LEO Satellite Market: Global Industry Analysis and Forecast (2024-2030)

  • The LEO Satellite Market size was valued at USD 10.45 Bn. in 2023 and the LEO Satellite revenue is expected to grow at a CAGR of 15% from 2024 to 2030, reaching nearly USD 27.54 Bn. by 2030.

  • Format : PDF | Report ID : SMR_2001

LEO Satellite Market Overview:

Low Earth orbit (LEO) includes Earth-cantered orbits with an altitude of 1,200 miles (2,000 km) or less. The orbit is considered near enough to Earth for convenient transportation, communication, observation, and resupply.  A LEO satellite, or Low Earth Orbit satellite, is typically placed between 500 and 2,000 km. These devices have a limited Field of View (FoV).

 

Additionally, imaging satellites capture better and more detailed pictures. LEO satellites are very easy to build, and the overall cost of building one is less than its counterparts in higher orbits. These devices are often used for collecting small amounts of data and other similar experiments. CubeSat has advanced the industry the entire space market has grown significantly. Because of the commercialization, there has been an increase in the demand for LEO orbit satellite applications.

 

LEO Satellite market report shares valuable information about global development status, opportunities, and challenges, as past data analyzed by industry experts which helps take needful discussions. Understanding the benefits of the segment in identifying the significance of different factors that help the industry progress. The report provides a detailed analysis of competitor's strategies, aiding businesses in understanding the competitive landscape and devising effective strategies to enhance the market position.

LEO Satellite Market

 

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LEO Satellite Market Dynamics:

High-Speed Internet Demand and Technological Advancements

Increasing Demand for High-Speed Internet is driving the market growth. The LEO satellite market is the growing global demand for high-speed internet connectivity. Traditional internet infrastructure, particularly in remote and underserved areas, is often inadequate. LEO satellite constellations, like those proposed by SpaceX's Starlink and OneWeb, promise to deliver high-speed, low-latency internet access to these regions, bridging the digital divide.

 

Advancements in satellite technology, such as miniaturization, improved propulsion systems, and enhanced communication capabilities, have made LEO satellites more efficient and cost-effective. These technological innovations have reduced the cost of launching and maintaining satellite constellations, making it economically viable for both private companies and governments to invest in LEO satellite projects.

LEO Satellite Market1

Financial Barriers and Investment Challenges in the LEO Satellite Market

The development, launch, and maintenance of LEO satellite constellations require substantial upfront investment. Despite advancements in technology reducing costs, the financial barriers remain high. Companies need to secure significant funding and manage operational costs efficiently to achieve long-term profitability.

 

The proliferation of LEO satellites significantly increases the risk of space debris and potential collisions. Ensuring the safe operation of satellite constellations while minimizing the creation of space debris is a major challenge. Effective debris mitigation strategies and improved space traffic management are essential to address this issue.

 

LEO Satellite Market Segment Analysis:

By Applications, the Commercial segment held the largest share in 2023 for the LEO Satellite Market. Commercial applications of LEO satellites are providing high-speed internet connectivity to underserved and remote areas. Companies like SpaceX (Starlink), OneWeb, and Amazon (Project Kuiper) are deploying LEO satellite constellations specifically for the purpose. These constellations aim to deliver broadband internet access with low latency and high throughput, competing with traditional terrestrial broadband providers.

 

NASA’s Commercial Low Earth Orbit Development Program is supporting the development of commercially owned and operated Low Earth Orbit destinations from which NASA, along with other customers, can purchase services and stimulate the growth of commercial activities in Low Earth Orbit. As commercial Low Earth Orbit destinations (CLDs) become available, NASA intends to implement an orderly transition from current International Space Station (ISS) operations to these new CLDs. NASA has entered into a contract for commercial modules to be attached to a space station docking port and awarded Space Act agreements for the design of three free-flying commercial space stations. U.S. industry is developing these commercial destinations to begin operations in the late 2020s for both government and private-sector customers, concurrent with space station operations, to ensure these new capabilities can meet the needs of the United States and its partners.

LEO Satellite Market2

LEO Satellite Market Regional Insight:

North America held the largest share in 2023 for the LEO Satellite Market. The region is the epicentre of space innovation and research, with the presence of the world's biggest space agency, NASA. In 2022, the US government spent nearly USD 62 billion on its space programs, making it the highest spender on space in the world. The United States is one of the leading countries globally in terms of satellite development and launches. Owing to the immense potential in several aspects of commercial and defense applications, the use of satellites has gained substantial acceptance in the country. 

