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Satellite Payload Market to Register Stunning CAGR of 9.67% from 2021 to 2028; Lockheed Martin Corporation Earns Deal worth USD 258.3 Million Set to Mark Progress

February 04, 2022 | Aerospace & Defense

The global satellite payload market size was USD 13.32 billion in 2020. The market is projected to grow from USD 14.45 billion in 2021 to USD 27.58 billion in 2028 at a CAGR of 9.67% during the 2021-2028 period. This information is provided by Fortune Business Insights™, in its report, titled, “Satellite Payload Market Size, Share & COVID-19 Impact Analysis, By Payload Type (Communication, Imaging, Navigation, and Others), By Vehicle Type (Small and Medium-to-heavy), By Orbit (GEO, LEO, and MEO), By Application (Weather Monitoring, Telecommunication, Scientific Research, Surveillance, and Others), By End-Use (Commercial and Military), and Regional Forecasts, 2021-2028.”


As per our analysts, surging demand for broadcasting facilities is anticipated to drive the satellite payload market growth during the forecast period.


COVID-19 Pandemic to Affect Space Sector Operations


The COVID-19 outbreak has unfavorably affected the global space industry. Several companies in the market confronted unusual complications owing to breaks in production process and postponed satellite programs. The pandemic had no paramount effect in the first quarter of the fiscal year 2020 on space business owing to protracted manufacturing sequences and low volumes of the units.


Lockheed Martin Awarded Contract to Develop Prototype Protected Tactical Satellite Communications (SATCOM) Payload


The Space and Missile Systems Center (SMC) of U.S. Space Force, based at Los Angeles Air Force Base granted Lockheed Martin a USD 240 million agreement to create a prototype payload for its novel Protected Tactical SATCOM (PTS) system. 


PTS is a next-generation system linking war fighters with more supple and jam-resistant satellite communications (SATCOM). The whole system shall position a constellation of committed geostationary satellites, commercially hosted payloads, and alliance partner satellites incorporated through a ground control network to offer the U.S. and association militaries secure interaction in a data-driven battle space.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/satellite-payload-market-101829


Growing Demand for Small Satellites for Communication Purposes to Fuel Market


In the past few years, the development of the space sector has been moderately driven by increasing competences and plummeting the expenses of small satellites. Owing to augmented abilities of small-satellites such as data handling, signal handling, the omnipresence of GPS that permits influential elevation and position, and disposition of cost-effective commercial off-the-shelf fragments, their demand is projected to swell during the forecast period.


Competitive Landscape


Major Companies to Focus on R&D Capabilities Set to Mark Significant Difference in Market


Players are involved in mergers, procurements, and partnerships to gain an edge over competitors. Producers are emphasizing on research and development abilities to deteriorate the general load of satellite payloads. Moreover, corporations such as ISRO, Northrop Grumman Corporation, and L3Harris Technologies Inc. have embraced organic tactics to extend their operations.


Industry Development



  • November 2020: Lockheed Martin Corporation was granted a five-year deal worth USD 258.3 million to develop and determine an example of the U.S. Space Force's Evolved Strategic Satellite Communication payload.


List of Key Players Covered in the Report



  • Lockheed Martin Corporation (U.S.)

  • Honeywell International Inc. (U.S.)

  • The Boeing Company (U.S.)

  • Thales S.A. (France)

  • Raytheon Technologies (U.S.)

  • Airbus Defense and Space (Germany)

  • L3 Harris Corporation (U.S.)

  • Mitsubishi Electric Corporation (Japan)

  • ISRO (India)

  • General Dynamics Mission Systems, Inc. (U.S.)

  • Space Exploration Technologies Corporation (U.S.)

  • MDA Corporation (U.K.)

  • Northrop Grumman Corporation (U.S.)


Further Findings



  • North America accounted for the largest satellite payload market share and was worth USD 6.05 billion in the financial year 2020, owing to increased government spending on space technologies.

  • The GEO segment is predicted to be the fastest-growing segment over the forecast period.


Table of Segmentation





















































ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Estimated Year



 2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD Billion)



Segmentation



By Payload Type



  • Communication

  • Imaging

  • Navigation

  • Others



By Vehicle Type



  • Small

  • Medium-to-heavy



By Orbit



  • GEO

  • LEO

  • MEO



By Application



  • Weather Monitoring

  • Telecommunication

  • Scientific Research

  • Surveillance

  • Others



By End-Use



  • Commercial

  • Military



By Geography



  • North America

    • U.S. (By Payload Type)

    • Canada (By Payload Type)



  • Europe

    • U.K. (By Payload Type)

    • Germany (By Payload Type)

    • France (By Payload Type)

    • Italy (By Payload Type)

    • Rest of Europe(By Payload Type)



  • Asia Pacific

    • Japan (By Payload Type)

    • China (By Payload Type)

    • India (By Payload Type)

    • Australia (By Payload Type)

    • Rest of Asia Pacific (By Payload Type)



  • Rest of the World

    • Latin America (By Payload Type)

    • Middle East & Africa (By Payload Type)





 

Global Satellite Payload Market
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