Global Low Earth Orbit (Leo) Satellites Market Size 2024, Forecast To 2033
11 Mar, 2024
The low Earth orbit (LEO) satellites market has experienced rapid growth, increasing from $5.53 billion in 2023 to $6.42 billion in 2024, indicating a significant compound annual growth rate (CAGR) of 16.0%. This growth in the historic period can be attributed to the expansion of emerging markets, a rise in investments in low Earth orbit (LEO) satellite infrastructure, and an increased demand for satellite internet in rural areas. Moving towards 2028, the market is poised for rapid growth, projected to reach $11.31 billion with a CAGR of 15.2%. Anticipated drivers for this growth include growing investments in the space sector, a rising demand for telecommunications, and an increasing number of satellite launches. Key trends in the forecast period encompass the use of artificial intelligence and machine learning for optimizing mission efficiency and reducing operational costs, the launch of advanced low Earth orbit satellites to provide global connectivity, the use of 3D printing to reduce satellite and subsystem production costs, advancements in payload systems to offer diverse and sophisticated capabilities, and strategic collaborations and partnerships among market players.
Global Low Earth Orbit (LEO) Satellites Market Key Driver
The increasing adoption of low earth orbit satellites across various sectors is expected to drive the aerospace market. Recognized as crucial enablers for the planet's protection, safety, and longevity, low-earth-orbit satellites play a vital role in earth observation, particularly in agriculture. Earth observation utilizes data from these satellites to monitor and measure global biological, chemical, and physical elements. As of January 2022, the Satellite Database, compiled by experts at the Union of Concerned Scientists, lists more than 4,852 operational satellites orbiting Earth, with the majority already in low earth orbit. Furthermore, Bharti-backed OneWeb's successful deployment of 34 satellites in February 2022 brought its total in-orbit constellation to 428 satellites. The increasing prevalence of low earth orbit satellites is thus poised to drive the aerospace market, with projected market sizes of 2023: [Insert 2023 market size], 2024: [Insert 2024 market size], and 2028: [Insert 2028 market size].
Get A Free Sample Of The Global Low Earth Orbit (LEO) Satellites Market ReportGlobal Low Earth Orbit (LEO) Satellites Market Segments
The low earth orbit (leo) satellites market covered in this report is segmented –
1) By Type: Femto, Pico, Nano, Micro, Mini
2) By Sub-System: Payload, Structure, Telecommunication, On-Board Computer, Power System, Attitude Control, Propulsion System
3) By Application: Technology Development, Earth Observation And Remote Sensing, Communication, Space Exploration, Surveillance
4) By End-User: Commercial, Civil, Government, Other End-Users
By Geography:The regions covered in the low earth orbit (leo) satellites market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the low earth orbit satellites market in 2023. North America is expected to be the fastest growing region in the forecast period. The regions covered in the low earth orbit (leo) satellites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Low Earth Orbit (LEO) Satellites Industry Players
Thales, Northrop Grumman Corporation, Lockheed Martin Corporation, The Boeing Company, Airbus SE (Surrey Satellite Technology Ltd), L3Harris Technologies, Kepler Communications Inc., Blue Canyon Technologies Inc., Blue Origin, SpaceX, One Space Tech, Land Space Technology Corporation Ltd, ExPace Technology Corporation, CASIC, Beijing Commsat Technology Development Co. Ltd, Anabond Limited, INTECH DMLS PVT LTD, Avasarala Technologies Limited, Sumeru Microwave Communications Private Limited, Telstra, Quberider Pty Ltd, Innova Space, Telespazio S.p.A., GomSpace Group AB, EnduroSat, AAC Clyde Space, OneWeb, Speedcast International Limited, Raytheon, Honeywell International Inc., Cessna, Bombardier Inc., Telesat, Amazon, Starlink satellite constellation, Hughes Network Systems, Empresa Argentina de Soluciones Satelitales AR-SAT SA, Embraer, Al Yah Satellite Communications (YAHSAT), Arabsat, Es'hailSat, QSat Communications, Saman Satellite Communications, Thuraya Satellite, DragonFly Aerospace, NETLOXH, ETSE CubeCom, Omarichet, Simera Sense
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Low Earth Orbit (LEO) Satellites Market Overview
A low earth orbit satellite is an object that orbits the earth at lower altitudes than geosynchronous satellites. It is normally between 1000 km and 160 km above the earth. They are commonly used for communications, military reconnaissance, spying, and other imaging applications.
Low Earth Orbit (LEO) Satellites Global Market Report 2023 provides data on the global low earth orbit (leo) satellites market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The low earth orbit (leo) satellites market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.