 

SpaceX, founded by Elon Musk, is leading the way in the LEO satellite market with its Starlink constellation. Starlink aims to provide global broadband internet coverage, with a focus on rural and underserved areas. SpaceX has launched thousands of satellites into orbit and continues to expand its constellation. OneWeb, headquartered in the United States, is a major player in the LEO satellite market. Similar to Starlink, OneWeb is deploying a constellation of satellites to provide high-speed internet access globally. The company has partnerships with various telecommunications providers and aims to bridge the digital divide. Telesat, a Canadian satellite company, is also active in the LEO satellite market. The company is developing its constellation, known as Telesat Lightspeed, to provide high-capacity, low-latency broadband services globally. Telesat aims to target various market segments, including government, enterprise, and consumer broadband.

 

In addition to commercial ventures, government agencies such as NASA and the Department of Defense (DoD) in the United States are driving innovation in the LEO satellite market. NASA's Artemis program aims to return humans to the Moon, with plans for a sustainable presence using LEO satellites for communication, navigation, and scientific research.

LEO Satellite Market3

LEO Satellite Market Competitive Landscape:

  1. In February 2024, Eutelsat Group (ISIN: FR0010221234 - Euronext Paris / London Stock Exchange: ETL) announced the debut of Eutelsat OneWeb's low Earth orbit (LEO) mobility services, which make high-speed communications 'on the move' a reality for land-based clients.

 

  1. In December 2023, The Boeing [NYSE: BA]-built X-37B autonomous spaceplane launched Friday on a SpaceX Falcon Heavy rocket, beginning its seventh mission.

 

  1. In February 2024, Lockheed Martin took the Next Step in Homeland Missile Defense Interceptor Acquisition.

 

LEO Satellite Market Scope:

LEO Satellite Market

Market Size in 2023

USD 10.45 Bn.

Market Size in 2030

USD 27.54 Bn.

CAGR (2024-2030)

15 %

Historic Data

2018-2022

Base Year

2023

Forecast Period

2024-2030

   Segments

By Type

Below 50 Kg

50-500 Kg

Above 500 Kg

By Application             

Commercial

Military

 Others

Regional Scope

North America- United States, Canada, and Mexico

Europe – UK, France, Germany, Italy, Spain, Sweden, Russia, and Rest of Europe

Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC

Middle East and Africa - South Africa, GCC, Egypt, Rest of the Middle East and Africa

South America – Brazil, Argentina, Rest of South America

 

LEO Satellite Market Key Players:

  1. SpaceX
  2. OneWeb
  3. Amazon's Project Kuiper
  4. Telesat
  5. Planet Labs
  6. Iridium Communications
  7. Kepler Communications
  8. Swarm Technologies
  9. Globalstar
  10. Astrocast
  11. BlackSky Global
  12. Satellogic
  13. Iceye
  14. SES Networks (O3b)
  15. Thales Alenia Space
  16. Airbus Defence and Space
  17. Northrop Grumman
  18. Lockheed Martin
  19. Boeing
  20. Rocket Lab
  21. XXX Inc.


Frequently Asked Questions

Increasing Demand for High-Speed Internet is driving the market growth.

1.    LEO Satellite Market: Research Methodology 
2.    LEO Satellite Market: Executive Summary
3.    LEO Satellite Market: Competitive Landscape

3.1. Stellar Competition Matrix
3.2. Competitive Landscape
3.3. Key Players Benchmarking
3.4. Market Structure
3.4.1.    Market Leaders 
3.4.2.    Market Followers
3.4.3.    Emerging Players

3.5. Consolidation of the Market
4.    LEO Satellite Market: Dynamics
4.1. Market Driver 
4.2. Market Trends by Region
4.2.1.    North America
4.2.2.    Europe
4.2.3.    Asia Pacific
4.2.4.    Middle East and Africa
4.2.5.    South America

4.3. Market Drivers by Region
4.4. Market Restraints
4.5. Market Opportunities
4.6. Market Challenges
4.7. PORTER’s Five Forces Analysis
4.8. PESTLE Analysis
4.9. Strategies for New Entrants to Penetrate the Market
4.10. Regulatory Landscape by Region
4.10.1.    North America
4.10.2.    Europe
4.10.3.    Asia Pacific
4.10.4.    Middle East and Africa
4.10.5.    South America

5.    LEO Satellite Market Size and Forecast by Segmentations (by Value USD Million)
5.1. LEO Satellite Market Size and Forecast, by Type (20232-20320)
5.1.1.    Below 50 Kg
5.1.2.    50-500 Kg 
5.1.3.    Above 500 Kg 

5.2. LEO Satellite Market Size and Forecast, by Application (20232-20320)
5.2.1.    Commercial
5.2.2.    Military
5.2.3.    Others

5.3. LEO Satellite Market Size and Forecast, by Region (20232-20320)
5.3.1.    North America
5.3.2.    Europe
5.3.3.    Asia Pacific
5.3.4.    Middle East and Africa
5.3.5.    South America

