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The rapid growth trajectory of the Low Earth Orbit LEO Satellites global market is set to soar higher, according to the forecast for 2024. Emerging markets, increased investments, and the paramount need for satellite internet in rural areas have fuelled the LEO Satellites market size, projecting it to grow from $5.53 billion in 2023 to $6.42 billion in 2024. The thriving sector promises a compound annual growth rate CAGR of 16.0%.
What Factors Contribute to the LEO Satellites Market’s Resilient Upward Trend?
Apart from the historical period growth drivers, the LEO satellites market size shows strong signs of progressive expansion in the next few years, leading to an impressive $11.31 billion in 2028. With a compounded annual growth rate of 15.2%, the forecast period growth can be attributed to increased investments in the space sector, rising demand for telecommunications, and a spike in the number of satellite launches. Major trends such as the use of artificial intelligence, machine learning for optimizing mission efficiency, advanced LEO satellites for global connectivity and the striking increase in strategic collaborations among market players also pave the way for rapid growth in the forecast period.
Why is the LEO Satellites Market Integral to the Aerospace Industry?
The expanding adoption of LEO satellites across various sectors plays a pivotal role in driving the aerospace market in the forecast period. They are the ace guardians of our planet, providing vital data for earth observation, especially in the agricultural sector. For instance, according to the information assembled by experts at the Union of Concerned Scientists UCS in January 2022, the Satellite Database indicates that there are more than 4,852 operational satellites in orbit around Earth at present. Out of these, roughly 2,700 active satellites are already in low earth orbit. The latest successful deployment of 34 satellites by Bharti-backed OneWeb from the Guiana Space Centre in Kourou, French Guiana, has further fortified the company’s LEO satellite communications, taking its total in-orbit constellation to 428 satellites.
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Who are the Key Players Operating in the LEO Satellites Market?
Dominant companies such as Thales, Northrop Grumman Corporation, Lockheed Martin Corporation, among others, have been making strides in the LEO satellites market, trailblazing innovative avenues for further growth. Boeing Company, Airbus SE Surrey Satellite Technology Ltd, and L3Harris Technologies are leading the pack. Kepler Communications Inc., Blue Canyon Technologies Inc., Blue Origin, SpaceX, and One Space Tech are other critical players who have harnessed the fast-paced advancements in LEO satellite technology.
What Propels the Launch of Advanced LEO Satellites into the Limelight?
New trends featuring the launch of advanced LEO satellites are becoming increasingly popular in the LEO satellite market. With both efficiency and wide global connectivity at the core of their strategies, key players like UK-based OneWeb have launched 32 LEO satellites from Vostochny Cosmodrome in Russia, taking their total in-orbit constellation to 182 satellites. This propulsion forms part of OneWeb’s 648 LEO satellite constellation aimed at providing global connectivity at fast speeds and low latency. Not to be outdone, Japan-based Mitsubishi Heavy Industries launched an advanced relay satellite with laser communication technology into orbit, further boosting LEO satellites’ integral role in global connectivity.
How is the LEO Satellites Market Segmented?
The market segmentation encompasses:
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
What are the Key Regional Insights?
North America commands the largest share in the LEO satellites market in 2023, with an expectation of being the fastest-growing region in the forecast period. The market report also explores regions including Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
