The growing popularity of internet of things technology and deployment of 5G technology is expected to drive the demand for the global LEO satellite market in the forecast period, 2023-2027.
According to TechSci Research report, “LEO Satellite Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global LEO satellite market is anticipated to witness steady growth in the forecast period, 2023-2027. Low orbit satellites are those satellite systems that orbit between 400 and 1000 miles above the surface of the earth. They are majorly used for different applications such as email, video conferencing, audio calls, and paging. They move at high speed, and their position is not fixed in space. LEO satellites can cover the whole earth. Low orbit satellites are gaining popularity as they are easily accessible to crew and for servicing purposes. The massive adoption of low earth orbit satellites in different sectors is the primary driving factor for the global LEO satellite market. The agriculture industry has significant uses for low-earth orbit satellites as they can efficiently observe the earth and generate data that allows the measurement of physical, biological, and chemical factors on a global scale. Agriculture-related industries are able to develop smart farming solutions by the launch of small satellites and nanosatellites. Therefore, the massive applications of LEO satellites are expected to accelerate the market demand in the forecast period.
However, the complexity, efficiency, and coverage of low-earth orbit satellites may restrain the global LEO satellite market growth in the forecast period.
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The global LEO satellite market is segmented into size, sub system, application, frequency, end use, regional distribution, and competitive landscape.
Based on application, the market is divided into communication, earth observation & remote sensing, scientific technology, and others. Communication applications are expected to capture the highest market share in the forecast period. LEO satellites are being increasingly used in modern communication technologies. The development of miniature hardware systems and the launch of wireless satellite internet are expected to create new growth avenues for the LEO-based satellite communication applications.
Based on end use, the market is bifurcated into commercial and, government & military. Government & military segment is expected to account for a significant market share in the forecast period. The military sector requires the support of small satellites to communicate, warn the missiles and complete the missions. With technological advancements and the use of satellites in the commercial sector, the military sector is considering using low earth orbits for various operations. Major countries across the globe like China, India, the United States, South Korea, Russia, France, and Japan have started investing in the development of military satellites. The military and government sector are looking for solutions that are affordable and can provide high-speed broadband services. Amazon, Telesat, SpaceX, and OneWeb have announced plans to connect a large number of satellites in a lower orbit than the traditional orbit. The advantages offered by low-earth orbit satellites are expected to witness high demand from the military and government sectors in the forecast period.
Major market players operating in the global LEO satellite market are:
- L3Harris Technologies
- Honeywell International Inc.
- Lockheed Martin
- Northrop Grumman Corporation
- Antrix Corporation Limited
- Ariane Group
- Ball Aerospace & Technologies Corp
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“The North American region is expected to capture the highest market share in the forecast period, 2023-2027. The leading authorities are heavily investing in developing new satellite technologies and finding new solutions that can enhance the performance of the satellite. The United States launched a number of satellites in the low orbit in 2021, including the communication, technology, resupply, and earth observation satellites for International Space Station. Also, the military modernization programs and increased investment in satellite equipment to advance defense and surveillance capabilities, and the presence of key market players of small satellites in the region is expected to propel the growth of the global LEO satellites market till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“LEO Satellite Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Size (Femto; Pico; Nano; Micro; Mini), By Sub System (Satellite Bus, Payloads, Solar Panels, Satellite Antenna, Others), By Application (Communication, Earth Observation & Remote Sensing, Scientific Technology, Others), By Frequency (L- Band, S-Band, C-Band, X-Band, Ku-Band, Ka-Band, Others), By End Use (Commercial, Government & Military), and By Region”, has evaluated the future growth potential of global LEO satellite market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global LEO satellite market.
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