LEO and GEO Satellite Market Share to Reach $43.9 Billion by 2031

By orbit type, the LEO segment dominated the global LEO and GEO satellite market in 2021, in terms of revenue, and is expected to lead the market throughout the forecast period. By application, the telecommunication segment accounted for a major share in 2021. Based on end-use the government & military segment is anticipated to witness lucrative growth over the forecast timeframe. At present, North America is the highest revenue contributor, followed by Asia-Pacific.

According to a new report published by Allied Market Research, titled, "LEO and GEO Satellite Market," The leo and geo satellite market was valued at $11.8 billion in 2021, and is estimated to reach $43.9 billion by 2031, growing at a CAGR of 14.3% from 2022 to 2031.

North America is expected to dominate the global LEO and GEO satellite market during the forecast period. The market has strengthened due to the growth in telecommunication, navigation, and remote sensing applications. Government and military organizations using satellite imaging for mapping, military reconnaissance, disaster management, and others. Rise in investment in the defense sector, along with technological advancement in telecommunication industry, is expected to drive the market growth during the forecast period.

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Key players operating in the global LEO and GEO satellite market include Airbus, Furuno Electric Co., Ltd., Inmarsat Global Limited, Intelsat S.A., Israel Aerospace Industries (IAI), L3Harris Technologies, Inc., Lockheed Martin Corporation, Mitsubishi Electric Corporation, Qualcomm Technologies, Inc., Texas Instruments Incorporated, Thales Group, and The Boeing Company.

Satellite manufacturers have seen a growth in demand for navigation satellites in recent years due to the widespread use of navigation services. Government entities have shifted their attention to the development of navigation infrastructure to provide navigation services worldwide. The rise in investment from government agencies to improve navigation services in the region encourages the development of navigation satellites across the globe. For instance, in August 2021, the Indian Space Research Organization (ISRO) announced intentions to increase the global coverage of its regional satellite-based navigation system and make it interoperable with other systems like the global positioning system (GPS). The growing focus on creating precise navigation services around the world propels the growth of the LEO and GEO satellite industry.

The growth of the global LEO and GEO satellite market is propelling due to increase in adoption of small satellites and increase in demand for LEO-based services. However, rise in concerns over space debris is the factor that hampers the growth of the market. Furthermore, growth in investments by several governments in space technology is the factor expected to offer growth opportunities for the market during the forecast period.

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COVID-19 Impact Analysis

The COVID-19 crisis has created uncertainty in the LEO and GEO satellite market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. Governments of different regions have already announced total lockdown and temporary shutdown of industries, thereby adversely affecting the overall production and sales. Countries around the globe have posed stringent restrictions ranging from days to months of lockdown periods. Owing to this pandemic, many businesses have been halted and are waiting for the market conditions to improve.

The impact of the COVID-19 pandemic has resulted in delayed development and launches of satellite, slowdown in the operation of the key players, and shortage of components. The pandemic has resulted in supply-chain disruptions causing delayed launches of satellites.

Shortage of components owing to regulations associated with import and export of goods have also resulted in delayed manufacturing, and launch of satellites. Limited supply of liquid oxygen and liquid nitrogen owing to greater demand from hospitals to treat COVID-19 patients caused an 11 day delay in the launch of Landsat 9 satellite, a joint project of NASA and the U.S. Geological Survey. It was then launched in September 2021.

The satellite launch services and satellite manufacturing have also been impacted by computer chip shortage, due to manufacturing shutdowns in China, South Korea, and Taiwan. The limited chip supplies caused SpaceX to delay the development of a new user terminal for its Starlink satellite broadband system.

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The pandemic has caused delays in development of several projects. The Defense Advanced Research Project Agency's program, which is aimed at demonstrating a new communications network for the military in low-Earth orbit, was scheduled to be launched in 2022. The launch is expected to be delayed due to of shortages of microchips and other electronic components.

However, post-pandemic, several key players operating in LEO and GEO satellite industry are focusing on providing broadband internet services across the globe through thousands of low earth orbit (LEO) satellites, which in turn is expected to drive the growth of the LEO and GEO satellite market during the forecast timeframe.

KEY FINDINGS OF THE STUDY

By orbit type, the low earth orbit segment is anticipated to exhibit significant growth in the near future.
By application, the earth & space observation segment is anticipated to exhibit significant growth in the near future.
By end-use, the government & military segment is anticipated to exhibit significant growth in the near future.
By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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