LEO Satellite Market to be dominated by North America region through 2027
The growing popularity of
internet of things technology and deployment of 5G technology is expected to
drive the demand for the global LEO satellite market in the forecast period,
2023-2027.
According to TechSci Research
report, “LEO Satellite Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global LEO satellite market is
anticipated to witness steady growth in the forecast period, 2023-2027. Low
orbit satellites are those satellite systems that orbit between 400 and 1000
miles above the surface of the earth. They are majorly used for different
applications such as email, video conferencing, audio calls, and paging. They
move at high speed, and their position is not fixed in space. LEO satellites
can cover the whole earth. Low orbit satellites are gaining popularity as they
are easily accessible to crew and for servicing purposes. The massive adoption
of low earth orbit satellites in different sectors is the primary driving
factor for the global LEO satellite market. The agriculture industry has significant
uses for low-earth orbit satellites as they can efficiently observe the earth
and generate data that allows the measurement of physical, biological, and
chemical factors on a global scale. Agriculture-related industries are able to
develop smart farming solutions by the launch of small satellites and
nanosatellites. Therefore, the massive applications of LEO satellites are
expected to accelerate the market demand in the forecast period.
However, the complexity,
efficiency, and coverage of low-earth orbit satellites may restrain the global
LEO satellite market growth in the forecast period.
Browse over XX market
data Figures spread through 110 Pages and an in-depth TOC on "Global
LEO Satellite Market"
The global LEO satellite
market is segmented into size, sub system, application, frequency, end use,
regional distribution, and competitive landscape.
Based on application, the
market is divided into communication, earth observation & remote sensing,
scientific technology, and others. Communication applications are expected to
capture the highest market share in the forecast period. LEO satellites are
being increasingly used in modern communication technologies. The development
of miniature hardware systems and the launch of wireless satellite internet are
expected to create new growth avenues for the LEO-based satellite communication
applications.
Based on end use, the market
is bifurcated into commercial and, government & military. Government &
military segment is expected to account for a significant market share in the
forecast period. The military sector requires the support of small satellites
to communicate, warn the missiles and complete the missions.
With technological advancements and the use of satellites in the commercial
sector, the military sector is considering using low earth orbits for various
operations. Major countries across the globe like China, India, the United
States, South Korea, Russia, France, and Japan have started investing in the
development of military satellites. The military and government sector are
looking for solutions that are affordable and can provide high-speed broadband
services. Amazon, Telesat, SpaceX, and OneWeb have announced plans to connect a
large number of satellites in a lower orbit than the traditional orbit. The
advantages offered by low-earth orbit satellites are expected to witness high
demand from the military and government sectors in the forecast period.
Major market players
operating in the global LEO satellite market are:
·
L3Harris
Technologies
·
SpaceX
·
Honeywell
International Inc.
·
Airbus
·
Lockheed
Martin
·
Northrop
Grumman Corporation
·
Antrix
Corporation Limited
·
Apstar
·
Ariane
Group
·
Ball
Aerospace & Technologies Corp
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“The North American region is
expected to capture the highest market share in the forecast period, 2023-2027.
The leading authorities are heavily investing in developing new satellite
technologies and finding new solutions that can enhance the performance of the
satellite. The United States launched a number of satellites in the low orbit
in 2021, including the communication, technology, resupply, and earth
observation satellites for International Space Station. Also, the military
modernization programs and increased investment in satellite equipment to
advance defense and surveillance capabilities, and the presence of key market
players of small satellites in the region is expected to propel the growth of
the global LEO satellites market till 2027” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“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, Satellite Antenna, Others), By Application
(Communication, Earth Observation & Remote Sensing, Scientific Technology,
Others), By Frequency (L- Band, S-Band, C-Band, X-Band, Ku-Band, Ka-Band, Others),
By End Use (Commercial, Government & Military), and By Region”, has evaluated the future
growth potential of global LEO satellite market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global LEO satellite market.
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