Dublin, June 06, 2024 (GLOBE NEWSWIRE) -- The "Global LEO Satellite Market by Satellite Type (Small, Medium, Large Satellites, and Cubesats), Application (Communication, Earth Observation & Remote Sensing, Scientific Research, Technology), Subsystem, End Use, Frequency and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
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
Rising launches of LEO satellite for commercial and government and Defense applications to drive the LEO satellite market growth during the forecast period.
Major players in the LEO satellite market are L3Harris Technologies (US), Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Airbus Defence and Space (Netherlands), and SpaceX (US).
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 (501-1,000 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 subsystem, the payload segment to grow at highest CAGR during forecast period
The market has been categorized into different types based on subsystem, including satellite buses, payloads, solar panels, satellite antennas, and others. The payload segment is anticipated to witness significant growth during forecast period. Payloads are complicated in comparison to other subsystems. They contain specific technology for each mission. For example, weather monitoring small satellites have components that can measure wind speed and direction, changes in temperature, the amount of oxygen available, and the effect of UV rays.
A different component is used for each application. Space observation LEO satellites have microelectromechanical system-based oxygen detectors and graphene field-effect transistors to measure the effect of radiation on components, optical cameras for imaging, solar cells to charge the battery, and a Geiger counter to measure the amount of radiation reaching the satellite. The payloads segment has been further segmented into traditional payloads and software-defined payloads.
Based on end use, dual use segment witness strong growth in market during the forecast period
The LEO satellite market is segmented into commercial, government and military, and dual use categories, based on end use segment. North America is projected to lead the LEO satellite market for dual use due to the increasing public-private partnerships in this region. For example, in 2020, NASA partnered with SpaceX and Boeing to develop a US commercial crew space transportation capability to achieve cost-effective, reliable, and safe access to and from space stations and other destinations in LEO.
Additionaly, in November 2023, Tata Advanced Systems Limited (India), collaborated with Satellogic Inc. (India) for the design and development of advanced LEO satellites. These satellites will have multiple payloads to generate a diverse range of data over India and it can be used for both commercial and defense application.
The North America regions held largest market share in 2023
The US holds the greatest market share in North America since it has a robust and rapidly expanding space sector. Numerous technological innovators are present in Canada, a market that is rapidly increasing. For uses including Earth observation, communications, and entertainment, both nations have made significant investments in the launch of several CubeSats as well as small, medium, and large satellites into low-Earth orbit (LEO). The United States holds a significant market share in this application and is among the world's biggest investors in military space technology.
The growth of the LEO satellite market in North America is due to the increase in demand for LEO satellite deployments, along with advancements in digital satellites carried out by the US Department of Defense, and private players such as SpaceX (US), Lucix Corporation (US), Sierra Nevada Corporation (US),and NASA,. The successful execution of flexible satellites in space has led to an increase in the number of space expeditions. Technological breakthroughs in LEO satellites and resourceful insights obtained from past satellite missions have inspired new players to invest in this niche market.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on LEO satellite offered by the top players in the market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the LEO satellite market
- Market Development: Comprehensive information about lucrative markets - the report analyzes the LEO satellite market across varied regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the LEO satellite market
- Market Growth: Supportive government regulations and initiatives to drive the market growth in near future
- Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the LEO satellite market
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 372 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $12.6 Billion |
| Forecasted Market Value (USD) by 2029 | $23.2 Billion |
| Compound Annual Growth Rate | 13.0% |
| Regions Covered | Global |
Companies Featured
- Spacex
- Lockheed Martin Corporation
- Airbus Defence and Space
- Northrop Grumman Corporation
- L3Harris Technologies, Inc.
- Thales Alenia Space
- Oneweb
- Surrey Satellite Technology Ltd. (Sstl)
- Planet Labs Pbc
- Sierra Nevada Corporation
- Maxar Technologies
- Gomspace
- Mitsubishi Electric Corporation
- Exolaunch GmbH
- China Aerospace Science and Technology Corporation (Casc)
- Bae Systems
- Rtx Corporation
- Ohb SE
- The Aerospace Corporation
- Millennium Space Systems, Inc.
- Kuiper Systems LLC
- Mda
- Aac Clyde Space
- Aselsan A.S.
- Pumpkin Inc.
- Alba Orbital Limited
- Endurosat
- Earth-I Ltd.
- Nanoavionics
- Alen Space
- Nearspace Launch, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/2x57jb
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