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The Low Earth Orbit (LEO) Satellites Market Size Is Expected To Reach $12.5 Billion By 2027 With A CAGR Of 24% As Per The Business Research Company's Low Earth Orbit Satellites Global Market Report 2023

LONDON, Nov. 07, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company Low Earth (LEO) Satellites Global Market Report 2023, the global low earth orbit (LEO) satellites market is witnessing phenomenal growth, with the market size surging from $4.29 billion in 2022 to $5.26 billion in 2023, reflecting an impressive compound annual growth rate (CAGR) of 22.6%. The LEO satellites market is poised for continued expansion, with a projected market size of $12.51 billion in 2027, driven by a robust CAGR of 24.2%.

Telecommunications Drive Growth

The remarkable surge in the low earth orbit (LEO) satellites market can be attributed to the rising demand for telecommunications. In an era marked by a growing reliance on high-speed internet, data connectivity, and seamless communication, LEO satellites have emerged as a viable solution to address these needs. Their lower latency and higher data throughput capabilities, compared to traditional geostationary satellites, make them particularly appealing to broadband internet and mobile communication providers.

Notably, in 2022, several companies announced plans to launch large systems of small LEO satellites, aimed at providing Internet access. These LEO "constellations" are designed to bridge the digital divide, especially in rural areas. For instance, SpaceX, a US-based space exploration company, actively launched its Starlink satellites to orbit, promising high-speed internet access and reducing brightness to minimize visual impact.

Learn More In-Depth On The Low Earth Orbit (LEO) Satellites Market

Market Landscape: Diversity and Notable Players

The global LEO satellites market exhibits fragmentation, with a multitude of small players contributing to the market. ...

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