LEO and GEO Satellite Market Could Reach $43.9 Billion by 2031
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.
According to a new report "LEO and GEO Satellite Market By Orbit Type, By Application, By End-Use: Global Opportunity Analysis and Industry Forecast, 2021-2031" from Research and Markets, Low Earth Orbit (LEO) satellites are developed to orbit between 125 and 1,250 miles above the Earth's surface. These satellites are required to travel at about 17,000 mpg to complete a full circuit of the planet in 90 to 120 minutes.
LEO satellites are used for various applications such as data communication, remote sensing, and research. GEO satellite networks can provide very high broadband data throughput, with up to 50 Mbps downlink and 5 Mbps uplink. Weather-monitoring satellites can also use GEO, since they can examine specific regions in real time to see how weather patterns develop.
Research organizations have increased the implementation of satellites to monitor and evaluate short- and long-term climate change. For instance, in October 2020, Google and NOAA partnered together to jointly steer machine learning and artificial intelligence-driven pilot projects that will advance the agency's weather forecasting, environmental monitoring, and climate research capabilities.
In August 2021, the Space Development Agency launched an experimental satellite. The Cygnus NG-16 spacecraft carries Prototype Infrared Payload, or PIRPL, designed for testing the use of a multispectral sensor for detection of ballistic missiles from low orbits. L3Harris and SpaceX have been awarded $193 million and $149 million, respectively for development of four satellites equipped with wide field of view, and overhead persistent infrared sensors.
LEO and GEO Satellite Market Benefitting from Small Satellites
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.
The LEO and GEO satellite market is segmented on the basis of orbit type, application, end-use, and region. By orbit type, it is segmented into Low Earth Orbit (LEO) and Geostationary Earth Orbit (GEO). By application, it is fragmented into telecommunication, earth & space observation, scientific research, navigation, and others. By end-use, it is categorized into commercial, government & military, and others. By region, the report is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
(Source: Research and Markets news release. Images provided and from file)