6.    North America LEO Satellite Market Size and Forecast (by Value USD Million)
6.1. North America LEO Satellite Market Size and Forecast, by Type (2023-2030)
6.1.1.    Below 50 Kg
6.1.2.    50-500 Kg 
6.1.3.    Above 500 Kg 

6.2. North America LEO Satellite Market Size and Forecast, by Application (2023-2030)
6.2.1.    Commercial
6.2.2.    Military
6.2.3.    Others

6.3. North America LEO Satellite Market Size and Forecast, by Country (2023-2030)
6.3.1.    United States
6.3.2.    Canada
6.3.3.    Mexico

7.    Europe LEO Satellite Market Size and Forecast (by Value USD Million)
7.1. Europe LEO Satellite Market Size and Forecast, by Type (2023-2030)
7.1.1.    Below 50 Kg
7.1.2.    50-500 Kg 
7.1.3.    Above 500 Kg 

7.2. Europe LEO Satellite Market Size and Forecast, by Application (2023-2030)
7.2.1.    Commercial
7.2.2.    Military
7.2.3.    Others

7.3. Europe LEO Satellite Market Size and Forecast, by Country (2023-2030)
7.3.1.    UK
7.3.2.    France
7.3.3.    Germany
7.3.4.    Italy
7.3.5.    Spain
7.3.6.    Sweden
7.3.7.    Russia 
7.3.8.    Rest of Europe

8.    Asia Pacific LEO Satellite Market Size and Forecast (by Value USD Million)
8.1. Asia Pacific LEO Satellite Market Size and Forecast, by Type (2023-2030)
8.1.1.    Below 50 Kg
8.1.2.    50-500 Kg 
8.1.3.    Above 500 Kg 

8.2. Asia Pacific LEO Satellite Market Size and Forecast, by Application (2023-2030)
8.2.1.    Commercial
8.2.2.    Military
8.2.3.    Others

8.3. Asia Pacific LEO Satellite Market Size and Forecast, by Country (2023-2030)
8.3.1.    China
8.3.2.    S Korea
8.3.3.    Japan
8.3.4.    India
8.3.5.    Australia
8.3.6.    Indonesia 
8.3.7.    Malaysia
8.3.8.    Vietnam
8.3.9.    Taiwan
8.3.10.    Bangladesh
8.3.11.    Pakistan
8.3.12.    Rest of Asia Pacific

9.    Middle East and Africa LEO Satellite Market Size and Forecast (by Value USD Million)
9.1. Middle East and Africa LEO Satellite Market Size and Forecast, by Type (2023-2030)
9.1.1.    Below 50 Kg
9.1.2.    50-500 Kg 
9.1.3.    Above 500 Kg 

9.2. Middle East and Africa LEO Satellite Market Size and Forecast, by Application (2023-2030)
9.2.1.    Commercial
9.2.2.    Military
9.2.3.    Others

9.3. Middle East and Africa LEO Satellite Market Size and Forecast, by Country (2023-2030)
9.3.1.    South Africa
9.3.2.    GCC
9.3.3.    Egypt
9.3.4.    Nigeria
9.3.5.    Rest of ME&A

10.    South America LEO Satellite Market Size and Forecast (by Value USD Million)
10.1. South America LEO Satellite Market Size and Forecast, by Type (2023-2030)
10.1.1.    Below 50 Kg
10.1.2.    50-500 Kg 
10.1.3.    Above 500 Kg 

10.2. South America LEO Satellite Market Size and Forecast, by Application (2023-2030)
10.2.1.    Commercial
10.2.2.    Military
10.2.3.    Others

10.3. South America LEO Satellite Market Size and Forecast, by Country (2023-2030)
10.3.1.    Brazil
10.3.2.    Argentina
10.3.3.    Rest of South America

11.    Company Profile: Key players
11.1. SpaceX
11.1.1.1.    Company Overview
11.1.1.2.    Financial Overview
11.1.1.3.    Business Portfolio
11.1.1.4.    SWOT Analysis
11.1.1.5.    Business Strategy 
11.1.1.6.    Recent Developments

11.2. OneWeb
11.3. Amazon's Project Kuiper
11.4. Telesat
11.5. Planet Labs
11.6. Iridium Communications
11.7. Kepler Communications
11.8. Swarm Technologies
11.9. Globalstar
11.10. Astrocast
11.11. BlackSky Global
11.12. Satellogic
11.13. Iceye
11.14. SES Networks (O3b)
11.15. Thales Alenia Space
11.16. Airbus Defence and Space
11.17. Northrop Grumman
11.18. Lockheed Martin
11.19. Boeing
11.20. Rocket Lab
12.    Key Findings
13.    Industry Recommendation

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