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The latest report by IMARC Group, titled "Satellite Payload Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," finds that the global satellite payload market size reached US$ 15.67 Billion in 2021. Satellite payloads are the core functional and operational components that perform the desired functions of the satellite. They comprise antennas, receivers, transmitters, cameras, thermal infrared spectrometers, photometers, transponders, and repeaters. They are integrated into CubeSats and small, medium, and large satellites to provide communication capabilities while the satellite is in orbit. The rest of the satellite, i.e., the bus, supports the payload by providing an appropriate thermal environment, structure, radiation shielding, and attitude control. Satellite payloads are widely used for communication, navigation, remote sensing, space exploration, and imaging. Nowadays, satellite payloads can be reprogrammed and reconfigured according to the specific mission requirements to facilitate advanced satellite communication.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Satellite Payload Market Trends:
The rising number of satellite launches and the expanding aerospace industry represent the primary factors driving the market growth. Additionally, there has been widespread adoption of satellite payloads to generate images of land, water, and forest resources for monitoring agricultural lands, tracking climatic changes, and disaster mitigation. Along with this, the growing need for advanced intelligence gathering, reconnaissance, and imaging technologies for air surveillance has catalyzed the product demand. Furthermore, several product innovations, such as the introduction of artificial intelligence (AI)- and cloud-enabled software-defined radio payloads for greater flexibility in space missions, have propelled the market growth. Apart from this, the increasing penetration of payloads in the commercial sector and the surging popularity of communication and broadcasting services, such as Pay TV and Over-The-Top (OTT), have accelerated the product adoption rate. Other factors, including the escalating demand for low Earth orbit (LEO)-based and earth observation imagery payloads, rising government spending in space exploration activities, advancements in space technology, and increasing miniaturization of satellite components, are also providing a positive thrust to the market growth. Looking forward, the market value is anticipated to reach US$ 22.54 Billion by 2027, growing at a CAGR of 6.3% during 2022-2027.
Market Summary:
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