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 expansion observed during the historical period can be ascribed to the demand for communication infrastructure, earth observation and remote sensing, global navigation systems, scientific research and exploration, as well as 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 anticipated growth in the forecast period can be linked to an increase in small satellite deployments, global initiatives in climate monitoring, collaboration between government and private sectors, exploration of lunar and planetary bodies, and enhanced space situational awareness. Significant trends expected in the forecast period involve a focus on reconfigurable and software-defined payloads, a heightened demand for in-orbit servicing payloads, rapid growth in the demand for remote sensing payloads, the utilization of artificial intelligence (AI) in payload data processing, and a growing interest in space science payloads.

The satellite payload market is experiencing growth due to the increasing number of satellite launches. Payload components, including communications antennas, receivers, and transmitters, are crucial for various applications. The trend towards smaller satellites allows multiple launches on a single rocket. In 2022, there were 186 orbital launches, with SpaceX's Falcon 9 contributing significantly. The surge in satellite launches, as evidenced by SpaceX's achievements, is a major factor propelling the satellite payload market.

The satellite payload market is poised for growth driven by growing investments in the space industry. Investments in space exploration, satellite deployment, and related endeavors contribute to the development, manufacture, and deployment of satellite payloads. Via Satellite reported a decrease in private market equity investment in space from $47.4 billion in 2021 to $20.1 billion in 2022. Despite the decline, the continuous investments in the space industry remain a key factor propelling the satellite payload market's growth.

The development of artificial intelligence (AI) and cloud-enabled software-defined radio payloads is emerging as a noteworthy trend. AI-based payloads offer enhanced flexibility in space missions, allowing for reprogramming and reconfiguration based on specific mission requirements. This innovation facilitates advanced satellite communications, and companies are integrating AI tools into satellite payloads. An example is the ATRIA project funded by the European Union in June 2021. The project, led by GMV Aerospace and Defense, aims to create an intelligent tool called AI-PCS to control both current satellite flexible payloads and traditional counterparts, optimizing the arrangement of satellite resources for on-demand service demands.

The major players in the satellite payload industry are adopting a strategic partnership approach to deliver satellite-based services. Strategic partnerships involve leveraging each other's strengths and resources for mutual benefits and success. For instance, in March 2023, Dhruva Space, an India-based aerospace company, formed a partnership with Kinéis, a France-based satellite communication services provider. This collaboration aims to establish space assets and provide satellite-based services, encompassing the development and manufacturing of ground terminals, mutual commercialization of space assets, and the integration of various payloads into satellite platforms for diverse services.

In September 2021, BAE Systems, a British aerospace and security products manufacturer, completed the acquisition of In-Space Missions, a UK-based company specializing in the design, construction, and operation of satellites and satellite systems, for approximately $18 million. This strategic acquisition enables BAE Systems to integrate the technologies developed by In-Space Missions, expanding the company's capabilities and offerings in the aerospace sector.

Major companies operating in the satellite payload market report are Airbus SE, Raytheon Technologies Corporation, RTX Corporation, The Boeing Company, Lockheed Martin Corporation, General Dynamics Mission Systems, Northrop Grumman Corporation, Mitsubishi Electric Corporation, Honeywell International Inc., Safran SA, L3Harris Technologies Inc., Ball Aerospace & Technologies Corp., Teledyne Technologies Inc., Space Exploration Technologies Corp., Viasat Inc., Thales Alenia Space, Sierra Nevada Corporation, Cobham PLC, Maxar Technologies Inc., OHB SE, Kratos Defense & Security Solutions Inc., MDA Corporation, Indian Space Research Organisation, Intelsat General Corporation, Lucix Corporation, Gomspace, Space Systems/Loral LLC.

North America was the largest region in the satellite payload market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the satellite payload market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the satellite payload market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary satellite payload types encompass communication, imagery, navigation, and others. Communication satellites utilize transponders to relay and amplify radio telecommunication signals, establishing communication channels between source transmitters and receivers across different points on Earth. Payload orbit types include LEO (low earth orbit), GEO (geosynchronous earth orbit), and MEO (medium earth orbit), with vehicle systems categorized as small, medium, and heavy, serving end-users in commercial, government, defense, and dual sectors.

The satellite payload market research report is one of a series of new reports that provides satellite payload market statistics, including satellite payload industry global market size, regional shares, competitors with a satellite payload market share, detailed satellite payload market segments, market trends and opportunities, and any further data you may need to thrive in the satellite payload industry. This satellite payload market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The satellite payload market consists of sales of transponders, repeaters, antennas, spectrometers, and cameras. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.