According to BIS Research Analysis, the global commercial space payload market is expected to reach $56.32 billion by 2031, with a CAGR of 5.51% during the forecast period 2021-2031. The increasing number of satellite constellations for applications such as communication, technology development, Earth observation, and remote sensing is expected to be the major driving factors for the market.
The commercial space payload industry has grown significantly due to increasing demand for applications such as satellite internet, satellite television, navigation, surveillance, communication, and reconnaissance. Growing demand for increased connectivity developments in the past years to cater to the rising market demand for satellite communication is driving the market growth. Technological developments in satellite components, miniaturization of parts, reducing launch costs, and increasing demand for stable connectivity in remote locations are the primary factors that support market opportunities.
The commercially hosted payload approach offers prominent advantages for government payloads which include leveraging of existing commercial infrastructure, frequent launch opportunities, and lower cost access to space. Attaching a secondary payload to a commercial spacecraft allows the government to pay a fraction of the cost of building and launching an entire spacecraft.
Commercial spacecraft owners and manufacturers gain several benefits from hosted payloads as well. One of the major benefits is the financial advantage that the early government payment provides to offset some of the owner’s initial investment in building and to launch a new spacecraft. A less quantifiable benefit is that by hosting a government payload, the commercial industry can maximize the orbit locations in geostationary Earth orbit (GEO) that remain available for use in the commercial market.
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North America Regional Analysis:
North America region comprises the regional markets of the U.S., Canada, and Mexico. The market for commercial space payload is anticipated to grow significantly in the upcoming years. One of the major factors for this is the growing satellite constellations launched in the next ten years. The presence of major satellite and launch vehicle providers such as SpaceX, Blue Origin, Planet Labs Inc., Space Development Agency, Hawk Eye, and Astro Digital within the region and space exploration programs by commercial end-use is also creating market opportunities. The increasing number of market players in developing small satellites in the region is supporting growth of North America commercial space payload market.
Key Companies in the Global CBRNE Defense System Market
Key Market Players:
Airbus S.A.S, Ariane Group, Astrocast, Black sky Global (Blacksky Technology Inc.), Blue Origin, LLC, Capella Space, GomSpace, Lockheed Martin Corporation, Oneweb, Planet IQ, Planet Labs, Spaceflight, SpaceX, Thales Alenia Space, Tyvak, United Launch Alliance, LLC.
Key Questions Answered by This Report:
What are the futuristic trends in this market, and how is the market expected to change over the forecast years 2021-2031?
What are the key drivers and challenges faced by the companies that are currently working in the commercial space payload market?
How is the market expected to grow during the forecast period 2021-2031?
What are the opportunities for the companies to expand their businesses in the commercial space payload market?
Which region is expected to be leading the commercial space payload market by 2031?
What are the key developmental strategies implemented by the key players to sustain in this highly competitive market?
What is the current and future revenue scenario of this market?
About BIS Research:
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