According to a new report published by Allied Market Research, titled, “LEO and GEO Satellite Market,” The leo and geo satellite market was valued at $11.8 billion in 2021, and is estimated to reach $43.9 billion by 2031, growing at a CAGR of 14.3% from 2022 to 2031.
𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/9592
Satellite manufacturers have seen a growth in demand for navigation satellites in recent years due to the widespread use of navigation services. Government entities have shifted their attention to the development of navigation infrastructure to provide navigation services worldwide. The rise in investment from government agencies to improve navigation services in the region encourages the development of navigation satellites across the globe. For instance, in August 2021, the Indian Space Research Organization (ISRO) announced intentions to increase the global coverage of its regional satellite-based navigation system and make it interoperable with other systems like the global positioning system (GPS). The growing focus on creating precise navigation services around the world propels the growth of the LEO and GEO satellite industry.
The growth of the global LEO and GEO satellite market is propelling due to increase in adoption of small satellites and increase in demand for LEO-based services. However, rise in concerns over space debris is the factor that hampers the growth of the market. Furthermore, growth in investments by several governments in space technology is the factor expected to offer growth opportunities for the market during the forecast period.
COVID-19 Scenario:
- The LEO and GEO satellite market experienced a negative impact, owing to the presence of strict regulatory mandates as imposed by the governments of the various countries around the world during the pandemic.
- Lockdowns resulted in the closure of various manufacturing facilities and industries, including those of LEO and GEO satellites. In addition, there was a delay in the launches of satellites, which adversely impacted their demand during the pandemic.
- Furthermore, slow down in the operation of key components by prominent players, and shortage of raw materials due to ban on import and export of items further aggravated the impact on the market.
- These restrictions were imposed by the government to curb the spread of the virus.
𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗲𝗱 𝘁𝗼 𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝘁𝗵𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁? 𝗜𝗻𝗾𝘂𝗶𝗿𝗲 𝗕𝗲𝗳𝗼𝗿𝗲 𝗕𝘂𝘆𝗶𝗻𝗴 – https://www.alliedmarketresearch.com/purchase-enquiry/9592
KEY FINDINGS OF THE STUDY
- By orbit type, the low earth orbit segment is anticipated to exhibit significant growth in the near future.
- By application, the earth & space observation segment is anticipated to exhibit significant growth in the near future.
- By end-use, the government & military segment is anticipated to exhibit significant growth in the near future.
- By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
Key players operating in the global LEO and GEO satellite market include Airbus, Furuno Electric Co., Ltd., Inmarsat Global Limited, Intelsat S.A., Israel Aerospace Industries (IAI), L3Harris Technologies, Inc., Lockheed Martin Corporation, Mitsubishi Electric Corporation, Qualcomm Technologies, Inc., Texas Instruments Incorporated, Thales Group, and The Boeing Company.
𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁 𝗮𝘁 https://www.alliedmarketresearch.com/leo-and-geo-satellite-market/purchase-options