Pune, Sep 28, 2020 (GLOBE NEWSWIRE via COMTEX) -- Pune, Sept. 28, 2020 (GLOBE NEWSWIRE) -- The global satellite payload market size is projected to reach USD 15.34 billion by 2027, exhibiting a CAGR of 7.49% during the forecast period. Frequent launching of communications satellites by leading public and private space agencies is expected to propel the market growth, share Fortune Business Insights(TM) in its new 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". Interest in developing and launching satellites for communication purposes is growing around the world and some space agencies are creating a niche domain for themselves in this market through regular launches. For example, France-based Arianespace's Ariane 5 Rocket lifted and deployed European satellite operator Eutelsat's Eutelsat Konnect and the Indian Space Research Organization's (ISRO) GSAT-30 in geosynchronous orbit January 2020. Similarly, in June 2020, SpaceX lofted a group of 58 Starlink internet satellite payloads and three small earth-observation satellites into orbit.
The COVID-19 pandemic has deeply affected the activities of most industries, the space industry being one of them. Fortune Business Insights(TM) aims to provide a comprehensive analysis of the coronavirus outbreak on markets related to the satellite and space industries through its well-researched and expert market intelligence reports.
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According to the report, the market value stood at USD 14.44 billion in 2019. The other highlights of 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.
Growing Quantity of Space Debris May Inhibit Market Growth
Space debris or junk is the remnants of defunct satellites or spacecraft that are orbiting the earth. Concerns surrounding accumulation of this debris are rising among space agencies around the world as the junk poses threats to active satellites currently orbiting the planet.
According to the latest US Space Surveillance Network, there are approximately 22,300 debris objects floating around the earth, with a total mass of over 8,800 tons. The non-removal of this junk may create roadblocks for this market growth in the coming years as designing and manufacturing of satellite payload components is a complex, costly, and time-consuming process. Likelihood of collisions and explosions with this debris may stall launch plans by countries to avert financial losses.
Strong Space Program of the US to Drive Market Growth in North America
North America, with a market size of USD 7.52 billion in 2019, is well-positioned to lead the satellite payload market share during the forecast period. The single biggest reason for the region's dominance is the well-funded space program in the US, helmed by the famed National Aeronautics and Space Administration (NASA). In addition to NASA, many private manufacturers in the region have also entered the space industry, spearheading satellite payload engineering and production.
In Asia Pacific, the market is expected to be driven by the aggressive expansion of space activities by India's ISRO and China's National Space Administration in telecommunications and earth-observation satellites. Strengthening of space operations by the European Space Agency (ESA) will augment the market in Europe.
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Outsourcing of Space Launch Operations by Government Bodies to Energize Competition
The marquee feature of the competitive landscape of the satellite payload market is the outsourcing of component designing and spacecraft launching activities to private players by government bodies. This trend has energized market players to explore and conceive innovative production methods to stay ahead of the competition.
List of the Leading Companies Profiled in the Global Satellite Payload Market are:
Northrop Grumman Corporation (the U.S.)
Space Exploration Technologies Corporation (the U.S.)
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), aboard United 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 platform that can remain in low earth orbit for years at a time, facilitating on-orbit research and military support.
March 2020: The US Space Force awarded multimillion-dollar contracts to Boeing, Lockheed Martin, and Northrop Grumman to develop jam-resistant communications-targeted payloads for the Protected Tactical Satcom (PTS) program. While Boeing received contracts worth USD 191 million, Lockheed and Northrop bagged contracts valued at USD 240 million and USD 253 million, respectively.
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Detailed Table of Content:
Global Satellite Payload Market Analysis, Insights and Forecast, 2016-2027
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