Satellite Payload Market to Exhibit a CAGR of 5.2% from 2024 to 2032; Market Value to Rise with Growing Investment Initiatives by Government Bodies

The global satellite payload market size stood at USD 9.25 billion in 2023. The market value is slated to rise from USD 10.73 billion in 2024 to USD 16.04 billion by 2032 at a CAGR of 5.2% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “Satellite Payload Market Size, Share & Industry Analysis, By Payload Type (Communication, Imaging, Navigation, and Others), By Vehicle Type (Small and Medium-to-heavy), By Orbit (LEO, GEO, and MEO), By Application (Weather Monitoring, Telecommunication, Scientific Research, Surveillance, and Others), By End-Use (Commercial and Military), and Regional Forecast, 2024-2032”.

Satellite payloads play a vital role in a range of applications, including communications, environmental monitoring, weather forecasts, and space exploration. The market growth is being driven by an increase in product development initiatives by various industry players.

The COVID-19 pandemic impacted the manufacturing and distribution of satellite components considering the disruptions in the supply chain. The closure of borders and the enforcement of lockdown restrictions impacted the flow of raw materials, affecting industry expansion during the period.

Lockheed Martin Completed the Demo of its First gNodeB Station to Bring Space-based 5G Capabilities to Users

In November 2023, Lockheed Martin announced its completion of a final demonstration of its first gNodeB (regenerative non-terrestrial network 5G Satellite Base Station). The company intends to launch this station for bringing terrestrial users space-based 5G capabilities.

The components of the base station comprise a 5G Stand Alone core, RAN Intelligent Controller, and a full 5G NR (New Radio) RAN (Radio Access Network) stack.  

Surging Government Investments to Propel Product Demand

Government bodies across the globe are investing in satellite equipment in light of the mounting significance of space-based assets for national security and defense. The major applications of such equipment constitute early warning systems, intelligence gathering, and monitoring. The rise in investment initiatives by regulatory bodies is expected to drive the satellite payload market growth over the coming years.

Nonetheless, the issues associated with sensor failure of the product may hamper the industry growth.

Industry Participants Forge Merger Agreements to Outpace their Competitors

Key satellite payload companies are acquiring other industry players and striking merger agreements to achieve their objectives. These steps are being adopted for securing an edge over their competitors. Maxar Technologies and Airbus S.A.S are some of the pivotal players in the global market.

List of Key Players Profiled:

• Airbus S.A.S (Netherlands)


• L3Harries Technologies (U.S.)


• Lockheed Martin Corporation (U.S.)


• Maxar Technologies (U.S.)


• Northrop Grumman Corporation (U.S.)


• Sierra Nevada Corporation (U.S.)


• SpaceX (U.S.)


• ST Engineering (Singapore)


• Thales Group (France)


• The Boeing Company (U.S.)

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

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

Key Industry Development

• February 2023 – SpaceX announced plans for the rapid deployment of satellites in a bid to bring internet connectivity to remote places in the U.S. and across the globe. The company has launched nearly 4,000 satellites that offer high-speed internet connection to over one million sites.

Further Report Findings

• North America stood at a leading position in the global market. The rising investments by private and government players is set to drive industry expansion in the region.


• The Europe satellite payload market share is touted to exhibit substantial expansion over the estimated period. One of the pivotal factors spurring the regional market size is the escalating demand for small advanced satellites.


• The Latin America market size is set to expand owing to a rise in space launch agreements in Colombia, Argentina, and Brazil.


• Based on payload type, communication segment is poised to expand at the fastest pace over the study period. The segment growth can be credited to an upsurge in space missions focused on communication satellites.


• By vehicle type, medium-to-heavy segment held a leading share in the market in 2023. The dominance was favored by the growing launch of these satellites by key operators in the public and private space.

Table of Segmentation