The global satellite payload market size is projected to reach USD 15.34 billion by 2027, exhibiting a CAGR of 7.49% during the forecast period. Frequent launching of communications satellites by leading public and private space agencies is expected to propel the market growth, share Fortune Business Insights™ in its new report, titled Satellite Payload Market Size, Share & COVID-19 Impact Analysis, By Payload Type (Communication, Imaging, Navigation, and Others), By Vehicle Type (Small, Medium-to-heavy), By Orbit (GEO, LEO, and MEO), By Application (Weather Monitoring, Telecommunication, Scientific Research, Surveillance, Others), By End-Use (Commercial and Military) and Regional Forecasts, 2020-2027. Interest in developing and launching satellites for communication purposes is growing around the world and some space agencies are creating a niche domain for themselves in this market through regular launches. For example, France-based Arianespace’s Ariane 5 Rocket lifted and deployed European satellite operator Eutelsat’s Eutelsat Konnect and the Indian Space Research Organization’s (ISRO) GSAT-30 in geosynchronous orbit January 2020. Similarly, in June 2020, SpaceX lofted a group of 58 Starlink internet satellite payloads and three small earth-observation satellites into orbit.

 

COVID-19 Impact Analysis:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

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List of the Leading Companies Profiled in the Global Satellite Payload Market are:

  • Northrop Grumman Corporation (the U.S.)
  • Space Exploration Technologies Corporation (the U.S.)
  • ISRO (India)
  • Lucix Corporation (the U.S.)
  • Airbus Defence and Space (Germany)
  • Thales S.A. (France)
  • Honeywell International Inc. (the U.S.)
  • MDA Corporation (the U.K.)
  • General Dynamics Mission Systems, Inc. (the U.S.)
  • Mitsubishi Electric Corporation (Japan)
  • L3 Harris Corporation (the U.S.)
  • Raytheon Technologies (the U.S.)
  • The Boeing Company (the U.S.)
  • Lockheed Martin Corporation (the U.S.)

 

According to the report, the market value stood at USD 14.44 billion in 2019. The other highlights of the report include:

  • Intelligent insights into the upcoming market opportunities;
  • Detailed analysis of the market drivers, trends, and constraints;
  • In-depth examination of the regional prospects and competitive developments influencing the market; and
  • Exhaustive evaluation of all market segments.

 

Market Restraint

Growing Quantity of Space Debris May Inhibit Market Growth

Space debris or junk is the remnants of defunct satellites or spacecraft that are orbiting the earth. Concerns surrounding accumulation of this debris are rising among space agencies around the world as the junk poses threats to active satellites currently orbiting the planet.

According to the latest US Space Surveillance Network, there are approximately 22,300 debris objects floating around the earth, with a total mass of over 8,800 tons. The non-removal of this junk may create roadblocks for this market growth in the coming years as designing and manufacturing of satellite payload components is a complex, costly, and time-consuming process. Likelihood of collisions and explosions with this debris may stall launch plans by countries to avert financial losses.

 

Regional Insights

Strong Space Program of the US to Drive Market Growth in North America

North America, with a market size of USD 7.52 billion in 2019, is well-positioned to lead the satellite payload market share during the forecast period. The single biggest reason for the region’s dominance is the well-funded space program in the US, helmed by the famed National Aeronautics and Space Administration (NASA). In addition to NASA, many private manufacturers in the region have also entered the space industry, spearheading satellite payload engineering and production.

In Asia Pacific, the market is expected to be driven by the aggressive expansion of space activities by India’s ISRO and China’s National Space Administration in telecommunications and earth-observation satellites. Strengthening of space operations by the European Space Agency (ESA) will augment the market in Europe.

 

Segment

  • By Payload Type (Value)
    • Communication
    • Imaging
    • Navigation
    • Others
  • By Vehicle Type (Value)
    • Small
    • Medium-to-heavy
  • By Orbit (Value)
    • GEO
    • LEO
    • MEO
  •  By Application (Value)
    • Weather Monitoring
    • Telecommunication
    • Scientific Research
    • Surveillance
    • Others
  •   By End-Use (Value)
    • Commercial
    • Military
  • By Region (Value)
    • North America
    • Europe
    • Asia Pacific
    • Rest of the World

 

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Competitive Landscape

Outsourcing of Space Launch Operations by Government Bodies to Energize Competition

The marquee feature of the competitive landscape of the satellite payload market is the outsourcing of component designing and spacecraft launching activities to private players by government bodies. This trend has energized market players to explore and conceive innovative production methods to stay ahead of the competition.

 

Key Industry Developments:

May 2020: Boeing’s X-37B Orbital Test Vehicle (OTV), aboard United Launch Alliance’s Atlas V rocket, was deployed in low earth orbit. Operated by the US Air Force, the OTV is a reusable and recoverable platform that can remain in low earth orbit for years at a time, facilitating on-orbit research and military support.

March 2020: The US Space Force awarded multimillion-dollar contracts to Boeing, Lockheed Martin, and Northrop Grumman to develop jam-resistant communications-targeted payloads for the Protected Tactical Satcom (PTS) program. While Boeing received contracts worth USD 191 million, Lockheed and Northrop bagged contracts valued at USD 240 million and USD 253 million, respectively.

 

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Read Press Release:

https://www.fortunebusinessinsights.com/press-release/global-satellite-payload-market-10222

By Emelia Murison

Emelia Murison is a freelance writer and editor with a passion for innovation and technology. She covers breaking industry news, #SpaceForGood, and product reviews for the group. She also provides copywriting services to startups around the world – one of which introduced her to the world of Aerospace.

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