The global LEO satellite market is anticipated to grow at a significant CAGR during the forecast period 2021-2027. The LEO satellite is a complex telecommunication system implanted at the LEO (Low Earth Orbit) of the Earth. The distance range covered by LEO satellite systems is about 400-1000 miles above the earth surface. The application of LEO satellite includes video conferencing, e-mails, and paging. The capacity of the LEO satellite is extremely high as it moved with a speed of about 17,000 mph and can complete every single orbit in 10 minutes.
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The increasing demand for LEO satellite communication in the military and defense sector at a higher pace is anticipated to contribute as a major market driver for the growth of the global LEO satellite market. The increasing technological advancement in telecommunication industries concerning research & development, manufacturing, and production processes is driving the growth of the global LEO satellite market. Additionally, the growing applications of satellite communication over a cellular network to offer a wide range of coverage and the rising emergence of LEO based satellites as an alternative to various communication technologies including Sigfox, LPWA, LoRaWAN, and NB-IoT among others are some major factors that are expected to drive the growth of the global LEO satellite market during the forecast period.
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Some market players including OneWeb Satellites, SpaceX, LeoSat Enterprises, and others have been adopted various strategies to boost the global LEO satellite market. Technological advancement, research & development, new product launches, mergers & acquisitions, and product expansion among others are some key strategies that are adopted by key vendors to remain sustenance in the global market. For instance, in April 2021, OneWeb, a UK-based LEO satellite communication operator introduces 32 new LEO satellites from Vostochny cosmodrome in Russia. This LEO satellite constellation offers efficient connectivity with low latency and faster speed.
Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered- By Type, By Application
- Regions Covered- Globally
- Competitive Landscape- OneWeb Satellites, SpaceX, LeoSat Enterprises, SSL, Lockheed Martin, Planet Labs, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global LEO Satellite Market by Segment
By Type
- <50 kg
- 50-500 kg
- >500 kg
By Application
- Commercial
- Military
- Others
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