Global Leo Satellite Market was Worth US$ 9.8 Bn in 2022, Growing at a CAGR of 15.9% over the Forecast Period (2023–2031)
Leosatellites also known as low earth orbit (LEO) satellites, basically are a type of satellite that orbit the planet Earth at an altitude between 160 to 2000 kilometers above it’s surface. LEO satellites are usually used for multiple applications, like observing the Earth, remote sensing, navigation, and establishing and conducting communication. Communication satellites in LEO are specifically designed to provide global coverage and lower latency as compared to geostationary satellites, which orbit from a distance that is much far from the surface of the Earth. These satellites provide a low-earth orbit (LEO) satellite constellation for secure, high-speed, and low-latency communications. The LeoSat system is likely to comprise constellation of up to 108 high-throughput satellites in LEO, which is expected to have operated in the Ka-band frequency range to provide coverage across the globe. This satellite network was crafted to provide high-speed connectivity for businesses and government organizations that required high levels of security, reliability, and low latency. Its network is capable of offering speeds of up to 1.6 Gbps with latency as low as 20 milliseconds.
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Leo satellites are being used extensively in wake of multiple factors like need for high-speed internet, enhancing communication along with remote sensing and having strong security in place. One of the major drivers of the demand for LEO satellites is the requirement for high-speed broadband Internet connectivity in remote and rural areas as in these places terrestrial networks are unavailable or are not economically viable in terms of deployment. Meanwhile these satellites are capable of providing high-speed Internet connectivity to these areas without the demand for extensive infrastructure on the ground. On the other hand, the surging demand for the Internet of Things (IoT) and machine-to-machine (M2M) communication also contributes to the growth of the global Leo satellites market as these satellites can provide reliable and secure communication links for IoT and M2M devices, particularly in areas where terrestrial networks are not available or are unreliable. Also, the fact that government bodies across the planet are investing heavily in LEO satellite constellations for national security purposes, like communication, reconnaissance, and early warning systems will provide impetus to this global leo satellite market’s growth.
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Global Leo Satellite Market Report Highlights
- One of the biggest factor that has been driving the growth of the global leo satellite market is spike in the demand for LEO satellites owing to its proximity to the ground which enables in communication that too with very minimal delay. There are various concerns associated with the satellite management which dampen the growth of the global leo satellite market.
- The global leo satellite market is expected to witness tremendous growth over the period of next couple of years owing to incorporation of technologies.
- Along with being the centre of economic development, the region of Asia Pacific is also seeing rise in geopolitical issues. In wake of this, every leading country like China and India intends to have upper hand, which ultimately helps the market grow. This is the reason why this territory will make money at the rapid rate for the global Leo satellite market during the forecast period 2023–2031.
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Some of the key players operating in the global leo satellite market are:
- Honeywell International Inc.
- Iridium Communication
- L3Harris Technologies, Inc.
- Leosat Enterprises
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Planet Labs Inc.
- Other Market Participants
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Global Leo Satellite Market Segmentation
Absolute Markets Insights has segmented the global leo satellite market on the basis of type, application, frequency and end-users industry.
Global Leo Satellite Market Type Outlook (Revenue, USD Million, 2015–2031)
- Little LEO
- Big LEOs
- Broadband LEOs
Global Leo Satellite Market Application Outlook (Revenue, USD Million, 2015–2031)
- Earth Observation
- Logistics and geo-location
- Signal monitoring
- Scientific missions
Global Leo Satellite Market Frequency Outlook (Revenue, USD Million, 2015–2031)
Global Leo Satellite Market End Users Outlook (Revenue, USD Million, 2015–2031)
- Military and Defense
Global Leo Satellite Market Regional Outlook (Revenue, USD Million, 2015–2031)
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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