The increase in the adoption of small satellites, the use of satellite payload in commercial applications, and technological advancements are driving the growth of the global satellite payload market
Portland, ore.And January 26 2022 /PRNewswire/- Allied Market Research published a report titled “Satellite Payload Market by Payload Type (Communication, Imaging, Navigation), Orbit Type (LEO, MEO, GEO), Vehicle Type (Small, Medium and Heavy), Payload Weight (Low, Medium and High), Frequency Band (band C, ka groupS, L Band, X Band, VHF, UHF Band, etc.) and application (communication, remote sensing, scientific research, monitoring and navigation): analysis of global opportunities and industry forecasts, 2021-2030”. Report, Global Satellite Payload Industry Has Generated $8.2 billion In 2020, it is expected to generate $17.6 billion By 2030, we could see a compound annual growth rate of 8.3% from 2021 to 2030.
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basic determinants of growth
The increase in the adoption of small satellites, the use of satellite payload in commercial applications, advances in technology, and the rapid expansion of the construction and electronic industry in developing economies are driving the growth of the global satellite payload market. However, growing concerns about space debris and strict government regulations associated with satellite launches are hampering market growth. On the other hand, the growth of investments by many governments in the field of space technology and the increasing adoption of the satellite constellation provides new opportunities in the coming years.
The Covid-19 outbreak has had a negative impact on the global satellite payload market.
The pandemic has delayed the development of satellite payloads.
It has caused supply chain disruptions, manufacturing facility shutdowns, and component shortages, which have hampered the growth of the satellite payload market to some extent.
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average A sector to maintain its leadership position throughout the forecast period
Depending on vehicle type, the mid-range segment held the highest market share in 2020, accounting for more than two-fifths of the global satellite payload market, and is estimated to maintain its leadership position throughout the forecast period. The cost and weight reduction associated with medium satellites is driving the market in the first place. However, the small segment is expected to show the highest compound annual growth rate of 11.8% from 2021 to 2030, due to technological advances in miniaturizing electronic components, transforming hardware logic into software logic, and incorporating new, lighter materials into mechanical systems.
Low segment to maintain its leading position during the forecast period
Based on payload weight, the low segment captured the largest share in 2020, contributing more than half of the global satellite payload market, and is expected to maintain its leading position during the forecast period. Organizations around the world are increasingly choosing lightweight, low-cost payload satellites to collect data for scientific research, testing new technologies, weather monitoring, broadband services, and emergency communications. Moreover, the high segment is expected to depict the largest compound annual growth rate of 9.7% from 2021 to 2030, due to increased deployment of space lab modules, science platforms, interplanetary probes, defense payloads, and modules to assemble the International Space Station (ISS) .
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North America to maintain its dominance by 2030
Based on region, by North America It had the highest market share by revenue for 2020, accounting for nearly half of the global satellite payload market. This is due to the growth in communications, navigation and monitoring applications. However, the Asia Pacific The region is expected to experience the fastest compound annual growth rate of 9.6% from 2021 to 2030, due to the rise in cost-effective tonnage development, and high investment in the defense, retail, military, and public transportation sectors across this region.
Market Leading Players:-
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