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LEO Satellite Market Research Report Information By Satellite Type (Small Satellite, Cube Satellite, Medium Satellite, and Large Satellite), By Frequency (L- Band, S-Band, C-Band, X-Band, Ku-Band, Ka-Band, Q/V- Band, HF/VHF/UHF-Band, and Laser/Optical), By End Use (Commercial, Government & Military, and Dual Use), By Sub-system (Satellite Bus, Payloads, Solar Panels, and Satellite Antenna), By Application (Communication, Earth Observation & Remote Sensing, Scientific, Technology, and Others), By Region (North America, Europe, Asia-Pacific,


ID: MRFR/A&D/10047-HCR | 128 Pages | Author: Sejal Akre| June 2024

Global LEO Satellite Market Overview


LEO Satellite Market Size was valued at USD 9.9 Billion in 2022. The LEO satellite market industry is projected to grow from USD 11.56 Billion in 2023 to USD 40.051 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.80% during the forecast period (2023 - 2032). The growing number of commercial uses for satellites is one of the main market drivers of the industry. Furthermore, the market is expanding due to other factors such the shrinking of satellites, the growing need for LEO satellite constellations across industries, and the increased interconnectedness of electronic gadgets.


Global LEO Satellite Market Overview


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


LEO Satellite Market Trends



  • Growing acceptance of LEO satellites across various industries is driving the market growth


The low earth orbit (LEO) satellite market is anticipated to rise over the forecast period due to the growing acceptance of LEO satellites across various sectors. One of the most significant contributors to the preservation, security, and longevity of the planet are low earth orbit satellites, which are also crucial for earth observation purposes for agricultural satellites. Furthermore, biological, chemical, and physical variables can be observed and measured ly through earth observation, which makes use of information from low-Earth orbit satellites. The United Nations projects that there will be 9.7 billion people on the planet by the year 2050, which will lead to a 69% rise in total agricultural output between 2010 and that year. For instance, the Indian Space Research Organization (ISRO) stated in November 2020 that an earth observation satellite would be launched to support disaster management, forestry, and agriculture. By launching tiny and nanosatellites, businesses like Planet and Satellogic are creating smart farming solutions. As a result, the market for low-Earth orbit satellites will expand due to the growing use of these satellites in agriculture.


ly, network operators are making significant investments to launch and expand 5G networks in their respective regions. It is anticipated that LEO satellites will be essential to the rollout of the 5G network. LEO satellites considerably improve connectivity and are inexpensive, simple to launch, and maintain. The growing need for high-speed internet access is expected to drive expansion in the China LEO satellite industry as well as the market. A commercial 5G LEO satellite named the Yinhe-1 was already launched in January 2020 by Galaxy Space, a private operator in China. In the upcoming years, the business intends to launch 144 Low Earth Orbit (LEO) satellites in order to build a robust 5G network throughout China.


In the low earth orbit satellites market, the launch of sophisticated low earth orbit satellites is becoming increasingly popular. In order to offer worldwide connectivity, major companies in the low-Earth orbit satellite industry are concentrating on satellite launches. For instance, in April 2021, 32 LEO satellites were launched from Russia's Vostochny cosmodrome by OneWeb, a low-Earth orbit satellite communications provider based in the United Kingdom. OneWeb now has 182 satellites in orbit as a result of the most recent launch. These would be a part of OneWeb's constellation of 648 low-Earth orbit satellites, which will offer low-latency, high-speed connectivity. Furthermore, an advanced relay satellite with laser communications technology was launched into orbit in November 2020 by Mitsubishi Heavy Industries (MHI), an engineering corporation based in Japan. Using laser technology, the satellite payload known as Laser Utilizing Communication System (LUCAS) will transmit data from satellites in low Earth orbit. Thus, driving the LEO satellite market revenue.


