The global LEO satellites market is expected to grow from $3.50 billion in 2021 to $4.13 billion in 2022 at a compound annual growth rate (CAGR) of 18.2%, according to a new report from Research and Markets. The growth is mainly due to the increasing adoption of low earth orbit satellites in various sectors, rising importance across communications and defense industries, increasing awareness regarding new forms of technology, integration of IoT, machine learning, rapid advancements in the aerospace, robust government support, increasing preferences towards software-defined payloads for communication satellites, miniaturization of satellite, and growing advancements in payload systems. The market is expected to reach $9 billion in 2026 at a CAGR of 21.5%.