Worldwide LEO & GEO Satellite Industry To Reach $43.9 Billion by 203125th Jan 2023
Research and Markets has turned its attention to the LEO & GEO satellite industry and published its latest analysis and industry forecast report. With the report, they underline the astronomical growth anticipated in this market.
According to this study, the LEO & GEO satellite market had a valuation of $11.8 billion back in 2021. Throughout the next ten years, a growth rate of 14.3% CAGR is set to see this valuation rise to $43.9 billion.
What are LEO satellites and GEO satellites?
LEO stands for Low Earth Orbit. These satellites are developed to orbit somewhere between 200 and 2,000 km above the surface of the Earth. A full circuit of the planet can be completed in 90 to 120 minutes when these satellites travel at 27,000 kph.
LEO satellites can be used for a wide range of applications, ranging from research to remote sensing and data communication.
What about GEO satellites? Well, GEO networks deliver extremely high broadband data throughput, with up to 5 Mbps uplink and 50 Mbps downlink.
We’re also seeing a lot of satellites for weather monitoring utilize GEO because they can assess certain regions in real-time to discover how weather patterns are developing.
What’s causing the growth in LEO satellites and GEO satellites?
You may be wondering why such huge growth is expected in this sector. This can be attributed to the increased demand for LEO-based services, as well as the increased adoption of small satellites.
In addition to this, we’re seeing numerous governments make investments in space technology. We expect this to continue, offering more opportunities for the sector to thrive throughout the forecast period.
Nevertheless, it’s not all plain sailing for the industry. There are some major concerns, especially with regard to the rise in space debris, which is something we have reported on extensively.