Satellite Payload Market Size, 2020 Industry Share and Global Demand | 2027 Forecast by Fortune Business Insights™
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.
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
The COVID-19 pandemic has deeply
affected the activities of most industries, the space industry being one of
them. Fortune Business Insights™ aims to provide a comprehensive analysis of
the coronavirus outbreak on markets related to the satellite and space
industries through its well-researched and expert market intelligence reports.
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.
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.
Browse Detailed Summary of Research
Report With TOC:
https://www.fortunebusinessinsights.com/industry-reports/satellite-payload-market-101829
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product
Launches, and Mergers & Acquisitions
- Qualitative Insights
- Impact of COVID-19 on the Satellite Payload Market
- Supply Chain Challenges
- Steps Taken by the Industry/Government/Companies to Overcome the
Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities due to COVID-19 Outbreak
- Global Satellite Payload Market Analysis, Insights and Forecast,
2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- 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
TOC Continued…!
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