Commercial Space Payload Market Latest Innovations
Satellites are specialized radio-based instrumentation and communication systems that cater to various applications such as Earth observation and remote sensing, communication, and satellite internet. Commercial space payload refers to the revenue-producing satellites or cargo sent to the Earth’s orbit using a space launch vehicle.
Read Report Overview: Commercial Space Payload Market
The commercial space payload market generates revenue by deploying satellites into the Earth's orbit, mostly in Low Earth orbit (LEO) and Geosynchronous Earth orbit (GEO).
Between 1957 and 2021, many governments and commercial organizations such as SpaceX, Ariane Space, Europe Space Agency (ESA), National Aeronautics and Space Administration (NASA), and Japan Aerospace Exploration Agency (JAXA), started demonstration for the new propulsion system for different satellites in Low Earth orbit (LEO). Since then, technology has evolved continually and transformed the entire space industry by developing unique products and systems.
Commercial Space Payload Industry Overview
The global commercial space payload market is expected to reach $56.32 billion by 2031, with a CAGR of 5.51% during the forecast period 2021-2031.
The increasing number of satellite constellations for applications such as communication, technology development, Earth observation, and remote sensing is expected to be the major driving factors for the market.
Commercial Space Payload Market by Application
Communication application is anticipated to witness huge growth over the forecast period and has a major market share in 2020 due to the increasing demand for remote sensing, Earth observation, and navigation, surveillance, satellite internet. Growing demand for navigation among consumers has also propelled the private players to enter the segment.
Commercial Space Payload Market by Region
North America is expected to account for the highest share of the global communication space payload market, owing to a significant number of companies based in the region, increased spending by government and commercial organizations such as the National Aeronautics and Space Administration (NASA), Aerojet Rocketdyne, Ariane Group, Exotrail, Space X, and Enpulsion for commercial payload launches.
Key Market Players and Competition Synopsis
Airbus S.A.S, Ariane Group, Astrocast, Black sky Global (Blacksky Technology Inc.), Blue Origin, LLC, Capella Space, GomSpace, Lockheed Martin Corporation, Oneweb, Planet IQ, Planet Labs, Spaceflight, SpaceX, Thales Alenia Space, Tyvak, United Launch Alliance, LLC
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The companies profiled in the report have been selected post-in-depth interviews with experts and understanding details around companies such as product portfolios, annual revenues, market penetration, research and development initiatives, and domestic and international presence in the commercial space payload market.