The “Satellite Payloads Market by Type (Communication, Imagery, Software-defined Payload, Navigation), Satellite (CubeSat, Small Satellite, Medium Satellite, Large Satellite), Orbit, Application, End User, Frequency, and Region – Forecasts to 2026” report has been added to ResearchAndMarkets.com’s offering.
The satellite payloads market size is projected to grow from USD 3.7 Billion in 2021 to USD 11.3 Billion by 2026, at a CAGR of 24.8% from 2021 to 2026.
The satellite payloads market is growing at a significant rate across the world, and a similar trend is expected to be observed during the forecast period. Ongoing advancements in space technology and satellite payloads, an increasing number of satellite launches, and growing investments in industrial automation are fueling the growth of the satellite payloads market. Continuous advancements in the miniaturization of satellite payloads through technological advancements in digital components, low-mission costs, and the increasing use of satellite constellations (containerization) are major drivers for the growth of this market.
The satellite payloads market is dominated by a few globally established players such as Airbus Defence and Space (Germany), Northrop Grumman (US), Raytheon Technologies Corporation (US), Lockheed Martin Corporation (US), and Thales Alenia Space (France), L3Harris Technologies (US) among others.
These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and South America. COVID-19 has affected the Satellite payloads market growth to some extent, and this varies from country to country. Industry experts believe that the pandemic has not affected the demand for Satellite payloads in commercial, Government and defense applications.
The communication segment of the market is projected to grow at the highest CAGR during 2021-2026.
The adoption of laser/optical communication payloads in commercial and defense is driving the growth of the communication payload market. The software-defined payloads, imagery and navigation type payloads are also increasing their market in by type segment in turn driving the growth of the satellite payloads market.
Based on satellite, the small satellite sub-segment is projected to witness the highest CAGR during the forecast period.
The increasing technologies and adoption of mini, micro and nano satellities for remote sensing, earth observation, communication and other applications are contributing the growth of this market. The cubesats and medium satellites are both growing approximately at a similar rate in turn contributing to the growth of the satellite payloads market.
The North America region is estimated to account for the largest share of Satellite Payloads market in 2021.
The Satellite Payloads in the North American region is expected to witness substantial growth during the forecast period, owing to increased investments and expenditures in R&D by countries in this region. The successful execution of flexible payloads in space has led to an increase in the number of space expeditions and through technological breakthroughs in satellite payloads and resourceful insights obtained from past satellite missions have increased the investments by existing and new players in the market. Prominent players from this region include Northrop Grumman (US), Raytheon Technologies(US), Lockheed Martin (US) and others.
Major companies profiled in the report include Airbus Defence and Space (Germany), Northrop Grumman (US), Raytheon Technologies Corporation (US), Lockheed Martin Corporation (US), Thales Alenia Space (France), L3Harris Technologies, Inc. (US), and Sierra Nevada Corporation (US), among others. PR Newswire