Satellite Payload Market will exhibit a CAGR of 7.49% from 2020 to 2027 and reach USD 15.34 billion by 2027, and the Market value as per 2019 was USD 14.44 billion.

Fortune Business Insights™ in its 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”.

Satellite Payload Market Drivers and Restraint:
Rising Adoption of Hosted Payloads to Propel Market Growth
A hosted satellite payload is a module that utilizes available capacity on commercial satellites to place additional space-bound instruments that operate individually of the main spacecraft but share the power supply and transponders. Government agencies deploy sensors and other equipment into space by using hosted payloads on commercial spacecraft that are already scheduled for launch to save costs. As building and launching a satellite is a very costly process, demand for hosted payloads has risen. These payloads provide significant cost-saving and schedule efficiencies, which is driving this market.
Growing Demand for Small Satellites for Communication Purposes to Fuel the Market
In recent years, the growth of the space sector has been partially powered by rising capabilities and reducing the costs of small satellites. Owing to increased capabilities of smallsats such as data processing, signal processing, the omnipresence of GPS that allow determining altitude and location, and deployment of low-cost commercial off-the-shelf parts, their demand is anticipated to surge during the forecast period. Demand for in emerging economies in Asia Pacific is also expected to grow, owing to the high demand for low-cost, high-speed broadband, which is encouraging investments. This demand will, in turn, generate demand for small payloads.

List of Key Players Covered in the Satellite Payload Market Report:
• 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.)
• Northrop Grumman Corporation (the U.S.)
• Space Exploration Technologies Corporation (the U.S.)
• ISRO (India)
• Lucix Corporation (the U.S.)
• Airbus Defence and Space (Germany)
• Thales S.A. (France)
• Honeywell International Inc. (the U.S.)

To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/industry-reports/satellite-payload-market-101829

Some of the key industry developments in the Satellite Payload Market Include:
• November 2019: General Dynamics Mission Systems announced the bagging of USD 731.8 million-worth contract from the US Navy for the sustainment of the Mobile User Objective System (MUOS). This system is the next-generation satellite communications system designed to deliver secure data and voice communications to US forces worldwide.