Satellite Payload Market Trends

Statistics for the 2023 & 2024 Satellite Payload market trends, created by Mordor Intelligence™ Industry Reports. Satellite Payload trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

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Market Trends of Satellite Payload Industry

Commercial Segment is Expected to Show Significant Growth During the Forecast Period

  • The commercial segment will showcase remarkable growth during the forecast period. The growth is due to the increasing number of satellites launched for commercial applications. The Satellite Industry Association (SIA) has released its 26th annual State of the Satellite Industry Report (SSIR), which stated that the commercial satellite industry launched a record number of commercial satellites into orbit for a fifth consecutive year. According to the SSIR, a total of 2,325 commercial satellites were deployed in 2022, an increase of over 35 percent compared to 2021.
  • Furthermore, several startups are investing in nanosatellite constellations to offer high-speed communication, navigation, and imaging services. The L3Harris Technologies' line of SpaceView imaging payloads is used to support various missions, including agriculture, forestry, mining, oil and gas, mapping, and urban planning.
  • For instance, in May 2023, Momentus Inc., a US commercial space company that offers in-space infrastructure and orbital transportation services, signed an agreement with Hello Space, a satellite technology company, to carry a hosted payload of a demo deployer carrying four pocketqube satellites on the Vigoride-7 mission targeted to launch on the SpaceX Transporter-9 mission. Such developments will drive the growth of the commercial segment during the forecast period.
Satellite Payload Market: Number of Active Satellites (Units), 2018-2022

North America Will Showcase Significant Growth in the Market During the Forecast Period

  • North America holds the highest shares in the satellite payload market and continue its domination during the forecast period. The growth is attributed to the increasing demand for satellite payloads for various applications and technological advancements in digital payloads carried out by SpaceX, NASA, and others. The US was the highest spender on space programs, with an approximate investment of USD 62 billion in 2022.
  • Also, the US accounted for more than half of the global spending of USD 54.6 billion in 2021 on spaceflight activities. Out of the total investment, half of the amount was invested in civil spaceflight activities such as NASA and supporting commercial space, and the other half went to defense programs in the Air Force, Space Force, and other parts of the Department of Defense.
  • For instance, in March 2022, the US Space Force passed a critical design review of a satellite communication payload developed by Boeing. In 2020, The Boeing Company and Northrop Grumman Corporation won separate contracts worth USD 191 million and USD 253 million, respectively, to design payloads for the Protected Tactical Satcom (PTS) program of the US Space Force, a planned network of jam-resistant geostationary satellites for military classified and unclassified communications. Thus, growing expenditure on space programs and a rising number of satellite launches for military and commercial applications drive the growth of the market across the region.
Satellite Payload Market - Growth Rate by Region (2023 - 2028)

Satellite Payload Market Size & Share Analysis - Growth Trends & Forecasts (2024-2029)