Satellite Payload Market size is projected to reach USD 15.34 billion by 2027, exhibiting a CAGR of 7.49% during the for

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, Surveil

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™ 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 in January 2020. Similarly, in June 2020, SpaceX lofted a group of 58 Starlink internet satellite payloads and three small earth-observation satellites into orbit.

 

Market Restraint

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 the 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. The likelihood of collisions and explosions with this debris may stall launch plans by countries to avert financial losses.

Regional Insights

Strong Space Program of the US to Drive Market Growth in North America

North America, with 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.

 

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


aerospace research

57 Blog posts

Comments