LEO satellite market to top $34 billion by 2030, study predictsNews
July 27, 2022
LEWES, Delaware. The global market for low-Earth orbit (LEO) satellites -- valued at $9.6 billion in 2021 -- is expected to grow to $34.2 billion by 2030, a combined annual growth rate (CAGR) of 16.6%, according to a new market study from Verified Market Research, "Global LEO Satellite Market Size By Type, By Application, By End-Use, By Geographic Scope And Forecast."
The study authors ascribe the predicted growth to vastly increased use of LEO satellites by governments, militaries, and private commercial entities as new technologies come on line and more satellites are launched; the sheer volume of satellite data generated; and the variety of applications for that gathered data.
Broken out by application, the study finds that LEO satellites used by communications companies will become increasingly important, as more highly advanced miniaturized onboard nano, micro, and mini subsystems, together with cutting-edge mission-compatible ground-station technology, will mean an increase in communications-related missions and systems.
For additional information on this market study visit the Verified Market Research website.