Satellite Payloads Market Set to Expand at Impressive Rate Owing to Increased Expenditure by Government and Private Organizations: XploreMR
Satellite Payloads Market Research Report
A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global satellite payloads market.
Presenting exclusive insights into the market from 2017 to 2022, the report projects that the market will witness notable growth during the forecast period.
Satellite payloads are core functional elements of the satellites whose function is to raise and enhance the maximum utility capacity of carrying a satellite and operate on functions associated with navigation, communication, imaging, and others.
The growth of the market is predominantly attributed to increased government expenditure on space exploration activities and burgeoning orders of vast constellations of satellites for earth observation and telecommunication.
Besides, the heightening popularity of pay-TV and Over-the-Top (OTT) services are compelling manufacturers to design advanced payload systems, thereby further boosting the market growth.
The aforementioned factors will continue to drive the satellite payloads market on a positive growth trajectory and will reach a market valuation of US$ 14.8 Bn by the end of the forecast period.
High Demand for Navigation Payloads and Increasing Emphasis on MEO Satellite Payloads
In 2017, the navigation payloads segment was valued at nearly US$ 7 Bn, backed by high adoption among diverse end-use sectors.
The segment is anticipated to grow at a steady CAGR through the forecast period, while the growth of the imaging payloads segment will remain moderate and steady.
Satellite payloads deployed for Low Earth Orbit (LEO) will continue to hold the lion's share in the global market value, while Medium Earth Orbit (MEO) deployment is gaining traction.
As manufacturers are emphasizing on deploying hosted payloads across MEO, the segment represents a value CAGR of 5% for hosted payloads segment through the forecast period.
Shift in Design and Development Methodologies Paves Way for Market Growth
The advancements in technology in the recent past coupled with increasing developments in different applications such as remote sensing, navigation, space exploration, and telecommunication, have propelled the demand and popularity of broadcasting services, thus subsequently creating demand for satellite payloads.
Likewise, the demand and popularity of broadcasting, cable TV, and OTT services are in turn spurring the need for satellite payloads to ensure that the services reach every corner of the world.
In the recent past, satellite payloads have faced technical issues associated with satellite, which posed a challenge to the growth.
However, researchers and manufacturers have been actively working on solutions to mitigate long-term consequences.
Along similar lines, satellite payloads are witnessing a technological shift in terms of design, development, and manufacturing to cater to the evolving needs and emergence of compact satellite models.
Moreover, surging demand for hosted payload, the emergence of technologies such as satellite miniaturization, and software-defined payload for communication satellites will continue to complement market growth in the forthcoming years.
On the other hand, high costs associated with developments and scarce availability of the intellectual assets are likely to restrain market growth to a certain extent.
North America Maintains Hegemony Over Regional Landscape
North America is forecasted to remain the leading regional market for satellite payloads, in terms of revenue, on the back of increased spending in research and developments (R&D) activities to enhance applications in the military & defense and space exploration landscape.
On the other hand, Asia Pacific is anticipated to witness substantial growth in its market share through the forecasted period, owing to growing investments in telecommunication, space exploration, and navigation projects, especially in China and India.
Competitive Landscape of Global Satellite Payloads Market
The major market players in the global satellite payloads market studied in the research include, but not limited to, Thales Group, Honeywell International Inc., Airbus Group, Exploration Technologies Corp., Raytheon Company, Lockheed Martin Corporation, Harris Corporation, Boeing, ViaSat Inc., and Space Space Systems/Loral, LLC, among others.
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