Covina, July 02, 2024 (GLOBE NEWSWIRE) -- According to the recent research study, the global LEO satellite market size and share was valued at USD 13 Billion in 2024 and is expected to reach USD 47.4 Billion by 2034, growing at a CAGR of 15.3%.
LEO Satellite Market Overview
A low earth orbit satellite is a device, or piece of electrical equipment that orbits the earth at an altitude lower than geosynchronous satellites. The Low Earth Orbit (LEO) satellites orbit 200–2,000 kilometers above the planet's surface. LEO satellites are frequently used for spying, communication, military reconnaissance, and imaging. It travels in a low Earth orbit, or LEO, around the majority of man-made objects from Earth. Because of the lower delay in signal propagation, low Earth orbit satellites are especially beneficial for communication purposes. Lower latency is correlated with less propagation delay. For the majority of Earth observational satellites, getting closer to the planet has clear benefits because it improves the resolution of smaller subjects.
Launch costs for low-Earth orbit (LEO) satellites are lower due to their narrow field of vision and reduced rocket power. Because of their quick orbit around the planet, they are ideal for high-resolution earth observation, remote sensing, and scientific research. Because LEO satellites have a quick assembly and data transmission time, they are used in areas with poor coverage. LEO constellations are becoming more and more practical and inexpensive as technology develops. On the other hand, limitations and infrastructure might present challenges. The future of low-Earth orbit (LEO) satellites lies in developing markets and non-communication applications such as disaster relief and Earth observation. Collaborations between the public and commercial sectors can encourage innovation and responsible growth.
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- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
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- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The LEO satellite market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Airbus SE
- SpaceX
- Planet Labs
- Boeing
- Lockheed Martin
- Thales Alenia Space
- OneWeb Satellites
- SSL (Space Systems Loral)
- Northrop Grumman
- ISS-Reshetnev
- Kepler Communications
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LEO Satellite Market Report Scope
| Report Attributes | Details |
| Market value in 2024 | USD 13 Billion |
| Market value in 2034 | USD 47.4 Billion |
| CAGR | 15.3% from 2024 – 2034 |
| Base year | 2023 |
| Historical data | 2019-2022 |
| Forecast period | 2024-2034 |
Analyst View:
Satellites in low Earth orbit (LEO) are used for broadband internet access, military reconnaissance, imaging, and communications. Additionally, their 5G connection and cloud integration are drawing interest from the market. Opportunities in the LEO satellite industry lie in infrastructure spending, public-private partnerships in research and technology transfer, growth in the areas of Earth observation and catastrophe management, and bridging the digital divide in developing countries. CubeSats are the fastest-growing section of the market because of their low launch costs; the market is categorized based on mass, application, and region. One significant satellite market is North America.
Market Dynamics:
Drivers:
Minimal time spent transmitting data
- High Throughput Satellite (HTS) in Low Earth Orbit (LEO) seeks to offer broadband internet connectivity in the government, SME, and enterprise sectors. One of the many advantages associated with satellites in Low Earth Orbit (LEO) is shorter data transmission time attributed to their proximity to the Earth's surface.
Increased effectiveness of operations
- In order to reduce space debris, this could be achieved by standardizing parts, building modular satellites, enhancing end-of-life management, fostering greater international cooperation, growing satellite networks, and fusing these with cutting-edge artificial intelligence and data analytics technologies.
Market Trends:
Cloud integration services and 5G
- Connections to the 5G cellular networks will need to extend to the air and sea and various other remote locations not serviced by small cell networks through the use of LEO satellites. Satellites will enable the end-user to move seamlessly from urban areas to aircraft, cruise ships, and other distantly located vehicles without disruption of 5G services.
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Segmentation:
LEO Satellite Market is segmented based on Satellite Mass, Application and Region.
Satellite Mass Insights
- CubeSats are the fastest-growing satellites in the market because they have the lowest launch cost and a really short time to build them. SmallSats offer a balanced solution for applications like Earth observation, scientific research, and navigation by their size against affordability and payload capacity. They weigh between 50 and 500 kg. It is because of complex operations and high launch costs that large-scale satellites are the largest class among the constellations followed in Low Earth Orbit—satellites weighing more than 500 kg. When an application requires huge scientific instruments or solid transmitters meant for high-bandwidth transmission, such satellites are just ideal.
Application Insights
- LEO satellites find applications related to communication, remote sensing, Earth observation, scientific research, resource exploration, crisis management, and marine surveillance. Communication is the fasting-growing market segment; in comparison with traditional geo-positioned satellites, LEO constellations are better positioned in terms of coverage and latency. Extrapersonal observation of a place, in simple words, is getting information about a place without personally visiting it. Satellites, airplanes, ships, and drones are used to collect information about the Earth. Earth observation refers to the observation of natural and artificial systems of the Earth. LEO satellites are of immense importance in scientific research on the atmosphere of Earth, space weather, and celestial objects. Additionally, LEO satellites have special applications in the performance of real-time data collection from several places, making it easier to derive innovative solutions across industries.
Recent Development:
- In April 2024, Telesat has secured a C$2.14 billion (US$1.58bn) loan from the Canadian government to build its upcoming Low Earth Orbit (LEO) satellite constellation. The satellite company this week announced it had received a letter from Canada’s Minister of Innovation, Science and Industry regarding an investment in Telesat Lightspeed.
- In November 2023, Apple's top iPhone supplier Foxconn went to outer space with new satellites. The launch of the LEO satellites marks a key moment for the Taiwanese electronics manufacturer as it diversifies into new sectors, a shift that is taking greater urgency as some of its established businesses such as smartphones and laptops struggle. Foxconn aimed to demonstrate that it has satellite technology to tap growing demand for communications from space.
Regional Insights
- North America: North America is one of the major satellite markets, while the US, Canada, and Mexico are countries with key space programs in the region. These countries have various space programs and associated infrastructure in place.
- Asia Pacific: In regions prone to natural disasters, LEO connectivity can help make the network infrastructure more resilient. Typhoons, earthquakes, and volcanic eruptions are some of the natural disasters that can cut off communications and damage terrestrial infrastructure in many Asia-Pacific countries.
Browse Detail Report on "LEO Satellite Market Size, Share, By Satellite Mass (Below 50 Kg, 50-500 Kg, and Above 500 Kg), By Application (Communication, Remote Sensing, Earth Observation, Scientific Research, and Others), By End- Use (Commercial, Military, and Others), and By Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America) - Trends, Analysis and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/leo-satellite-market-5305
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