Major players in the satellite payload market are Northrop Grumman, Raytheon Technologies Corporation, Lockheed Martin Corporation, Thales Alenia Space, Airbus Defence and Space, The Boeing Company, Honeywell International Inc.
New York, June 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Satellite Payload Global Market Report 2022" - https://www.reportlinker.com/p06284254/?utm_source=GNW
, L3Harris Technologies Inc., Viasat, Inc., Lucix Corporation, Sierra Nevada Corporation, Intelsat General Corporation, Gomspace, MDA Corporation, and General Dynamics Mission Systems.
The global satellite payload market is expected to grow from $13.67 billion in 2021 to $14.81 billion in 2022 at a compound annual growth rate (CAGR) of 8.32%. The growth is mainly due to the companies’ resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $20.57 billion in 2026 at a CAGR of 8.57%.
The satellite payload market consists of sales of satellite payloads by entities (organizations, sole proprietors, partnerships) that refer to modules that are carried by satellites having the ability to execute specific functions. The payload, which includes communications antennas, receivers, and transmitters, assists the satellite in fulfilling its functions and helps in telecommunications, remote sensing, scientific research, surveillance, and navigation.
The satellite payload types include communication, imagery, navigation, and others.Communication satellites use a transponder to relay and amplify radio telecommunication signals, establishing a communication channel between a source transmitter and a receiver to provide communication links between various points on Earth.
The different satellite payload orbit types include LEO (low earth orbit), GEO (geosynchronous earth orbit) and MEO (medium earth orbit). The satellite payload vehicle systems include small, medium, and heavy, which are used by end-users such as commercial, government, and defence and dual users.
North America was the largest region in the satellite payload market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The increasing number of satellite launches is expected to propel the growth of the satellite payload market.Payload provides the communications antennas, receivers, and transmitters used for different applications.
The satellites are now smaller in size to accommodate more satellites on one rocket.According to NASA, around 1,282 satellites were launched in 2020, of which 94% were small spacecraft with an overall mass of under 600 kg.
In 2021, US-based aerospace manufacturer SpaceX created a record by accommodating 143 payloads on a single rocket. The number of satellite launches increased from 1,282 in 2020 to approximately 1,400 by September 2021.Therefore, the increasing number of satellite launches is driving the growth of the satellite payload market.
The development of artificial intelligence (AI) and cloud-enabled software-defined radio payloads is one of the rising trends in the satellite payload market.For enhanced flexibility in space missions, these AI-based payloads can be reprogrammed and reconfigured as per the specific mission requirements and can facilitate advanced satellite communications.
Due to the rise of the new generation of fully flexible satellites, companies are integrating AI tools into satellite payloads.For instance, in June 2021, the European Union financed ATRIA (AI-Powered Ground Segment Control for Flexible Payloads), a project that will produce a general and intelligent tool called AI-PCS to control current satellite flexible payloads and their configurable traditional counterparts.
On-demand service demands: artificial intelligence approaches allow the tool to decide the best arrangement of available satellite resources for on-demand service demands. The Spanish professional engineering services company, GMV Aerospace and Defense, is the project’s coordinator, and it involves seven partners from four nations.
In September 2021, BAE Systems, a British manufacturer of aerospace and security products, acquired In-Space Missions for a deal amount of around $18 million.This acquisition allows BAE Systems to integrate technologies developed by In-Space Missions and expand the company’s range of capabilities and offerings.
In-Space Missions is a UK-based company that designs, builds, and operates satellites and satellite systems.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the satellite payload market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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