New York, USA, July 16, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The Global LEO Satellite Market was valued at USD 33.37 billion in 2023 and is anticipated to generate an estimated revenue of USD 102.90 billion by 2032, with a CAGR of 13.4% from 2024 to 2032.
Market Explanation
A low earth orbit (LEO) satellite is a constituent, usually a segment of an electronic instrument that rotates around the Earth at lesser altitudes than geosynchronous satellites. LEO satellites orbit between 2,000 to 200 kilometers above the Earth. LEO satellites are normally utilized for interactions, military exploration, spying, and alternate imaging applications. The majority of synthetic objects orbiting Earth are LEO. Satellites rendered from communication profit from the lesser signal propagation delay to LEO. This lower propagation delay causes less latency. Due to its nearness to Earth has an evident advantage for several kinds of Earth monitoring satellites by working out compact subjects with sizeable details.
Moreover, the LEO satellite market benefits from the fact that at such a high altitude, the expanse of each satellite is proportionally compact. Thus, to guarantee smooth coverage, an extensive aggregate of satellites is required to be located in the orbit. Further, the accepted instrument must be competent to seamlessly convert to the subsequent satellite traversing overhead roughly every ten minutes. Its decreased latency, excessive speed conveyance potential, and the possibility of cheaper prices are pushing the market growth.
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Fundamental Stats from the Report
- The global market for LEO satellites was valued at USD 33.37 billion in 2023.
- The market is expected to grow at a 13.4% compound annual growth rate (CAGR) during the forecast period of 2024-2032.
- The LEO satellite market size is anticipated to grow to USD 102.90 billion by 2032.
Key Findings from the Report
- The market for LEO satellites is expanding due to several factors, including the usage of compact ground stations, which additionally assist in price curtailment.
- The market is mainly segmented by satellite mass, subsystem, frequency, application, and region.
- North America dominated the market with the largest LEO satellite market share.
LEO Satellite Market Key Players
- Airbus Defence and Space
- Astrocast
- China Aerospace Science and Technology Corporation (CASC)
- German Orbital Systems
- L3Harris Technologies, Inc.
- Lockheed Martin Corporation
- Northrop Grumman Corporation
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Important Market Developments:
Growth Drivers:
- One of the main factors driving the LEO satellite market growth is the surge of the Internet of Things, which has made it feasible to instantly garner data from sensors on land through compact but productive. However, the progression in technology has rendered it simpler to approach cloud-dependent services that provide allocated ground station frameworks and progressive computing potential for data processing.
- There is a surge in the demand for satellite internet services because businesses and governments require cost-effective, accelerated-speed broadband with improved data conveyance potential.
Trends:
- The forecast period will witness substantial growth in the LEO satellite market demand, mostly because of the advancement of the LEO nanosatellite framework, which is outlined with the potential of accelerated satellite downlinks with RF and optical systems. Each transmitted satellite is armed with an escalated acquisition dual band antenna and an escalated laser downlink.
Challenges:
- LEO satellites can menace the space environment because of their positioning in compactly populated orbits. Dissimilar to bigger and costlier spacecraft, the auxiliary payloads are often positioned near other notable satellites in geostationary transfer orbits, which are acknowledged for their space refuse. Microsatellites and nanosatellites require the deficiency to traverse such orbits, rendering them endangered.
Regional Insights
- North America: The LEO satellite market in North America is expected to increase due to escalating requirements for LEO satellites to enhance satellite piloting and communication. The growing positioning and approval of 5G frameworks covering North America are expected to boost the market's growth.
- Asia Pacific: The Asia Pacific will grow at a significant rate. This expected growth can be attributed to the robust significance of progressive technologies for laser—and optics-dependent satellites.
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Segmentation Overview:
By Satellite Mass Outlook:
- Small Satellites
- Minisatellites
- Microsatellites
- Nanosatellites
- CubeSats
- 25-5U
- 1U
- 2U
- 3U
- 6U
- >12U
- Medium Satellites
- Large Satellites
By Subsystem Outlook:
- Satellite Buses
- Payloads
- Solar Panels
- Satellite Antennas
- Others
By Frequency Outlook:
- Laser/Optical
- L-band
- S-band
- C-band
- X-band
- Ku-band
- Ka-band
- Q/V-band
- HF/VHF/UHF-band
By Application Outlook:
- Telecommunication
- Earth Observation & Remote Sensing
- Scientific Research
- Technology
- Commercial
- Defense
- Others
By Region Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, Australia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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