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Satellite Payload Market Growth Opportunities, Size, Share Analysis, Recent Developments And Forecast To 2033
Satellite Payload Market
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According to The Business Research Company's, The satellite payload market size has grown strongly in recent years. It will grow from $16.7 billion in 2023 to $18.31 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to communication infrastructure demand, earth observation and remote sensing, global navigation systems, scientific research and exploration, military and defense applications.
The satellite payload market size is expected to see strong growth in the next few years. It will grow to $25.83 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to rise in small satellite deployments, global efforts in climate monitoring, government and private sector collaboration, exploration of lunar and planetary bodies, enhanced space situational awareness. Major trends in the forecast period include focus on reconfigurable and software-defined payloads, increased demand for in-orbit servicing payloads, rapid growth in demand for remote sensing payloads, use of artificial intelligence (AI) in payload data processing, increasing interest in space science payloads.
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Market Drivers and Trends:
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. For instance, in December 2022, according Parabolic Arc, a US-based media brand Company, reported that there were a total of 186 orbital launches, with 178 successes, 7 failures, and 1 partial failure in 2022. The increase in the number of launches in the US can primarily be attributed to SpaceX's Falcon 9 rocket, which reached orbit 60 times in 2022. 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.
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Major Key Players of the Market:
Airbus SE, Raytheon Technologies Corporation, RTX Corporation, The Boeing Company, Lockheed Martin Corporation, General Dynamics Mission Systems, Northrop Grumman Corporation, Mitsubishi Electric Corporation, Honeywell International Inc., Safran SA, L3Harris Technologies Inc., Ball Aerospace & Technologies Corp, Teledyne Technologies Inc., Space Exploration Technologies Corp, Viasat Inc., Thales Alenia Space, Sierra Nevada Corporation, Cobham plc, Maxar Technologies Inc., OHB SE, Kratos Defense & Security Solutions Inc., MDA Corporation, Indian Space Research Organisation, Intelsat General Corporation, Lucix Corporation, Gomspace, Space Systems/Loral LLC
Satellite Payload Market 2024 Key Insights:
• The satellite payload market size is expected to see strong growth in the next few years. It will grow to $25.83 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Surge In Satellite Launches Fuels Growth In The Satellite Payload Market
• Artificial Intelligence And Cloud-Enabled Software-Defined Radio Payloads Transforming The Satellite Payload Market
• North America was the largest region in the satellite payload market in 2023
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