LEO Satellite Market Report 2023: Rise in Demand for LEO-Based Services Drives Growth
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.
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:
LEO Satellite Market, By Sub System:
- Satellite Bus
- Solar Panels
- Satellite Antenna
LEO Satellite Market, By Application:
- Earth Observation & Remote Sensing
- Scientific Technology
LEO Satellite Market, By Frequency:
- L- Band
LEO Satellite Market, By End Use:
- Government & Military
LEO Satellite Market, By Region:
- North America
- United States
- South Korea
- Europe & CIS
- United Kingdom
- South America
- Middle East & Africa
- Saudi Arabia
A selection of companies mentioned in this report includes
- L3Harris Technologies
- Honeywell International Inc.
- Lockheed Martin
- Northrop Grumman Corporation
- Antrix Corporation Limited
- 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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