Global Satellite Payloads Market is projected to be valued at USD 25.05 Billion by 2026, registering a CAGR of 8.7% from 2019 to 2026.
The rising number of private firms in the space industry and increasing defense expenditures drive the growth of the market. Furthermore, the increasing demand for small satellites for earth observation across the globe is projected to aid the growth of the market.
Use of IoT in various industries necessitating satellite payloads
Growth Opportunities in the Market
Communication payload segment accounted for the larger market share in 2019: The communication payload segment is also expected to exhibit a higher CAGR during the forecast period. This growth can be attributed to the increasing use of satellite communication in the telecommunication, defense, and marine industries, among others.
Low earth orbit segment is expected to be the fastest growing: The low earth orbit segment is expected to exhibit the highest CAGR during the review period. The increasing use of small satellites that operates in the low earth orbit is driving the growth of the segment. The geosynchronous orbit segment accounted for the largest market share in 2019.
Telecommunication application segment is expected to be the fastest growing: The telecommunication segment accounted for the largest market share in2019 and is expected to exhibit the highest CAGR during the review period. The increasing use of satellites for providing voice and data communications is driving the growth of the segment.
- Airbus SAS (Netherlands)
- BAE Systems plc (UK)
- Lockheed Martin Corporation (US)
- Northrop Grumman Corporation (US)
- Raytheon Technologies Corporation (US)
- Honeywell International Inc. (US)
- L3 Harris Technologies (US)
- Thales Group (France)
- The Boeing Company (US)
- Viasat, Inc. (US)
- Space Exploration Technologies Corporation (US)
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