Satellite payloads are vital components attached to satellites that can operate independently with the help of transponders and antennas. They are prominently used by government agencies to expand their network and provide services to larger sets of consumers. Types of satellites used are low earth orbit (LEO), geostationary earth orbit (GEO), and medium earth orbit (MEO).
Benefits of these payloads include low manufacturing cost, low launch time, and extended space exploration. In addition, the lower risk it affords space agencies makes it a viable option for earth observation missions. For instance, the Anik G1 satellite payload was built by SSL to provide data and voice services to consumers in South America.
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Major application segments include surveillance, remote sensing, and communication and navigation, and others. The communication and navigation segment held a large market share in 2016 due to low data prices and high efficiency rate of high throughput satellites. Its use in the telecommunication and broadcasting sectors assure its future potential. For instance, ViaSat, a U.S. broadband services provider, has signed an agreement with Boeing to provide Wi-Fi to airline passengers through its ViaSat 2 satellite payload.
The remote sensing segment has high growth potential due to its application in detecting unusual weather patterns and crop monitoring. Miniaturization of satellite components such as cameras and sensors have led to the successful development of nano satellites. Major companies are partnering with space agencies to launch such satellites at cost-effective prices. Recently, the Indian Space Research Organization (ISRO) managed to propel nearly 103 nano satellites in conjunction with its own earth observation satellite.
Market Insights
The global satellite payloads market is projected to touch a value of USD 21.8 billion by 2025 on account of popularity of pay TV and on-demand channels, according to a report by Grand View Research, Inc. Increased funding for space exploration purposes by governments is expected to open up new avenues for the market. Miniaturization of electronic components such as radars and cameras are expected to play a key role in market revenue. Key market players include Airbus SE, The Boeing Company, Lockheed Martin Corporation, and The Raytheon Company.
In-Depth Research Report On Satellite Payloads Market:
https://www.grandviewresearch.com/industry-analysis/satellite-payloads-market
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