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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.
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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.
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.
List of Key Players Covered in the Report
Table of Segmentation
Value (USD Billion)
By Payload Type
By Vehicle Type