Global Low Earth Orbit Satellites Market Soars to $5.26 Billion in 2023, Set to Reach $12.51 Billion by 2027

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, GREATER LONDON , UK, December 8, 2023 /EINPresswire.com/ -- The global low earth orbit (LEO) satellites market has experienced substantial growth, surging from $4.29 billion in 2022 to an impressive $5.26 billion in 2023, reflecting a remarkable compound annual growth rate (CAGR) of 22.6%. Despite challenges posed by the Russia-Ukraine conflict impacting global economic recovery from the COVID-19 pandemic, the market is expected to continue its upward trajectory, reaching an estimated $12.51 billion by 2027, with a projected CAGR of 24.2%.

Rising Adoption of LEO Satellites Drives Market Growth
The increasing adoption of low earth orbit satellites across various sectors is a key driver propelling the market's expansion. LEO satellites play a pivotal role in earth observation, particularly in sectors like agriculture, contributing to global safety, protection, and longevity. With the world population expected to reach 9.7 billion by 2050, the United Nations emphasizes a 69% increase in overall agricultural production between 2010 and 2050. Notably, the Indian Space Research Organisation (ISRO) launched an earth observation satellite in November 2020, focusing on agriculture, forestry, and disaster management support. Companies like Planet and Satellogic are also contributing to smart farming solutions through the deployment of small and nanosatellites, further boosting the growth of the LEO satellites market.

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Key Players in LEO Satellites Market
Major players driving innovation and growth in the low earth orbit satellites market include Northrop Grumman, Kepler Communications, SpaceX, Boeing, Lockheed Martin, Thales Alenia Space, Airbus Defence and Space, SSL, Globalstar, and BAE System. These industry leaders are instrumental in shaping the landscape through advancements and strategic initiatives.

Regional Insights: North America Leads, Anticipated to be the Fastest Growing
North America emerged as the largest region in the low earth orbit satellites market in 2022 and is expected to maintain its leadership position. Furthermore, North America is poised to be the fastest-growing region in the forecast period. The comprehensive global analysis covers regions such as Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa.

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Low Earth Orbit Satellites Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Low Earth Orbit Satellites Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on low earth orbit satellites market size, low earth orbit satellites market drivers and low earth orbit satellites market trends, low earth orbit satellites market major players, low earth orbit satellites market competitors' revenues, low earth orbit satellites market positioning, and low earth orbit satellites market growth across geographies. The low earth orbit satellites market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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