Leo Satellite Market To Reach USD 16740 Million By 2028 With a CAGR of 21.7% - Valuates Reports
BANGALORE, India, Aug. 30, 2022 /PRNewswire/ -- LEO Satellite Market is segmented by Type - Below 50 Kg, 50-500 Kg, Above 500 Kg, by Application, Commercial, Military, Others. Global Opportunity Analysis and Industry Forecast 2022 - 2028. It is published in Valuates Reports under the Internet & Telecom Category.
The global LEO Satellite market size is estimated to be worth USD 5162.6 million in 2022 and is forecast to be a readjusted size of USD 16740 million by 2028 with a CAGR of 21.7% during the forecast period 2022-2028.
Major Factors Driving The Growth Of The Leo Satellite Market are
Investments in the LEO Satellite Market have been fueled by elements like adaptability, cheap cost, cutting-edge mechanics, simplicity of assembly and launch, mass production, and brief life cycles which in turn will drive the market growth in the coming years.
Furthermore, technological advancements in terms of throughput, ground equipment, laser beam, faster communication, and lower latency will drive the growth of the market during the forecast period.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL LEO SATELLITE MARKET
Key players are investing heavily in LEO satellites as they are adaptable, cost-effective, have cutting-edge mechanics, and are simple to assemble, and launch. The satellites can be mass produced and have brief life cycles. The demand for low-cost, high-speed broadband is high in commercial industries like retail, banking, oil and gas, and the government sector. Individual consumers in developing nations want internet connections in remote areas which are fueling the investments in LEO constellations. This will drive the growth of the LEO Satellite Market. The telecommunications industry is delivering more effective outcomes in earth observation, remote sensing, and other related activities through these satellites.
LEO satellites orbit around 500 to 2000 kilometers from earth and offer faster communications. The bandwidth usage per user is higher than GEO satellites. Since they are much closer to the earth the radio wave signals bounce back faster and offer negligible latency. This allows seamless network connections in remote parts of the world. This will drive the LEO Satellite market growth during the forecast period. Communication occurs through a constellation of satellites.
The rapid developments in laser beam technology have increased the scope of LEO satellites in space optical communications. Effective communication is possible from earth to earth orbit and in deep space such as on mars and the moon. The constellation allows the technology to share communication between satellites. This will augment the growth of the LEO Satellite Market in the coming years. Alternate power-sharing using wireless optical technology provides the necessary power demands for high-rate data transmission.
The advancements in active antennas and processing have raised the throughput per individual satellite thereby increasing the constellation capacity. A satellite can deploy greater spot beams and the Intersatellite Links(ISLs) improves connection through efficient throughput management. Moreover, the recent analytical advancements combined with AI algorithms and better computing power enable autonomous control, monitoring, and reducing response time. The operating costs are lowered with improved satellite control and network latency. This will bolster the growth of the LEO Satellite Market. The automatic management of spacecraft reduces additional staffing requirements.
Earlier satellites were accessed via parabolic dish antennas. This led to poor equipment suitability as multiple satellites were crossing a ground receiver's field of view at the same time. However, antennas with electronically scanned apertures are able to shift beams, track and access a large number of satellites without any physical movement. They are designed for modular assembly and manufacturers are able to produce large numbers for use in constellation ground stations and consumer equipment. This improves economies of scale thereby surging the growth of the LEO Satellite Market in the forthcoming years. Other technical advancements in ground equipment include predictive analytics and network optimization for using available ground entry points effectively.
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LEO SATELLITE MARKET SHARE ANALYSIS
Based on type, the 50-500 KG segment will grow the highest in the LEO satellite Market share with 85% due to increasing demand in the commercial sector for broadband internet services and high-definition videos. The need for higher bandwidth, connectivity speed, and loading capacity is enabling players to in-orbit fleets and existing satellites.
Based on the application, the commercial segment will dominate with a market share of 85%. This is due to rising private sector participation in the space industry and significant investments in creating compact spacecraft with high capability.
Based on region, North America is the largest with a market share of 75% followed by Europe and China. The US is a lucrative market due to rising government investments in LEO satellite technologies for enhancing communication, defense and surveillance capacity of armed forces, military platforms and law enforcement agencies.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- SpaceX
- Planet Labs
- Boeing
- Lockheed Martin
- Thales Alenia Space
- OneWeb Satellites
- SSL (Space Systems Loral)
- Northrop Grumman
- ISS-Reshetnev
- Kepler Communications
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