LEO satellite market to grow by $7.13 billion: report
NewsJuly 17, 2024
NEW YORK, New York. The global LEO satellite market will increase by $7.13 billion from 2023 through 2027 for a compound annual growth rate of $15.92%, a new report predicts.
The Technavio report states that rising demand for earth observation-related applications is driving the growth, "with a trend towards growing satellite-based telemetry applications."
Key players in the defense industry include Honeywell International, Inmarsat Global, Israel Aerospace Industries, L3Harris, Lockheed Martin, Northrop Grumman, Raytheon, Thales, Boeing, BAE Systems, and more.
"Satellite telemetry is extensively used in defense and military applications," the report states. "The US employs it to provide satellite tracking, telemetry, and commands to its users via ground antennas worldwide. The US Space-Based Infrared System (SBIRS) reconnaissance satellites offer strategic ballistic missile warning capabilities, enhanced with dual-band telemetry and tracking and communication capabilities."
