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Satellite Payloads Market to Witness Stellar Growth Rate in the Next few Years
NEW YORK, UNITED STATES, May 9, 2022 /EINPresswire.com/ — Satellite Payloads Market:
Optimal selection of satellite payloads has a governing influence on maximizing the utility of the satellite. However, manufacturers continue to struggle in development of satellite payloads under power supply constraints associated with satellite buses. In spite of attaining surplus investments, companies operating in the global satellite payload market continue to rely on experimental solutions for eliminating such shortcomings. According to Persistence Market Research, the global market for satellite payloads is expected to witness a moderate growth in the next five years.
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The report published by Persistence Market Research projects that by the end of forecast period, 2017-2022, the global market for satellite payloads will have registered modest CAGR and procured a little over US$ 14.8 Bn revenues. Various factors influencing the dynamics of global satellite payload market have been compiled in the report, wherein rising investments in space exploration sector is observed as key driver for the market’s growth.
Segmental Analysis of Global Satellite Payload Market
The report has segmented the global market for satellite payloads on the basis of orbit-type, payload-type, applications and frequency bands.
• In 2017, the global market for satellite payloads witnessed higher demand for hosted payloads designed for low earth orbit (LEO) deployment. While satellite payloads developed for LEO deployment will witness highest revenue share, global revenues contributed by this segment will incur sluggish growth throughout the forecast period.
• Through 2022, navigation payloads will attain the largest revenue share, followed by imaging satellite payloads and communication payloads. Deployment of a majority of commercial satellites is expected to be directed towards boosting the strength of global navigation network.
• Concurrently, navigation is expected to remain the largest application for satellite payloads. By the end of 2022, navigation application of satellite payloads is anticipated to procure around US$ 7 Bn in global revenues. Towards the end of forecast period, scientific research applications of satellite payloads are also expected to gain traction.
• The report further projects that sales of C K/KU/KA band payloads will dominate the market, recording nearly one-fourth share on global market throughout the forecast period.
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Satellite Payloads Market: Regional Overview
The Asia-Pacific excluding Japan (APEJ) region is exhibiting growing interests in space technology and utilization, which has contributed to the surging demand for satellite payloads. The report projects that throughout the forecast period, the APEJ region will dominate the global market for satellite payloads. The APEJ satellite payload market is anticipated to create an incremental opportunity of US$ 780 Mn between 2017 and 2022. North America’s satellite payloads market, on the other hand, is pegged to reflect a moderate CAGR through 2022, wherein a few US-based space technology companies are expected to deliver astronomical ROIs. Emerging space administration sector in Europe is also expected to factor in global expansion of satellite payload market.
The report has also profiled leading players in the global satellite payload market which include, Airbus Defense and Space, Boeing Company, Thales Group, Lockheed Martin Corporation, Mitsubishi Electrical Corporation, Honeywell International Inc., Harris Corporation, and Lucix Corporation.
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Persistence Market Research Pvt. Ltd Atul Singh
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