LEO satellites market to grow by $7.1 billion by 2027: reportNews
March 27, 2023
NEW YORK, New York. The global low-Earth orbit (LEO) satellite market is expected to grow by $7.1 billion from 2022 to 2027, according to a new report from Technavio.
The report predicts that the market will grow by a compound annual growth rate of 15.92% over the next few years due to a rising demand for earth observation-related applications, low-cost solution deployment through micro and nanosatellites, and rapid development and deployment of LEO satellites.
"The market share growth of the small satellite segment is estimated to be significant during the forecast period," the report adds. "Small satellites are also called nanosatellites. Small LEO satellites for commercial applications are used for space observation programs, interplanetary missions, orbital system testing, or biomedical research. It also provides a gateway to developing space programs for countries that have not yet joined the space race."