Satellite technology has evolved greatly over the years. Various satellite technologies have recorded significant achievements. Therefore, the strengthening web of satellite technology may bring expansive growth for the global satellite payloads market across the assessment period. The rising popularity of over-the-top platforms (OTT) and magnifying government spending in space exploration activities may serve as prominent growth factors for the satellite payloads market.
Widespread applications like surveillance, remote sensing, communication and navigation, and others among end-users like military, civil, and commercial may bring great growth opportunities for the satellite payloads market.
On the basis of payload weight, the global satellite payloads market can be classified into low, medium, and high. In terms of orbit type, the satellite payloads market can be segmented into Low Earth Orbit (LEO), Medium Earth Orbit (MEO), and Geostationary Earth Orbit (GEO). This report titled ‘Global Satellite Payloads Market Research Report 2020’ has all the information necessary for the stakeholders.
The report on the satellite payloads market offers in-depth analysis through considerable research across various parameters such as competitive landscape, key trends, and current scenario. This report also focuses thoroughly on the ongoing COVID-19 pandemic and its effect on the satellite payloads market. The report will prove as a source of market intelligence for the business owners and market shareholders in this sector to a large extent.
With the rapid evolution of the communication sector, the need for small satellites is increasing tremendously. Instead of building massive satellites, small satellites are being preferred, thus leading to the development of smaller payloads. Therefore, this aspect may invite great growth opportunities for the satellite payloads market.
Manufacturers in the satellite payloads market are concentrating on developing payloads with robust and technologically-advanced materials. Research and development activities are being focused upon for discovering new insights. Tweaks and modifications in designs, antenna structures, and other parts according to the recent upgrades are common elements that help the players in the satellite payloads market to generate good revenue.
Some of the well-established players in the satellite payloads market are indulging in mergers and acquisitions for the production of smaller satellites. Thus, smallsat marketplaces are expected to bring exponential growth for the satellite payloads market across the forecast period. Prominent participants in the satellite payloads market are Lockheed Martin, Boeing, Airbus, SSL, Thales, Space Exploration Technologies, Honeywell, Raytheon, Harris, and Viasat.
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Contracts by government and military organizations are helping the satellite payloads market to garner good growth. For instance, Northrop Grumman recently bagged a $298 mn contract to develop a novel communications satellite payload for the U.S. Space Force. Northrop Grumman will develop a payload for the ESS program, a modern and state-of-the-art constellation that will offer jam-resistant and secure communications for the military. Such developments harness expansive growth for the satellite payloads market.
Growing investments in the satellite payloads market indicate a bright future for clenching growth opportunities. Due to the lockdown implementations, the viewership on over-the-top platforms and other channels has increased considerably. This aspect is directly proportional to the growth of the satellite payloads market.
North America may emerge as a significant growth contributor for the satellite payloads market during the assessment period. The increasing number of satellite launches may bring great growth opportunities for the satellite payloads market. Increased investments in military communications technology by the U.S. government may serve as growth multipliers for the satellite payloads market.
Europe may also emerge as a promising region for the satellite payloads market due to increased spending on governments of various countries on telecommunication and earth-observation satellites. The commercialization of space satellites is also bringing extensive growth prospects for the satellite payloads market.