The global satellite payload market size is projected to reach USD 15.34 billion by 2027, exhibiting a CAGR of 7.49% during the forecast period. Frequent launching of communications satellites by leading public and private space agencies is expected to propel the market growth, share Fortune Business Insights™ in its new 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”. 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. For example, France-based Arianespace’s Ariane 5 Rocket lifted and deployed European satellite operator Eutelsat’s Eutelsat Konnect and the Indian Space Research Organization’s (ISRO) GSAT-30 in geosynchronous orbit January 2020. Similarly, in June 2020, SpaceX lofted a group of 58 Starlink internet satellite payloads and three small earth-observation satellites into orbit.
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