Commercial Space Payload Market Report 2022 Released

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, according to a new report from ResearchandMarkets.

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.

Satellites are specialized radio-based instrumentation and communication systems that cater to various applications such as Earth observation and remote sensing, communication, and satellite internet. Commercial space payload refers to the revenue-producing satellites or cargo sent to the Earth's orbit using a space launch vehicle.

The commercial space payload market generates revenue by deploying satellites into the Earth's orbit, mostly in Low Earth orbit (LEO) and Geosynchronous Earth orbit (GEO).

Between 1957 and 2021, many governments and commercial organizations such as SpaceX, Ariane Space, Europe Space Agency (ESA), National Aeronautics and Space Administration (NASA), and Japan Aerospace Exploration Agency (JAXA), started demonstration for the new propulsion system for different satellites in Low Earth orbit (LEO). Since then, technology has evolved continually and transformed the entire space industry by developing unique products and systems.

Communication applications are anticipated to see huge growth over the forecast period, and had a major market share in 2020 due to the increasing demand for remote sensing, Earth observation, and navigation, surveillance, and satellite internet. Growing demand for navigation among consumers has also propelled the private players to enter the segment.

North America is expected to account for the highest share of the global communication space payload market, owing to a significant number of companies based in the region, increased spending by government and commercial organizations such as the National Aeronautics and Space Administration (NASA), Aerojet Rocketdyne, Ariane Group, Exotrail, SpaceX, and Enpulsion for commercial payload launches.

(Source: ResearchandMarkets news release. Infographic provided)