The global satellite payload market revenue was around US$ 14.35 billion in 2022 and is estimated to reach US$ 97.3 billion by 2031, growing at a compound annual growth rate (CAGR) of 23.7% during the forecast period from 2023 to 2031.
Satellite payload is defined as modules carried on satellites with the ability to execute certain functionalities. The satellite consists of the bus and payload. A satellite bus is utilized to carry payloads and subsystems, whereas a payload is developed to perform distinct functions such as imaging, communications, and navigation while in orbit. Satellite payload includes equipment such as repeaters, transponders, spectrometers, antennas, and cameras among others.
Market Driving Factors
Increasing demand for small satellites for communication purposes to drive the market growth. The space sector has expanded due to decreasing small satellite costs and increasing capabilities. Furthermore, with the surge in capabilities of small SATs such as signal processing, data processing, the omnipresence of GPS that allows determining location and altitude, and deployment of low-price commercial off-the-shelf parts, their demand is predicted to increase during the projection period.
Constant advancements in satellite technology drive market growth. This is because of the surge in the adoption of digital payloads, which is reshaping the functional dynamics of satellites and significantly affecting the industry's price structure. In addition, digital payloads are improving the overall efficiency of satellite communication systems by providing versatile solutions for several services and applications. This improved efficiency translates into price savings, making satellite technology more affordable and accessible for a wider range of applications.
Shortage of intellectual assets and high development prices will impede market growth.
Regional Analysis
North America dominated the market in terms of revenue. This can be attributed to the existence of major industry players and the increased government investments in space technologies, which promotes regional growth. Furthermore, the U.S. military deployed a communication satellite designed to improve communication with soldiers. This satellite can facilitate data, voice, and video transmission via a broad array of mobile and ground-based terminals.
Asia Pacific is expected to dominate the market. This is due to the increased spending on earth observation and telecommunication satellites. Furthermore, the increasing commercialization of space activities and the immediate expansion of the local space industry boost the market in the region.
Segmentation Insights
Orbit Insight
The low earth orbit (LEO) segment dominates the market in terms of the largest share. LEO satellites have achieved substantial recognition owing to their ability to provide highly detailed pictures of the Earth's surface. This detailed imagery, capturing even minute elements, has made them priceless. In addition, these payloads provide many benefits to end users. Firstly, they offer a low-risk pathway to access orbit, assuring a more secure deployment process. Secondly, these payloads provide cost-effective space-quality data, making satellite technology more affordable and accessible.
Application Insight
The communication & navigation segment dominates the market in terms of the largest revenue share. A key trend shaping the communication and navigation sector is the rise of high throughput satellites (HTS). The substantial decrease in data prices and the substantial advancement in satellite capital expenditure efficiencies have revolutionized the communication industry. Furthermore, communication payloads have experienced significant advancements in technology, including creations like space-based inflatable reflector antennas, channelization, the creation of power amplifiers, and internet routers in space.
End Use Insight
The commercial sector segment dominates the market. This is due to the surge in requirement for commercial payloads, driven by the escalating demand for high-definition videos and broadband internet services. Furthermore, the need for these high-quality videos prompts a higher demand for rising satellite capacity. Key players have extended their in-orbit fleets to satisfy these needs effectively.
Prominent Companies
Segmentation Outline
The global satellite payload market segmentation focuses on Orbit, Application, End Use, and Region.
By Orbit
By Application
By End Use
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL SATELLITE PAYLOAD MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: SATELLITE PAYLOAD MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL SATELLITE PAYLOAD MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL SATELLITE PAYLOAD MARKET, BY ORBIT
5.1 OVERVIEW
5.2 LOW EARTH ORBIT (LEO)
5.3 MEDIUM EARTH ORBIT (MEO)
5.4 GEOSTATIONARY EARTH ORBIT (GEO)
6 GLOBAL SATELLITE PAYLOAD MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 COMMUNICATION & NAVIGATION
6.3 REMOTE SENSING
6.4 SURVEILLANCE
6.5 OTHERS
7 GLOBAL SATELLITE PAYLOAD MARKET, BY END USE
7.1 OVERVIEW
7.2 CIVIL
7.3 MILITARY
7.4 COMMERCIAL
8 GLOBAL SATELLITE PAYLOAD MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL SATELLITE PAYLOAD MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 AIRBUS GROUP
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 HONEYWELL INTERNATIONAL INC
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 LOCKHEED MARTIN CORPORATION
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 NORTHROP GRUMMAN
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 RAYTHEON CORPORATION
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 SIERRA NEVADA CORPORATION
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 THALES GROUP
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 THE BOEING COMPANY
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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