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Satellite Payload Market to Grow at 7.49% CAGR till 2027; Heightening Demand for Speedy Internet Services Worldwide to Favor Market Growth

September 24, 2020 | Aerospace & Defense

The global satellite payload market size is projected to reach USD 15.34 billion by 2027 on account of rising popularity of small satellites, finds 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, 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”. The report states that the market value stood at USD 14.44 billion in 2019 and is expected to register a CAGR of 7.49% from 2020 to 2027.  


The outbreak of the COVID-19 pandemic is likely to have marginal impact on the satellite payload market growth. The effects of the pandemic on the market will be mainly seen in the form of delayed launch plans, with the market growth slated to pick up pace once again by the end of 2021.


Intelsat and Maxar Technologies Collaborate for Next-Gen Geostationary Satellite


The Colorado-based space technology company, Maxar Technologies, entered into collaboration with the Luxembourg-based Intelsat Corporation in February 2020 to develop the next-generation geostationary communications satellite, Intelsat 40e, scheduled for launch in 2022. The Tropospheric Emissions: Monitoring of Pollution (TEMPO) of NASA will be incorporated into the satellite by Maxar. The Intelsat 40e is designed to provide coast-to-coast coverage to customers in North and Central America, further enhancing and expanding Intelsat’s service offerings in mobility applications. Innovation-based collaborations such as this one are playing an instrumental role in widening the scope of applicability of satellite payloads.


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


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


Increasing Adoption of Hosted Payloads to Boost the Market


Hosted payloads refer to payloads attached to commercial spacecraft already scheduled for launch. They offer a host of economic and time-related advantages compared to dedicated space-bound vehicles. For example, placing a payload on a scheduled spacecraft can meet exigent governmental needs concerning areas such as military, telecommunications, and scientific research. Moreover, hosted payloads can lead to significant cost reductions. For instance, in 2012, the Australian Defense Force reported savings of nearly AUD 150 million by launching a hosted payload aboard the Intelsat 22 satellite. In the US, the National Oceanic and Atmospheric Administration (NOAA) has been extensively utilizing hosted payloads for collecting weather data, following the signing of the Weather Research and Forecasting Innovation Act of 2017. These payloads are, therefore, generating new opportunities in the market.


Market Leaders to Focus on Securing Defense Contracts


Competition in the market for satellite payload is characterized by the operations of some of the largest market companies such as Lockheed Martin and Thales. The mainstay strategy of these players is to secure contracts from the armed forces and other government agencies. These contracts are aimed building robust satellite communication infrastructure and efficiently gather data for the advancement of various fields such as agriculture, weather, military activities, and space exploration.


Industry Development:



  • November 2019: General Dynamics Mission Systems announced the bagging of USD 731.8 million-worth contract from the US Navy for the sustainment of the Mobile User Objective System (MUOS). This system is the next-generation satellite communications system designed to deliver secure data and voice communications to US forces worldwide.


List of Companies Covered in the Market Report:



  • 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.)

  • 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.)


Further Report Findings:



  • The Low Earth Orbit (LEO) segment led the market in 2019 with a share of 44.88% and is expected to continue its performance in the near future as payloads in LEO ensure quick access to in-orbit data, with assured mission endurance capacities.

  • The market size in North America stood at USD 7.52 billion in 2019. The region is anticipated to dominate the satellite payload market share on account of increasing commercialization of space activities.

  • In Asia Pacific, lucrative business opportunities are set to emerge as India and China expand their respective space programs.


Table of Segmentation:

















































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



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 (The U.S. and Canada)

  • Europe (The U.K., Germany, France, Italy, and Rest of Europe)

  • Asia-Pacific (Japan, China, India, Australia, and Rest of Asia- Pacific)

  • Rest of the World (Latin America and the Middle East & Africa )


Global Satellite Payload Market
  • PDF
  • 2019
  • 2016-2018
  • 150

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