The report “LEO Satellite Market by Satellite Type (Small, Cube, Medium, Large satellites), Application (Communication, Earth Observation & Remote Sensing, Scientific, Technology), Subsystem, End User, Frequency, and Region – Forecast to 2026” The LEO satellite market is projected to grow from USD 9.6 billion in 2021 to USD 19.8 billion by 2026, at a CAGR of 15.5 %. LEO satellite systems hold a huge potential for satellite data service providers, small sat service providers, remote sensing service providers, technical service providers, and investors. The market is one of the most lucrative verticals of the space industry. Factors such as versatility, low cost, advanced mechanics, ease of assembly and launch, mass production, and short lifecycles have driven investments in the LEO satellite market. The amount of satellite data and the range of applications for that data will continue to grow in the future as new technologies develop and more satellites come online.
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Growing investments by several governments particularly in developed and developing economies such as the US, India, and China, among others. COVID-19 has affected the LEO satellite market growth to some extent, and this varies from country to country. Industry experts believe that the pandemic has not affected the demand for satellite equipment.
Driver: Increase in demand for LEO-based services
Demand for low-cost, high-speed broadband with increased capacity for enterprise data (retail, banking), energy sector (oil, gas, mining), and governments in industrialized countries is growing. Thus, there is an increase in demand for low-cost broadband among individual consumers in less developed countries and rural areas, which may not have access to the internet. These market expectations are driving investments in LEO constellations.
Based on application, the communication segment is expected to lead the LEO satellite market from 2021 to 2026.
LEO satellites are increasingly being adopted in modern communication technologies. The introduction of wireless satellite internet and development of miniature hardware systems are exploiting numerous opportunities in the field of satellite-enabled communication. A rise in R&D activities for communication-related missions is expected to offer enhanced quality communication systems with the help of highly sophisticated miniaturized onboard nano, micro, and mini subsystems, coupled with advanced mission-compatible ground-station technology.
Based on region, North America is expected to lead the LEO satellite market from 2021 to 2026.
The US is a lucrative market for LEO satellite systems in the North American region. The US government is increasingly investing in advanced LEO satellite technologies to enhance the quality and effectiveness of satellite communication. The increasing investment on satellite equipment to enhance defense and surveillance capabilities of the armed forces, modernization of existing communication in military platforms, critical infrastructure and law enforcement agencies using satellite systems, are key factors expected to drive the LEO satellite market in North America. In 2021, Swarm Technologies launched 28, 0.25U CubeSat SpaceBEE. The CubeSat is the world’s smallest two-way communications satellites for IoT.
Contracts were the main strategy adopted by leading players to sustain their position in the LEO satellite market, followed by new product developments with advanced technologies. Many companies also collaborated to set up special centers for the research & development of advanced satellite systems.
The LEO satellite market is dominated by a few globally established players such as L3Harris Technologies (US), Honeywell International Inc. (US), Airbus Space and defense (Germany), SpaceX (US), Northrop Grumman (US), among others.
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