LEO Satellite Market by Global Demand, Latest Technology Advancements and Outlook 2021-2030

The Global LEO Satellite Market size is estimated to be USD 4.36 billion in 2019 and is predicted to reach USD 23.55 billion by 2030 with a CAGR of 20.1% from 2020-2030.

The satellite market has been undergoing a major technological evolution, which has been replacing the traditional approach of deploying complex, large, and costly satellites. Satellite manufacturers are now focusing on designing and developing smaller, less complex, and cheaper satellites which is facilitating the growth of small satellites. Low Earth Orbit (LEO) satellites are popular due to their small size, low cost, and light weight. It is utilized for various applications such as communication, earth observation and remote sensing, space exploration, technology development and demonstration and surveillance.

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Competitive Landscape

The LEO satellite market consists of few major players such as Airbus S.A.S, BAE System, Harris Corporation, Lockheed Martin, Northrop Grumman Corporation, OHB System, Space X, OneWeb, Planet Labs, Thales Group, and Boeing Company among others.

Various developments have been taking place in the market. For instance, in August 2019, SpaceX is projected to begin a new Smallsat rideshare program in the coming two years, providing a launch mass of 150 Kg for $2.25 million per mission. Moreover, by 2021, Astrome Technologies is planning to launch a constellation of 200 minisatellites for providing high-speed internet with 100 gigabytes per second capacity through its patented millimeter (MM) wave technology.

Market Dynamics and Trends

Adoption of LEO satellite is commercial applications such as agriculture, IT & telecommunication, oil & gas, and mining, among others is expected to proliferate the market growth during the forecast period.
Also, factors such as advancements in satellite miniaturization, increasing connectivity among electronic devices, and rising demand for low earth orbit satellite constellation across industries are majorly driving the LEO satellite market. Furthermore, low earth orbit satellite technology is actively leading the standard shift in the space industry with its capability complimenting the heavy satellites and shorter lead time. However, issues related to fabrication of LEO satellite may limit growth of LEO satellite market. In addition, the increasing utilization of commercial-of-the-shelf component along with the adoption of 3D printing technology in the manufacturing of LEO satellite are expected to create new opportunities during the forecast period.

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Market Segmentations and Scope of the Study:

The global LEO satellite market share is analyzed on the basis of type, subsystem, application, end-user and geography. On the basis of type, the market is segmented into ablation femto, pico, nano, micro, and mini. On the basis of sub-system, the market is divided into payload, structure, telecommunication, on-board computer, power system, attitude control system, and propulsion system. The payload segment is further divided into earth observation, communication, navigation and others. The telecommunication segment is further divided into antenna, transponder, and other. The power system is further segmented into solar cell, batteries, and others. The propulsion system is further segmented into thruster, propellant tank, valves and regulators. On the basis of application, the market is divided into technology development and demonstration, earth observation and remote sensing, communication, space exploration and surveillance. On the basis of end-user, the market is divided into academic, commercial, government, defense, and non-profit organization. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America denotes a higher adoption of the LEO satellite market and is anticipated to hold the largest market share throughout the forecast period. This is attributable to the factors such as presence of major operators in the region along with extensive investment by the government to develop latest technologies aimed at fundamentally improving space access.
It is expected that the emerging economies, specifically the Asia-Pacific region would witness high growth owing to increasing usage of LEO satellite for the commercial application in the region. Also, increasing geopolitical tension and competition between the countries to dominate the space, need to have strong communication infrastructure, and effort to create alternative to the GPS in the region are expected to boost the demand for LEO satellite market.

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