LEO satellite market will triple in next 6 years: reportNews
August 30, 2022
BANGALORE, India. A new report predicts that the global low-earth orbit (LEO) satellite market will more than triple between 2022 and 2028.
The report, from Valuates Reports, states that the current LEO satellite market size is estimated at $5.16 billion but will increase to an estimated $16.74 billion by 2028 for a compound annual growth rate (CAGR) of 21.7%.
The market is being fueled by advantages such as "adaptability, cheap cost, cutting-edge mechanics, simplicity of assembly and launch, mass production, and brief life cycles which in turn will drive the market growth in the coming years," the report states.
"Furthermore, technological advancements in terms of throughput, ground equipment, laser beam, faster communication, and lower latency will drive the growth of the market during the forecast period," the report adds.