LEO Satellite Market Segment Insights


LEO Satellite Satellite Type Insights

The LEO satellite market segmentation, based on satellite type includes Small Satellite, Cube Satellite, Medium Satellite, and Large Satellite. The small satellite segment dominated the market. Small satellites are compact, low-mass spacecraft that are mostly employed for communication, Earth observation, and remote sensing. Typically, small satellites weigh less than 500 kg. Larger spacecraft are inspected while in orbit by little satellites. They serve as test platforms for recently created parts that will be installed on a far more important satellite.


LEO Satellite Frequency Insights

The LEO satellite market segmentation, based on frequency, includes L- Band, S-Band, C-Band, X-Band, Ku-Band, Ka-Band, Q/V- Band, HF/VHF/UHF-Band, and Laser/Optical. The Ku-Band category generated the most income because of the greater demand for Ku-band owing to its wider bandwidth and higher frequencies. This will result in considerably cheaper increases in user data rates and system traffic capacity.


LEO Satellite End Use Insights

The LEO satellite market segmentation, based on end use, includes Commercial, Government & Military, and Dual Use. The government & military category generated the most income because LEO satellites have several uses in the military. For years, the idea of the military deploying hundreds of small satellites in low-Earth orbit (LEO) for communications, missile warning, and other military purposes has been considered and then rejected due to the enormous launch cost estimates.


Figure 1: LEO Satellite Market, by End Use, 2022 & 2032 (USD Billion)


LEO Satellite Market, by End Use, 2022 & 2032


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


LEO Satellite Sub-system Insights

The LEO satellite market segmentation, based on sub-system, includes Satellite Bus, Payloads, Solar Panels, and Satellite Antenna. The satellite antenna category generated the most income. The ultimate performance over great distances and at high speeds is what LEO satellite antennas are designed for. Growing satellite communication and expanding space-based communications infrastructure depend on their reliability and accuracy in broadcasting.


LEO Satellite Application Insights

The LEO satellite market segmentation, based on application, includes Communication, Earth Observation & Remote Sensing, Scientific, Technology, and Others. The communication category generated the most income. Increased research and development efforts for information exchange operations are the cause of the expansion. Improved quality communications networks are anticipated to be provided by highly advanced miniaturized onboard nano, micro, and compact subsystems in conjunction with cutting-edge mission-compatible ground-station technology.


LEO Satellite Regional Insights


By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American LEO satellite market area will dominate this market. In an effort to improve the efficiency and caliber of satellite communication, the US government has been funding more and more cutting-edge low-Earth orbit satellite technologies. Some of the main factors anticipated to drive the LEO satellite market in the region include the growing financial budget for satellite equipment to improve the armed forces' surveillance and defense capabilities, critical infrastructure, modernization of the communication systems already in place in military platforms, and the use of satellite systems by law enforcement agencies.


Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 2: LEO SATELLITE MARKET SHARE BY REGION 2022 (USD Billion)


LEO SATELLITE MARKET SHARE BY REGION 2022


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe LEO satellite market accounts for the second-largest market share. This is due to the fact that satellite technology is advancing quickly and that demand for reasonably priced, high-speed internet is rising in this region, particularly in the UK, Germany, and France. Further, the German LEO satellite market held the largest market share, and the UK LEO satellite market was the fastest growing market in the European region


The Asia-Pacific LEO Satellite Market is expected to grow at the fastest CAGR from 2023 to 2032 due to the explosion of digitalization trends in several industries, the growing need for earth observation satellites, and the growing number of projects aimed at producing more effective small satellite components. The primary nations in this region with the highest demand for LEO satellites are China, Japan, and India. Moreover, China’s LEO satellite market held the largest market share, and the Indian LEO satellite market was the fastest growing market in the Asia-Pacific region.


LEO Satellite Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development in order to expand their product lines, which will help the LEO satellite market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, LEO satellite industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the LEO satellite industry to benefit clients and increase the market sector. In recent years, the LEO satellite industry has offered some of the most significant advantages to medicine. Major players in the LEO satellite market are attempting to increase market demand by investing in research and development operations includes L3Harris Technologies (US), Honeywell International Inc. (US), Lockheed Martin (US), Airbus Space and defense (Germany), Spacex (US), Northrop Grumman (US), among others.


