LEO Satellite Market Report 2023: Rise in Demand for LEO-Based Services Drives Growth

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Feb 27, 2023, 18:20 ET

DUBLIN, Feb. 27, 2023 /PRNewswire/ -- The "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, Others), By Application, By Frequency, By End Use, and By Region" report has been added to ResearchAndMarkets.com's offering.

The global LEO satellite market is anticipated to register an impressive CAGR in the forecast period, 2023-2027. The rise in investments in low-earth orbit LEO satellites owing to the increase in the demand for LEO-based services and their massive commercial applications primarily drives the global LEO satellite market.

Also, high-end investments by market players in research and development activities to miniaturize satellites and integrate electronic devices to increase connectivity are expected to create growth opportunities for the global LEO satellite market in the next five years.

Rise in Demand for LEO based Services Drives the Market Growth

Data collection and processing is the trend across the world as they help generate insights that could help businesses to grow by making informed decisions. The demand for increased capacity, high-speed and cost-effective broadband solutions is on the rise. There is a massive demand for data from an enterprise, including the banking and retail industry, the energy sector, which includes the oil, gas, and mining industry, and the government sector.

The benefits offered by LEO, such as low cost, ease of assembly and launch, short lifecycles, mass production, advanced mechanics, and versatility, are garnering customer attraction across the globe. There is huge untapped potential in developing countries in remote locations and rural areas where there is no internet connection, and the LEO satellites could be used to provide an internet connection to users. The ongoing digitization trend in the emerging economies and the favorable government policies promoting the development of robust digital infrastructure is creating the demand for high-speed internet services.

The surge in disposable income of middle-class families has increased the capacity to buy electronic devices, including smartphones, laptops, and monitors. The increase in demand for affordable high-speed internet services is expected to propel the demand for the global LEO satellites market through the next five years.

Advantages of having LEO Satellites Supports the High Market Demand

The advances in space technology have enabled satellites in low earth orbit to provide fast internet access and increased data storage capacity. LEO satellites proximity to the ground enables them to communicate without any delay. For high data consuming applications such as video calls and voice calls, which are delay-sensitive, LEO satellites are considered ideal.

A shorter distance to Earth has an added advantage in that the satellite communication links suffer minimal path loss, allowing reliable link formation with less power and reduced antenna size. LEO satellites are smaller in size and have a lower mass, making them less expensive than their GEO counterparts. The advantages offered by LEO satellites are expected to attract a large number of market players to invest in the LEO satellites over the next five years.

Market Segmentation

In this report, global LEO satellite market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

LEO Satellite Market, By Size:

Femto
Pico
Nano
Micro
Mini

LEO Satellite Market, By Sub System:

Satellite Bus
Payloads
Solar Panels
Satellite Antenna
Others

LEO Satellite Market, By Application:

Communication
Earth Observation & Remote Sensing
Scientific Technology
Others

LEO Satellite Market, By Frequency:

L- Band
S-Band
C-Band
X-Band
Ku-Band
Ka-Band
Others

LEO Satellite Market, By End Use:

Commercial
Government & Military

LEO Satellite Market, By Region:

North America
United States
Canada
Mexico
Asia-Pacific
China
India
Japan
Thailand
Indonesia
Australia
South Korea
Europe & CIS
Germany
France
United Kingdom
Spain
Italy
Netherlands
Russia
Poland
South America
Brazil
Argentina
Middle East & Africa
Saudi Arabia
Iran
Israel
UAE
Turkey

A selection of companies mentioned in this report includes

L3Harris Technologies
SpaceX
Honeywell International Inc.
Airbus
Lockheed Martin
Northrop Grumman Corporation
Antrix Corporation Limited
Apstar
Ariane Group
Ball Aerospace & Technologies Corp

For more information about this report visit https://www.researchandmarkets.com/r/5s05g4-satellite?w=5

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