LEO Satellites Market Set for 13.0% CAGR Growth to $23.2 Billion by 2029

The LEO satellite market is projected to grow from USD 12.6 billion in 2024 to USD 23.2 Billion by 2029, at a CAGR of 13.0% from 2024 to 2029. The study of the LEO satellite market from 2020 to 2029 is included in the report. It covers market-wide industrial and technological trends as well as the factors that are driving, restricting, posing challenges, and providing opportunities in the market.

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In terms of satellite mass classification, the LEO satellite market is divided into small satellites, medium satellites, CubeSats, and large satellites. The small satellite category is further subcategorized into minisatellites, microsatellites, nanosatellites. In 2023, the small satellite segment dominates the market share, primarily because rise in commercial players in the 1 to 50 kg satellite market and the eruption of start-up activities

When considering sub-systems, the LEO satellite market is categorized into satellite buses, payloads, solar panels, satellite antennas, and others. The satellite bus segment dominates the market throughout the study period as it is a crucial part of satellites. The bus keeps all parts of the satellite together and provides power, propulsion, and control. The satellite bus has been further segmented into attitude & orbital control systems, command & data handling systems (C&DH), electrical power systems, propulsion, telemetry, tracking and command (TT&C), structures, and thermal systems.

The market has been categorized based on application into five segments: communication, earth observation & remote sensing, scientific research, technology, and other. Among these communication application has large share in the base year due to the technological advancements in miniature communication systems and the increase integration of advanced optical/laser communication technology payloads for improved military and commercial communication
The LEO satellite market has been segmented into three end use: commercial, government & defense, and dual use. Among these, the commercial segment is estimated to dominate the market throughout the forecast period due to the growing applications of LEO satellites, especially for satellite communication purposes. For example, in 2021, SpaceX launched its internet satellite mega constellation Starlink into LEO, which provides satellite internet access to most of the Earth.

In terms of frequency, power source, the LEO satellite market is divided into nine categories: Ku-band, Ka-band, X-band, C-band, L-band, S-band, laser/optical, HF/VHF/UHF-band, and Q/V-band. The Ku-band frequency spectrum is used for satellite communications. This band, primarily used for mapping, has a short-range and high-resolution imaging capability. The Ku-band is mainly used for satellite communications, especially downlink, used by direct-transmission satellites for satellite television and specific applications, such as NASA's Tracking Data Relay Satellite, used for both the space shuttle and communications from the International Space Station (ISS).

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Throughout the forecast period, the Asia Pacific LEO satellite market is anticipated to develop at the fastest rate. Asia Pacific countries have been extremely focused on developing advanced technologies for laser- and optics-based satellites. Earth observation and scientific data gathered by nanosatellites and microsatellites support the decision-making process related to climate monitoring and agricultural planning, along with providing inputs related to soil protection in terrestrial and maritime areas and carrying out border surveillance. The growing demand for digital TV and direct-to-home (DTH) entertainment services in Asia Pacific leads to an increasing number of LEO satellites being launched for communication in the region.

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