Adoption of Satellite Payloads to Rake US$ 14.8 Bn Globally by 2022-end.
Albany, NY -- (SBWIRE) -- 12/12/2017 -- The global satellite payload market is projected to witness a modest growth during the assessment period 2017-2022, on account of a host of macroeconomic and microeconomic factors. A new report highlighting the key factors that are impacting the development, sales, and performance of satellite payloads has been added to the comprehensive repository of Market Research Hub (MRH). According to the report titled "Global Market Study on Satellite Payloads: Rising Focus on Navigation Satellite Payloads to Instrument Market Growth through 2022", market players continue to battle challenges emanating from power supply constraints. The report discusses in detail the key drivers, restraints, opportunities, and trends in the satellite payloads market.
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According to the report, the global satellite payload market is likely to grow at a moderate CAGR and reach nearly US$ 15 Bn in terms of revenues during the assessment period. The market has a lot of potential to grow, but challenges with increasing the utility of satellites has meant that manufacturers have been forced to innovate and come up with advanced solutions. The deployment of satellite payload is heavily influenced by volume, cost, and weight of the satellite buses. Challenges with power constraints in satellite buses are likely to remain a longstanding challenges for players in the market.
According to the report, demand for navigation payloads vis-à-vis imaging payloads will remain higher during the assessment period. The total market value of navigation payloads is currently estimated to be worth US$ 7 Bn, and it is highly likely that its dominance will continue to be during the forecast period. The report also projects that there will be a significant demand for deploying hosted payloads in the MEO, as this segment is likely to grow at nearly 5% CAGR during the assessment period. Payloads developed for LEO deployment will continue to account for the highest revenue share of the market, however, the LEO segment is likely to witness sluggish growth over the forecast period.
Navigation continues to be one of the most prominent applications for satellite payloads, and it is likely that it will remain so throughout the forecast period. The worth of satellite payloads developed for navigation system is likely to reach US$ 7 Bn. In addition to navigation, the development of satellite payloads for telecommunication and scientific research are also anticipated to create sizeable opportunities for manufacturers.
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The satellite payload market has remained preeminent in North America, however, owing to increasing emphasis on space exploration activities by many emerging economies. Asia Pacific excluding Japan (APEJ) is likely to remain a leading market for satellite payloads during the assessment period. Some of the key players profiled in the market include Airbus Defense and Space, Mitsubishi Electrical Corporation, Lockheed Martin Corporation, Harris Corporation, Thales Group, Boeing Company, Honeywell International Inc., and Lucix Corporation.
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