CHICAGO, Nov. 22, 2023 /PRNewswire/ -- The LEO Terminals Market is projected to grow from USD 6.0 billion in 2023 and is estimated to reach USD 17.7 billion by 2028; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 23.9% from 2023 to 2028 according to a new report by MarketsandMarkets. The reflecting a notable Compound Annual Growth Rate (CAGR) of 23.9%. between 2023 and 2028. Notably, North America is anticipated to hold the most substantial share of the LEO terminals markets in 2023.
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Browse in-depth TOC on "LEO Terminals Market" 216 - Tables
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256 - Pages
LEO Terminals Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $6.0 billion |
Estimated Value by 2028 | $17.7 billion |
Growth Rate | Poised to grow at a CAGR of 23.9% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By platform, vertical, and frequency. |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Threat of data interception, unauthorized access, and cyberattacks |
Key Market Opportunities | Growing demand for connectivity from developing countries |
Key Market Drivers | Increasing demand for cost-effective, high-speed connectivity |
"By Platform, mobile segment is expected to register the highest market share during the forecast period "
Based on platform, the LEO terminals market has been segmented into fixed, portable, and mobile. The LEO terminals market has experienced unprecedented growth, largely driven by the deployment of LEO satellite constellations by major players such as SpaceX's Starlink, OneWeb, and Amazon's Project Kuiper. These constellations have redefined global connectivity, offering high-speed internet, data transmission, and communications services to diverse user groups, ranging from remote communities to urban centers.
" By Vertical, government & defence segment is projected to record the highest CAGR growth"
Based on vertical, the LEO terminals market has been segmented into commercial and government & defense. The miniaturization of LEO terminals has made satellite communications economically and potentially viable for widespread use in the commercial, civil, government, and military sectors. Continuous reduction in the cost of LEO terminals, increased demand for LEO terminals across verticals, and a rise in the number of satellite launches are expected to fuel the growth of the LEO terminals market worldwide.
"By frequency, ku-band would have the highest market share growth during the forecast period"
Based on frequency, the LEO terminals market has been segmented into C-band, L- & S-band, X-band, Ka-band, Ku-band, VHF/UHF-band, EHF/SHF-band, Q-band, and multi-band. LEO terminals are used for voice and data services, television, DTH broadcasting, digital satellite news gathering (DSNG), VSAT, and other applications. The selection of a frequency band depends on factors such as coverage requirements, data transmission speed, regulatory considerations, and the specific needs of industries and applications within the LEO terminals market.
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" North America is expected to hold the highest market share in 2023."
Based on region, the LEO terminals market has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. The global market is on an upward trajectory, driven by the increasing demand for high-speed internet, the surge in remote work and learning, and the emergence of new LEO satellite constellations. In this landscape, North America is poised to lead the market during the forecast period due to the presence of key industry players, such as SpaceX (US), EchoStar Corporation (US), and Kymeta Corporation (US), investing significantly in LEO satellite constellations. Europe is another significant market with a strong demand for high-speed internet connectivity, particularly in rural areas, where LEO terminals offer an affordable and reliable solution. Asia Pacific is also projected to witness rapid growth as developing countries seek advanced technologies such as LEO terminals to enhance internet connectivity. Similarly, Latin America and the Middle East & Africa are expected to experience substantial market expansion, addressing the connectivity needs of underserved regions
Key players in the market are focusing on developing advanced LEO terminals that are capable of delivering high-speed connectivity to remote and underserved regions. These players include SpaceX (US), Kymeta Corporation (US), L3harris Technologies, Inc. (US), EchoStar Corporation (US), and Thales (France), among others.
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