Satellite Payload Market to Generate $17.6 Billion by 2030 with 8.3% CAGR: states Allied Market Research
The global satellite payload market is experiencing growth due to factors such as utilization of satellite payload in commercial applications, rise in adoption of small satellites, and technical advancements.
Wilmington, Delaware, Oct. 23, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Satellite Payload Market by Payload Type (Communication, Imaging, and Navigation), Orbit Type (LEO, MEO, and GEO), Vehicle Type (Small, Medium, and Heavy), Payload Weight (Low, Medium, and High), Frequency Band(C Band, Ka Band, S and L Band, X Band, VHF and UHF Band, and Others), and Application (Telecommunication, Remote Sensing, Scientific Research, Surveillance, and Navigation): Global Opportunity Analysis and Industry Forecast, 2021–2030″. The report indicates that the global satellite payload industry was valued at $8.2 billion in 2020 and is estimated to garner $17.6 billion by 2030 with a growing CAGR of 8.3% between the forecast period of 2021 to 2030.
Download Sample Pages – https://www.alliedmarketresearch.com/request-sample/3098
Key Players in Satellite Payloads Industry:
- Mitsubishi Electric Corporation
- Intelsat S.A.
- The Boeing Company
- Raytheon Technologies Corporation
- Viasat, Inc.
- Honeywell International Inc.
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Thales Group
Factors influencing the growth of the global satellite payload market:
The global satellite payload market is experiencing growth due to factors such as utilization of satellite payload in commercial applications, rise in adoption of small satellites, and technical advancements. Moreover, stringent government norms regarding satellite launches and surge in concerns over space debris restrict the market growth to some extent. Nevertheless, rise in adoption of satellite constellations and rise in investments in space technology by several governments will provide ample growth opportunities for the market in upcoming years.
Interested to Procure the Research Report? Inquire Before Buying – https://www.alliedmarketresearch.com/purchase-enquiry/3098
The medium segment to retain its dominance in terms of revenue during the forecast period
On the basis of vehicle type, the medium segment garnered the major share in 2020 contributing to more than two-fifths of the overall market revenue and is projected to rule the roost during the forecast period. The growth is attributed to decreasing costs and weight of medium satellites. The small segment, on the other hand, would display the fastest CAGR of 11.8% during the forecast period. This is due to conversion of hardware logics to software logics, integration of latest lightweight materials in mechanical systems, and technical advancements in miniaturization of electronic components.
The low segment to rule the roost
Under the payload weight category, the low segment held the major share in 2020 accounting for more than half of the global market revenue and is expected to rule the roost in terms of revenue from 2021 to 2030. Organizations across the globe are progressively favoring lightweight and affordable satellite payloads for the purpose of collecting data for scientific research, testing novel technologies, monitoring weather conditions, delivering broadband services, and facilitating emergency communications. However, the high segment would display the fastest CAGR of 9.7% throughout the forecast timeframe, due to rising deployment of science platforms, defense payloads, spacelab modules for the assembly of the ISS (International Space Station).
Procure Complete Research Report (PDF with Qualitative and Quotative Data, Insights, Statistics, Tables, Charts, Figures) – https://www.alliedmarketresearch.com/satellite-payloads-market/purchase-options
North America generated largest share in 2020
The regional basis in the report indicates that the market across North America was largest in 2020 contributing to nearly half of the overall market revenue. The factors propelling the growth of the segment are rise in navigation, surveillance, and telecommunication applications. Asia-Pacific, on the other hand, would display a notable CAGR of 9.6% during the forecast period. The growth is attributed to the high investment in military, retail, defense, and public transportation across the region and surge in development of cost-effective payloads.
Similar Reports We Have on Satellite Industry:
North America Satellite Payloads Market Report 2023-2032
Drone Payload Market Research Report 2023-2032
Stratospheric UAV Payload Market Report 2023-2032
Satellite Market Research Report 2023-2032
Satellite Services Market Research Report 2023-2032
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
USA/Canada (Toll Free):
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.