LEO satellite market size worth $ 34.2 billion, globally, by 2030 at 16.6% CAGR

Verified Market Research recently published a report, “LEO Satellite Market” By Type (Small Satellite, Cube Satellite, Medium Satellite, and Large Satellite), By Application (Communication, Earth Observation & Remote Sensing, Scientific, Technology, and Others), By End-Use (Commercial, Government & Military, and Dual Use), and By Geography. According to Verified Market Research, the LEO Satellite Market size was valued at USD 9.6 Billion in 2021 and is projected to reach USD 34.2 Billion by 2030, growing at a CAGR of 16.6% from 2022 to 2030.

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 lifecycles. As new technologies advance and more satellites come up, the volume of satellite data and the variety of applications for that data will continue to increase in the future. In developed nations, there is an increasing demand for low-cost, high-speed broadband with higher capacity for enterprise data (retail, banking), the energy sector (oil, gas, mining), and governments. As a result, there is a surge in demand for affordable broadband among individual consumers in developing nations and remote places that might not have internet connections. Investments in LEO constellations are being driven by these market expectations.

Recently, the telecommunications sector has advanced greatly to deliver more effective outcomes in earth observation, remote sensing, and other related activities in collaboration with national space institutions. Low Earth Orbit, or LEO, is an orbit that circles the planet with a period of between 84 and 127 minutes and an altitude to the surface of 2,000 kilometers. Periodically, thousands of tiny satellites or constellations are placed into lower earth orbit in order to cooperate and function more efficiently as a single entity. New and more lucrative chances are anticipated to keep emerging in the market as a result of research activities’ developments and increased investments in navigation systems. Business Wire