The Satellite Payloads market size is projected to grow from USD 3.7 Billion in 2021 to USD 11.3 Billion by 2026, at a CAGR of 24.8% from 2021 to 2026. The satellite payloads market is growing at a significant rate across the world, and a similar trend is expected to be observed during the forecast period.
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Major manufacturers in this market are based in North America and Europe. Airbus Defence and Space (Germany), Surrey Satellite Technology Limited (UK), Northrop Grumman (US), Raytheon Technologies Corporation (US), Lockheed Martin Corporation (US), Thales Alenia Space (France), L3Harris Technologies, Inc. (US), and SpaceX (US) are among the key manufacturers that secured satellite payloads contracts in the last few years. Major focus was given to the development of new products due to the changing requirements of payloads customers across the world. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities further to expand their presence in the satellite payloads market.
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Lockheed Martin Corporation is one of the leading companies that provide products for defense, civil government, and cybersecurity applications. Lockheed Martin Corporation has business partner networks across the US, Europe, Asia Pacific, and the Middle East. This allows it to provide satellite solutions across the world. It is strongly backing by the US government as 85% of its revenue comes from US government contacts. Lockheed Martin Corporation focuses on launching new products to meet the requirements of end users and gain an edge over its competitors. For example, in January 2020, Lockheed Martin launched the Pony Express 1 mission as a hosted payload on Tyvak-0129, a next-generation Tyvak 6U spacecraft. Pony Express 1 is a dual-use payload that enables mesh networks in space through HiveStar and a second function that tests space to ground remote sensing. It also strives to increase its market share in the aerospace & defense sector by securing aerospace and government defense contracts across the world. For example, in December 2020, The U.S. Space Force had signed a contract with Lockheed Martin worth USD 511 million for buying two more GPS satellites.
Northrop Grumman Corporation is an American multinational aerospace and defense technology company. The company’s strength lies in the continuous improvement of its processes and methods. In May 2021, The Defense Advanced Research Projects Agency awarded Northrop Grumman a USD 13.3-million contract to provide positioning, navigation, and timing (PNT) payloads for the Blackjack program. Blackjack is a DARPA project to demonstrate the military utility of small satellites in low-Earth orbit to provide communications, missile warning, and PNT. Northrop Grumman satellite services meet the remote sensing and earth observation, logistics, cybersecurity, and military communication applications. It also strives to increase its market share in the aerospace & defense sector by securing aerospace and government contracts and agreements across the world. For example, in May 2020, The U.S. Space Force has awarded Northrop Grumman a USD 2.375-billion contract for two next-generation overhead persistent infrared satellites that will help provide ballistic missile warning for the military.
Thales Alenia Space specialized in manufacturing various space-related products. The company is the second-largest industrial participant in the International Space Station (ISS), producing the European Space Agencys (ESA) modules for the ISS. It is also producing satellites for Galileo, a European global satellite navigation system (GSNS). Thales has operations in over 50 countries and has a wide customer base of more than 100 countries. Its large partnership ecosystem is rapidly becoming a key commercial asset. The company has successfully acquired several customers across the world. For instance, in August 2020, Thales Alenia Space signed its first tranche contract with OHB System, which was worth USD 87.59 million, to develop the payload for the two satellites of the CO2M mission, and in February 2021, Thales Alenia Space signed an agreement with leading global satellite operator Telesat to be the prime contractor on the construction of Lightspeed, its advanced LEO network, a multi-billion-dollar project, initially comprised a fleet of 298 satellites.
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