Global LEO Satellite Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029
Low Earth orbit refers to an orbit around the Earth that is 2,000 kilometers (1,200 miles) above the Earth's surface and has an orbital period of between 84 and 127 minutes. LEO satellites are commonly used in communications, military reconnaissance, spy and other imaging applications.
Market Overview:The latest research study on the global LEO Satellite market finds that the global LEO Satellite market reached a value of USD 4189.85 million in 2022. It’s expected that the market will achieve USD 11347.7 million by 2028, exhibiting a CAGR of 18.06% during the forecast period.
Increase in downstream applications
As downstream applications expand, so does the demand for LEO-based services. GEO satellites have many applications, including weather forecasts, satellite radio and television. With the rapid development of the Internet, customers' demand for low-latency, high-speed broadband network services are increasing. Compared with terrestrial communication networks, low-orbit satellite communications can achieve wide-area coverage, making it impossible for remote areas, aircraft, ships, and other terrestrial networks. Network services are available at the place of arrival. These market drivers are currently stimulating the development of low Earth orbit satellites.
Low-Earth orbit satellites cost less than large satellites
Compared to traditional satellites, small satellites typically have shorter development cycles and smaller development teams, so the cost of satellite development and launch is lower. And with the maturity of the satellite industry chain, the costs of manufacturing, launching, and operating are greatly reduced. The miniaturization of computers has made it possible to design smaller and cheaper satellites. Some satellite manufacturers have introduced technologies and production lines such as three-dimensional printing to achieve mass production of small satellites. This has promoted the expansion of the low-orbit satellite market.
Low Earth Orbital Crowding and Space Garbage Issues
As the frequency of satellite launches increases, the problem of space debris becomes more and more serious. Space around the earth has gradually become a large garbage dump, and the intensity of garbage has become a hot topic. Any new spacecraft heading for orbit must operate at a low enough altitude to re-enter the atmosphere when the mission is completed, or to include a forced orbital mechanism to operate when necessary. The issue of space debris may hinder the future development of low-Earth orbit satellites.
Region Overview:Geographically, Americas held the largest market share – 48.96% in 2022.
Company Overview:Lockheed Martin is one of the major players operating in the LEO Satellite market, holding a share of 22.3% in 2023.
Lockheed Martin
Lockheed Martin is an American aerospace manufacturer that was formed in 1995 by Lockheed and Martin Marietta. The company's business spans space, telecommunications, electronics, information and services, aviation, energy and systems integration. Lockheed Martin operates globally.
Northrop Grumman
Northrop Grumman Systems designs, develops and manufactures a wide range of defense electronics and systems. The company offers airborne radar systems, auxiliary surveillance systems, inertial navigation systems and sensors, electronic warfare systems, precision weapons and air traffic control systems. Northrop Grumman Systems serves customers worldwide.
Segmentation Overview:By type, 50-500 Kg segment accounted for the largest share of market in 2022.
Application Overview:By application, the Commercial segment occupied the biggest share from 2018 to 2022.
Key Companies in the global LEO Satellite market covered in Chapter 3:Kepler Communications
Lockheed Martin
Thales Alenia Space
OneWeb Satellites
Northrop Grumman
SpaceX
SSL (Space Systems Loral)
Boeing
ISS-Reshetnev
Planet Labs
In Chapter 4 and Chapter 14.2, on the basis of types, the LEO Satellite market from 2018 to 2029 is primarily split into:Below 50 Kg
50-500 Kg
Above 500 Kg
In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the LEO Satellite market from 2018 to 2029 covers:Commercial
Military
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)