Satellite Payload Market Share and Size 2020 Global Growth, New Updates, Trends, Industry Expansion, Showing Impressive Growth by 2027
The global satellite payload market sizeis projected to reach USD 15.34 billion by 2027, exhibiting a CAGR of 7.49%during the forecast period. Frequent launching of communications satellites byleading public and private space agencies is expected to propel the marketgrowth, share Fortune Business Insights™ in its new report, titled “SatellitePayload 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 (WeatherMonitoring, Telecommunication, Scientific Research, Surveillance, Others), ByEnd-Use (Commercial and Military) and Regional Forecasts, 2020-2027”.Interest in developing and launching satellites for communication purposes isgrowing around the world and some space agencies are creating a niche domainfor themselves in this market through regular launches. For example,France-based Arianespace’s Ariane 5 Rocket lifted and deployed Europeansatellite operator Eutelsat’s Eutelsat Konnect and the Indian Space ResearchOrganization’s (ISRO) GSAT-30 in geosynchronous orbit January 2020. Similarly,in June 2020, SpaceX lofted a group of 58 Starlink internet satellite payloadsand three small earth-observation satellites into orbit.
COVID-19 Impact
The COVID-19 pandemic has deeplyaffected the activities of most industries, the space industry being one ofthem. Fortune Business Insights™ aims to provide a comprehensive analysis ofthe coronavirus outbreak on markets related to the satellite and spaceindustries through its well-researched and expert market intelligence reports.
According to the report, the marketvalue stood at USD 14.44 billion in 2019. The other highlightsof 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 MayInhibit Market Growth
Space debris or junk is the remnants ofdefunct satellites or spacecraft that are orbiting the earth. Concernssurrounding accumulation of this debris are rising among space agencies aroundthe world as the junk poses threats to active satellites currently orbiting theplanet.
According to the latest US SpaceSurveillance Network, there are approximately 22,300 debris objects floatingaround the earth, with a total mass of over 8,800 tons. The non-removal of thisjunk may create roadblocks for this market growth in the coming years asdesigning and manufacturing of satellite payload components is a complex,costly, and time-consuming process. Likelihood of collisions and explosionswith this debris may stall launch plans by countries to avert financial losses.
Regional Insights
Strong Space Program of the US to DriveMarket Growth in North America
North America, with a market size ofUSD 7.52 billion in 2019, is well-positioned to lead the satellite payloadmarket share during the forecast period. The single biggest reason for theregion’s dominance is the well-funded space program in the US, helmed by thefamed National Aeronautics and Space Administration (NASA). In addition toNASA, many private manufacturers in the region have also entered the spaceindustry, spearheading satellite payload engineering and production.
In Asia Pacific, the market is expectedto be driven by the aggressive expansion of space activities by India’s ISROand China’s National Space Administration in telecommunications andearth-observation satellites. Strengthening of space operations by the EuropeanSpace Agency (ESA) will augment the market in Europe.
Competitive Landscape
Outsourcing of Space Launch Operationsby Government Bodies to Energize Competition
The marquee feature of the competitivelandscape of the satellite payload market is the outsourcing of componentdesigning and spacecraft launching activities to private players by governmentbodies. This trend has energized market players to explore and conceiveinnovative production methods to stay ahead of the competition.
List of the Leading Companies Profiledin 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), aboardUnited 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 platformthat can remain in low earth orbit for years at a time, facilitating on-orbitresearch and military support.
March 2020: The US Space Force awardedmultimillion-dollar contracts to Boeing, Lockheed Martin, and Northrop Grummanto develop jam-resistant communications-targeted payloads for the ProtectedTactical Satcom (PTS) program. While Boeing received contracts worth USD 191million, Lockheed and Northrop bagged contracts valued at USD 240 million andUSD 253 million, respectively.
Browse Detailed Summary of ResearchReport 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…!
About Us:
Fortune Business Insights™ offers expert corporate analysis and accuratedata, helping organizations of all sizes make timely decisions. We tailorinnovative solutions for our clients, assisting them to address challengesdistinct to their businesses. Our goal is to empower our clients with holisticmarket intelligence, giving a granular overview of the market they areoperating in.
Our reports contain a unique mix oftangible insights and qualitative analysis to help companies achievesustainable growth. Our team of experienced analysts and consultants useindustry-leading research tools and techniques to compile comprehensive marketstudies, interspersed with relevant data.
At Fortune Business Insights™, we aimat highlighting the most lucrative growth opportunities for our clients. We,therefore, offer recommendations, making it easier for them to navigate throughtechnological and market-related changes. Our consulting services are designedto help organizations identify hidden opportunities and understand prevailingcompetitive challenges.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US: +1-424-253-0390
UK: +44-2071-939123
APAC: +91-744-740-1245
Email: sales@fortunebusinessinsights.com
FortuneBusiness Insights™
LinkedIn | Twitter | Blogs
Read Press Release:
https://www.fortunebusinessinsights.com/press-release/global-satellite-payload-market-10222
