A report from Fortune Business Insights says that the satellite payload market will be worth $15.34 billion by 2027. This growth represents a CAGR of 7.49 per cent.
The satellite payloads in the study are made up of private and government satellite and in particular the explosion in growth of communications satellites from the likes of Elon Musk, Jeff Bezos and others planning mega-constellations.
“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,” says Fortune Business.
North America, with a market size of $7.52 billion in 2019, is well-positioned to lead the satellite payload market share during the forecast period. The single biggest reason for the region’s dominance is the well-funded space programme in the US, managed by NASA.