The global satellite payload market is expected to gain momentum from the increasing development of various end user applications, namely, navigation, remote sensing, and telecommunications. This information is published in an upcoming report by Fortune Business Insights™, titled, “Satellite Payload Market Size, Share & Industry Analysis, By Payload Type (Navigation, Communication, Imaging), By Vehicle Type (Small, Medium, Heavy), By Orbit Type (GEO, LEO, MEO), By End-Use (Commercial, Military) and Regional Forecast, 2019-2026.” The report further states that technological advancements and up surging popularity of broadcasting services are set to propel the satellite payload market growth during the forecast period.
Browse Report Summary:
Fortune Business Insights™ presents a list of the most renowned organizations operating in the satellite payload market. They are as follows:
- Space Exploration Technologies Corp.
- Airbus Group
- ViaSat Inc.
- Raytheon Company
- Honeywell International Inc.
- Thales Group
- Space Systems/Loral, LLC
- Lockheed Martin Corporation
- Harris Corporation
- Other key market players
What Does This Report Contain?
- Detailed information about the current and emerging satellite payload market trends and dynamics.
- Extensive analysis of the competitive landscape consisting of mergers and acquisitions, new contracts, agreements, new product launches, and strategic partnerships.
- Insightful analysis of the market across five key segments.
- Elaborate details about the cost structure, raw material strategy profiling, and pricing analysis.
LEO Segment to Dominate Backed by Rising Usage in Various Applications
Based on orbit type, the market is grouped into medium Earth orbit (MEO), low earth orbit (LEO), and geostationary equatorial orbit (GEO). Out of these, the LEO segment is expected to dominate the market stoked by its extensive usage in a variety of applications, such as remote sensing services and telecommunication services. These satellites are used to observe the updated information on the earth’s surface. A few of the other additional advantages of the payload are in-orbit data, practical space quality, and mission survival capability. During aeronautical missions, the GEO and LEO hosted payloads are mainly used.
Adoption of Unique Satellite Connectivity Technologies to Favor Growth in North America
In terms of region, the market is segregated into Asia Pacific, North America, the Middle East and Africa, South America, and Europe. Out of these regions, North America is projected to lead by gaining the maximum satellite payload market revenue during the forecast period. This growth is attributable to the early adoption of novel technologies, such as software-defined payloads for communication satellites. In Canada and the U.S., many businesses are seeking to smoothen their aeronautical operations.
To do so, they are adopting state-of-the-art satellite connectivity technologies. Apart from that, the region houses several industry giants, namely, Honeywell International Inc., The Lockheed Martin Corporation, and Raytheon Company. These companies are investing huge sums in developing modern technologies and in utilizing useful analytical tools in space exploration and satellites. It would also contribute to the growth of the market in this region.
Request a Sample Copy of the Market Research Report:
Asia Pacific, on the other hand, is expected to showcase a remarkable growth in the coming years owing to the increasing expenditure on earth observation and telecommunication satellites in countries, such as China. Besides, India is set to grow at a fast pace, backed by the presence of numerous private key players in the country, as well as the persistent efforts by the government to propel the space sector.
Space Norway Bags Contract from Northrop Grumman; Lockheed Martin Delivers GPS III COps
The companies present in the market are engaging in bagging orders from other mammoth companies and are investing huge sums for the development of new products. These strategies would not only help them in gaining a competitive edge but would also aid them in achieving the maximum satellite payload market share during the forthcoming years. Below are some of the most recent industry developments:
- July 2019: Space Norway awarded a lucrative multi-spacecraft contract to Northrop Grumman, a global aerospace and defense technology company, headquartered in the U.S. This contract would enable the former to provide its Arctic Satellite Broadband Mission (ASBM) system, while Northrop would integrate, manufacture, and design two satellites. However, the company would also deliver crucial ground infrastructure for Space Norway. The satellites would carry a Ka-Band payload for Inmarsat and an X-Band payload for the Norwegian Ministry of Defense.
- May 2019: Lockheed Martin, an American global aerospace, defense, security, and advanced technologies company, announced that it has delivered an upgraded version of GPS III Contingency Operations (COps) software to the U.S. Air Force’s pre-existing GPS ground control system. The upgrade would allow the Air Force to begin commanding the next-generation, advanced GPS III satellites.
Have Any Query? Ask Our Experts:
Have a Look at Related Reports: