Categories: Market Research

Satellite Payload Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Satellite Payload Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Satellite Payload Global Market Report 2024, The satellite payload market size has grown strongly in recent years. It will grow from $16.7 billion in 2023 to $18.31 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to communication infrastructure demand, earth observation and remote sensing, global navigation systems, scientific research and exploration, military and defense applications.

The satellite payload market size is expected to see strong growth in the next few years. It will grow to $25.83 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to rise in small satellite deployments, global efforts in climate monitoring, government and private sector collaboration, exploration of lunar and planetary bodies, enhanced space situational awareness. Major trends in the forecast period include focus on reconfigurable and software-defined payloads, increased demand for in-orbit servicing payloads, rapid growth in demand for remote sensing payloads, use of artificial intelligence (AI) in payload data processing, increasing interest in space science payloads.

The increasing number of satellite launches is expected to propel the growth of the satellite payload market. Payload provides the communications antennas, receivers, and transmitters used for different applications. The satellites are now smaller in size to accommodate more satellites on one rocket. For instance, in December 2022, according Parabolic Arc, a US-based media brand Company, reported that there were a total of 186 orbital launches, with 178 successes, 7 failures, and 1 partial failure in 2022. The increase in the number of launches in the US can primarily be attributed to SpaceX’s Falcon 9 rocket, which reached orbit 60 times in 2022. Therefore, the increasing number of satellite launches is driving the growth of the satellite payload market .

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The satellite payload market covered in this report is segmented –

1) Payload Type: Communication, Imagery, Navigation, Other Payload Types

2) Orbit Type: LEO (Low Earth Orbit), GEO (Geosynchronous Earth Orbit), MEO (Medium Earth Orbit)

3) By Vehicle Type: Small, Medium, Heavy

4) By End User: Commercial, Government And Defense, Dual Users

Major companies operating in the satellite payload industry are adopting a strategic partnership approach to provide satellite-based services. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in March 2023, Dhruva Space, an India-based aerospace company, partnered with Kinéis, a France-based satellite communication services provider. With this partnership, they aim to establish space assets and offer satellite-based services. And this partnership involves the development and manufacturing of ground terminals powered by Kinéis’ chipsets, the mutual commercialization of space assets, and satellite earth stations to enable satellite-based services. It involves the integration of various payloads into satellite platforms to offer a range of services.

The satellite payload market report table of contents includes: