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Satellite Payload Market Trends, Share, Size, Demand, Growth Opportunities, Industry Revenue, Future and Business Analysis by Forecast 2027

11-29-2021 10:44 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Fortune Business Insights

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. 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.

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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.

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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.

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.)

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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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

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