According to the research report titled ‘Global LEO Satellite Market Size study, By Type (Large Satellite, Medium Satellite, Small Satellite, Cubesat,) By Sub System(Satellite Bus, Payloads, Solar Panels, Satellite Antenna, Others), By Application ( Communication, Earth Observation & Remote Sensing, Scientific, Technology, Others ), By End-Use (Commercial, Government & Military, Dual-Use), By Frequency (L-Band, S-Band, C-Band, X-Band, KA-Band, Q/V-BAND, HF/VHF/UHF-BAND, LASER/OPTICAL-BAND) and Regional Forecasts 2022-2028’, available with MarketStudyReport, global LEO satellite market was valued at 10.66 billion in 2021 and is projected to register 16.2% CAGR during the study period, eventually accounting for  USD 30.49 billion by 2028.

The rising demand for LEO-based services, increasing popularity of the earth observation imagery and analytics, and technological breakthroughs are some of the prominent factors driving the growth of global LEO satellites market.

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For those unaware, an LEO (low earth orbit) satellite is a spacecraft that normally carries electrical equipment and orbits the planet at a lower height than geosynchronous satellites. These satellites orbit the planet between 2,000 and 200 kilometers above its surface.

Apart from this, the rising potential for laser beam-based optical communications in space and growing developments in electric propulsion systems are predicted to spur the overall market growth during the projection period.

However, high concerns regarding space debris and its effects on the LEO satellite supply chain could impede the overall market expansion over the estimation period.

Based on type, the market is divided into cubesat, small satellite, medium satellite, and large satellite. Moving on to the sub-system, the industry is categorized into satellite antenna, solar panels, payloads, satellite bus, and others.

As per the application spectrum, global LEO satellite market is fragmented into technology, scientific, earth observation & remote sensing, communication, and others. With respect to the end-user landscape, the industry is segregated into dual-use, government & military, and commercial.

In terms of frequency type, the market is bifurcated into laser/optical band, HF/VHF/UHF-band, Q/V-band, KA-band, X-band, C-band, S-band, and L-band

Regionally, North America is expected to account for the largest market share over the forecast time spell, owing to increasing government support for advanced LEO satellite technologies, rising expenditure on satellite equipment to improve defense and surveillance capabilities, growing modernization of current communication in military platforms, rising development of essential infrastructure, and law enforcement agencies employing satellite systems.

Planet Labs PBC, GomSpace, Thales Group, Surrey Satellite Technology Ltd., Sierra Nevada Corporation, Space Exploration Technologies Corporation, Northrop Grumman Corporation, L3Harris Technologies, Airbus Defence and Space, and Lockheed Martin Corporation are the prominent companies in global LEO satellite industry landscape.