the growth of the segment.
Key Players:
Some of the Key Players of Satellite Payloads Market Size Airbus SAS (Netherlands),BAE Systems plc (UK),Lockheed Martin Corporation (US),Northrop Grumman Corporation (US),Raytheon Technologies Corporation (US),Honeywell International Inc. (US),L3 Harris Technologies (US),Thales Group (France),The Boeing Company (US), Viasat, Inc. (US),Space Exploration Technologies Corporation (US).
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