The aerospace and defense technology business is called Northrop Grumman Corp. Intelligence, surveillance, and reconnaissance (C4ISR), computers, unmanned systems, autonomous systems, cybersecurity, and command, control, and communications are the company's main areas of focus at this point in time. It produces mission-critical computer systems, wireless communications infrastructure, spacecraft systems, and acoustic sensors for aircraft carriers and submarines. Along with modernization services, it offers logistics support. Among the industries that use Northrop Grumman's solutions are information systems, electronics, aerospace, and defense.


Lockheed Martin Corp is an aerospace and security product maker. The business conducts research, designs, develops, produces, and integrates cutting-edge technology systems, goods, and services. In addition, it provides services for system integration, cybersecurity, technical, engineering, scientific, and logistical management. Radar systems, sensors, unmanned systems, guided weapons, ground vehicles, military and rotary-wing aircraft, airlifters, missiles, and naval systems are among its product offerings. For military airplanes, land vehicles, satellites, missile defense systems, and space transportation systems, Lockheed Martin offers maintenance and upgrade services.


Key Companies in the LEO satellite market include



  • L3Harris Technologies (US)

  • Honeywell International Inc. (US)

  • Lockheed Martin (US)

  • Airbus Space and defense (Germany)

  • Spacex (US)

  • Northrop Grumman (US)


LEO Satellite Industry Developments


August 2022: The latest batch of 46 Starlink satellites was launched into low-Earth orbit (LEO) by SpaceX from Vandenberg Space Force Base in California. The first stage booster of this SpaceX rocket, like the others, separated from the rocket and made an autonomous landing on a droneship positioned in the Pacific Ocean. It was the sixth launch and landing of this Falcon 9 first stage. The rocket has already launched three more Starlink missions, and more are scheduled to be launched in the future.


February 2021: Lockheed Martin awarded a contract to ABL Space technologies of California, a company that develops affordable launch vehicles and technologies for the small satellite market, to offer a rocket and related launch services for the UK vertical satellite launch.


LEO Satellite Market Segmentation


LEO Satellite Satellite Type Outlook

  • Small Satellite

  • Cube Satellite

  • Medium Satellite

  • Large Satellite


LEO Satellite Frequency Outlook



  • L- Band

  • S- Band

  • C- Band

  • X- Band

  • Ku- Band

  • Ka- Band

  • Q/V- Band

  • HF/VHF/UHF-Band

  • Laser/Optical


LEO Satellite End Use Outlook

  • Commercial

  • Government & Military

  • Dual Use


LEO Satellite Sub-system Outlook

  • Satellite Bus

  • Payloads

  • Solar Panels

  • Satellite Antenna


LEO Satellite Application Outlook

  • Communication

  • Earth Observation & Remote Sensing

  • Scientific

  • Technology

  • Others


LEO Satellite Regional Outlook




  • North America

    • US

    • Canada




  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe




  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific




  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Report Attribute/Metric Details
Market Size 2022 USD 9.9 Billion
Market Size 2023 USD 11.56 Billion
Market Size 2032 USD 40.051 Billion
Compound Annual Growth Rate (CAGR) 16.80% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled L3Harris Technologies (US), Honeywell International Inc. (US), Lockheed Martin (US), Airbus Space and defense (Germany), Spacex (US), Northrop Grumman (US)
Key Market Opportunities Growing market demand for innovative and advanced satellites
Key Market Dynamics Growing need for applications connected to earth observation.Increasing investment on low-orbit satellites


Frequently Asked Questions (FAQ) :

The LEO satellite market size was valued at USD 9.9 Billion in 2022.

The market is projected to grow at a CAGR of 16.80% during the forecast period, 2023-2032.

North America had the largest share in the market.

The key players in the market are L3Harris Technologies (US), Honeywell International Inc. (US), Lockheed Martin (US), Airbus Space and defense (Germany), Spacex (US), Northrop Grumman (US).

The government & military category dominated the market in 2022.

The communication category had the largest share in the market.

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