CHICAGO, May 14, 2024
/PRNewswire/ -- The LEO satellite market is projected to grow
from USD 12.6 billion in 2024 to
USD 23.2 Billion by 2029, at a CAGR
of 13.0% from 2024 to 2029 according to a new report by
MarketsandMarkets™. The market growth can be attributed to
the growing need for earth observation imagery and analytics.
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Browse in-depth TOC on "LEO Satellite
Market"
312 – Tables
71 – Figures
383 – Pages
LEO Satellite Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 12.6 billion
|
Estimated Value by
2029
|
$ 23.2 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 13.0%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Satellite Type,
Application, Subsystem, End Use, Frequency and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Concerns over
increasing space debris
|
Key Market
Opportunities
|
Booming 3D printing
technology
|
Key Market
Drivers
|
Rising demand for
satellite internet services
|
The LEO satellite market holds a huge potential for data
service providers, satellite service providers, remote sensing
service providers, technical service providers, and investors.
Versatility, low cost, advanced mechanics, ease of assembly and
launch, mass production, and short lifecycles have driven
investments in LEO satellites. The amount of satellite data and
range of applications for data will continue to grow in the future
as new technologies develop and more satellites become
operational.
The adoption of off-the-shelf CubeSats and reusable rocket
technology is also expected to fuel market growth. The market is
growing due to the demand for higher bandwidth internet. If the
current satellite internet proposals become a reality, as many as
50,000 satellites will be orbiting in LEO within 10 years. However,
space debris caused by LEO satellites and some regulatory
challenges are expected to hinder market growth.
The LEO satellite market report includes small satellites (1–500
kg), medium satellites (500–1,000 kg), and large satellites (more
than 1,000 kg). These satellites are used for communication, earth
observation & remote sensing, mapping & navigation,
scientific research & exploration, surveillance & security,
space observation, and various other applications by defense,
intelligence, civil, commercial, and government users. The
continuous miniaturization of satellites through technological
advancements in electronics, low mission costs, and increasing use
of satellite constellations (containerization) are major drivers
for the growth of this market. LEO satellites are also considered
disruptive technology by several space organizations.
Based on satellite mass, the small satellite segment
dominates the market in the base year
In terms of satellite mass, the LEO satellite market is divided
into four main categories: small satellites, medium satellites,
CubeSats, and large satellites. Small satellites are replacing
large-sized satellites by becoming capable of performing in a vast
range of commercial applications. Advancements in the
miniaturization technologies and applications of satellite
constellations are the key factors driving the adoption of small
satellites. The minisatellite, a sub-type of small satellite is
described as an LEO satellite having a wet mass (including fuel) of
101 kg to 500 kg. Minisatellites are present at an altitude of
about 1,000–5,000 km. The operational cost, as well as the
manufacturing cost of minisatellites, is less than that of
traditional larger satellites, thereby offering a low-cost solution
to gather and communicate data. Advancements in miniature
electronics components reduce the cost and provide enhanced
capabilities for commercial and defense usage.
Based on end use, the commercial segment is estimated to
register a large share in the base year.
The LEO satellite industry is categorized by application into
communication, earth observation & remote sensing, scientific
research, and technology, and others. A communication satellite is
responsible for creating a communication channel to receive signals
for telephone, television, internet, and military communication.
The demand for communication satellites is growing due to the
ever-increasing demand for high-speed satellite internet and
precise information in the military communication chain of command.
Moreover, Advancements in technologies have helped overcome major
hurdles faced in providing efficient miniaturized onboard power
systems for advanced communication hardware on satellites that
require high electrical power. This has been useful for generating
higher data rates, thereby improving the overall communication
capabilities of nanosatellites, microsatellites, and
minisatellites. LEO satellites can accommodate more sophisticated
payloads than traditional larger satellites. They also take
considerably less time to transfer the data from the Earth to LEO
due to the closer location of satellites from the earth than GEO,
where the traditional large satellites are located. LEO satellites
enhance communication capabilities such as disaster management,
asset tracking, and mobile communication.
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The Asia Pacific region is
projected to be a high growth potential market for LEO satellite
during the forecast period.
The Asia Pacific market is
projected to witness a significant CAGR from 2024 to 2029. The Asia
Pacific Regional Space Agency Forum (APRSAF) enhances space
activities through human resource development, capacity building,
and development of science-technology capability in the region.
Space agencies, governmental bodies, international organizations,
private companies, universities, and research institutes from over
40 countries and regions take part in APRSAF, the largest
space-related conference held annually in the Asia Pacific region, leading to various growth
strategies, technological advancements, research and development
activities, innovation in small and CubeSats, and development of
reusable launch vehicles in terms of design, function, and
integration.
Key Players
The major players in LEO satellite companies include SpaceX
(US), Airbus Defence and Space (Germany), Lockheed Martin Corporation (US),
Northrop Grumman Corporation (US), and L3Harris Technologies, Inc.
(US).
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