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(Medical-NewsWire.com, February 10, 2020 ) The satellite payloads market is estimated to be USD 11.84 Billion in 2017 and is projected to reach USD 18.15 Billion by 2022, at a CAGR of 8.92% during the forecast period. The base year considered for the study is 2016 and the forecast period is from 2017 to 2022.
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Based on orbit type, the GEO (geostationary earth orbit) segment of the satellite payloads market is projected to grow at the highest CAGR during the forecast period. These satellites are majorly used for telephone networks, TV & radio broadcast, and weather forecast. The LEO segment is expected to witness the second-highest growth. On the basis of payload weight, the low weight segment is projected to grow at the highest CAGR during the forecast period. Low payload satellites are easier to carry and require lower payload launch vehicles.
Among applications, the telecommunication application segment is estimated to dominate the satellite payloads market during the forecast period. With the increasing research and development activities, communication-related missions are expected to offer enhanced quality communication systems with the help of highly sophisticated miniaturized on-board nano, micro, and mini subsystems.
Based on vehicle type, the small satellite segment is projected to grow at the highest CAGR during the forecast period. The small satellites find applications industries such as aviation, military, television & entertainment, and space research & development, among others. Based on frequency band, the C, K/KU/KA band segment is estimated to lead the satellite payloads market. C, K, Ku, & Ka bands are generally used for telecommunication and broadcast operations.
The North American region is estimated to lead the satellite payloads market in 2017. Disruptive technologies in the region’s satellite industry are transforming the way the companies do their businesses, thereby helping them gain a competitive advantage in other regions as well. The satellite payloads market in North America is expected to witness high growth during the forecast period.
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