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.

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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.

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.