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 January 2020. Similarly, in June 2020, SpaceX lofted a group of 58 Starlink internet satellite payloads and three small earth-observation satellites into orbit.
Space Launch Services Market Statistics – 2027
The global space launch services market size was valued at $9.88 billion in 2019 and is projected to reach $32.41 billion by 2027, growing at a CAGR of 15.7%from 2020 to 2027.
The space launch services market is associated with the activities carried out by space launch service providers. It consists of a series of events such as ordering, conversion, construction, stacking and assembly, integration of payload, and launch. The entry of private launch service providers has resulted in decrease of the launch cost and introduction of new technologies, thereby marking a new phase in the market.
The increase in number of satellite and testing probe launches act as drivers for the space launch services market growth. In addition, the increased government investments and private funds also impact the market growth significantly. However, high initial costs associated with the launch services acts as a market restraint. Also, the interoperability issues faced by companies discourage the market growth. The lack of skilled workforce and resistance to adaptability toward new technologies is one more factor that hampers the market growth. Meanwhile, efforts to reduce cost of launch services offer a lucrative opportunity for the market players which are operating in the space launch services industry. The space launch services market analysis is done by considering all the driving factors responsible for the space launch services market growth globally. Also, the space launch services market forecasted from the year 2020-2027.