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The Leo satellite market encompasses the development and deployment of Low Earth orbit (LEO) satellites designed for communication, navigation, Earth observation, surveillance, and various applications. LEO satellites orbit at altitudes ranging from 100 miles (160 km) to 1000 miles (1600 km) above Earth, performing diverse functions in the Earth’s orbit. Valued at USD 11.38 billion in 2019, the global LEO market is anticipated to reach USD 30.25 billion by 2024, with a remarkable compound annual growth rate (CAGR) of 26.95%. This growth is propelled by an escalating demand for high bandwidth, low-latency, and cost-effective satellite communication services.
In terms of revenue share, the communications segment is expected to dominate the global Leo satellite market. This dominance stems from its extensive use in transmitting data and audio-video feeds, driven by the surge in remote working, learning, and entertainment activities. The military segment is projected to experience a high CAGR from 2020 to 2024, driven by increasing demands for remote sensing, navigation, defense asset protection, and intelligence gathering. Conversely, the broadcasting segment is anticipated to grow at a moderate CAGR due to cost considerations, infrastructure issues, and a preference for terrestrial options.
The global Leo satellite market is primarily fueled by the increasing demand for high bandwidth, low-latency, and cost-effective services. This demand is particularly pronounced as industries transition from traditional to remote work, learning, and entertainment. Technological advancements, such as the use of Ka-band frequency for faster transmission and higher band capacity, contribute significantly to market growth. Moreover, the integration of machine learning in satellite technology is expected to enhance Leo satellites' data processing capabilities.
The global Leo satellite market is categorized into four segments based on application: Communications, Broadcasting, Military, and Commercial. The communications segment is poised to lead in terms of volume, driven by the growing need for transmitting data and audio-video feeds. The broadcasting segment is expected to witness moderate growth, while the military segment is projected to experience a high CAGR. The commercial segment is anticipated to grow steadily, driven by rising demand from agriculture, transportation, engineering, and construction sectors.
North America is anticipated to be the largest regional market for Leo satellites, driven by the presence of major technology players such as SpaceX and increasing demand for high bandwidth, low-latency, and cost-effective communication, navigation, and surveillance services. The Asia Pacific region is expected to witness the fastest growth, attributed to ongoing initiatives like China's One Belt One Road, technological advances, and the rising demand for remote monitoring, navigation, and communication services.
Major players in the global Leo satellite market include:
· SpaceX
· Telesat
· SES
· Inmarsat
· Airbus
· Intelsat
· Boeing
· Thales
· United Launch Alliance (ULA).
These industry leaders employ diverse strategies such as product development, partnerships, and geographical expansion to maintain a competitive edge.
The emergence of private companies like SpaceX and OneWeb has propelled the Leo market, deploying large-scale low-earth-orbit satellite constellations to reduce deployment and operating costs. However, challenges persist, with space debris becoming a critical issue. The exponential growth in airspace traffic and satellite launches raises safety concerns, emphasizing the need for effective tracking and maneuverability to prevent collisions. Consequently, the Leo satellite market is poised for challenges related to the cost of satellite launch and operations in the near future.
Valued at USD 11.38 billion in 2019, the global LEO market is anticipated to reach USD 30.25 billion by 2024
The global market is projected to grow at a CAGR of 26.95% during the forecast period, 2020-2024.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65397
Published on :
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