The growing Low Earth Orbit (LEO) Satellite market set to rocket to $47bn!
With revenue projected to reach ciRca. $46.7 billion (USD) by 2032, according to Polaris Market Research, the market is forecasted to expand at a compound annual growth rate of approximately 12.2% between 2023 and 2032. This is an exciting time for organisations within the LEO Satellite market with this year, in particular, being a pivotal one due to unprecedented growth and expansion across diverse sectors. Thanks to technological advancements, policy changes, and increasing investor interest, the LEO satellite domain has garnered tremendous attention, not just within the aerospace industry, but across global markets.
What are LEO satellites?
In short, LEO satellites operate at altitudes ranging from 160 to 2,000 kilometres above the Earth's surface. Their closer proximity to Earth compared to traditional geostationary satellites gives them significant advantages, such as reduced latency and increased data transfer speeds. This makes LEO satellites particularly well-suited for tasks like internet connectivity and real-time communication.
What’s driving growth?
Several factors are driving growing. From the end-users perspective, there is strong desire for internet connectivity in remote parts of the word. Companies like SpaceX and OneWeb, are revolutionising connectivity by using LEO satellites to deliver global, high-speed internet coverage.
Other growth drivers include: earth observation, data collection, reduced launched costs (reusable rockets), more favourable policy and regulations as Governments around the world are recognise the potential of LEO satellites.
The key LEO satellite organisations
The market isn't dominated just by giants like Starlink or OneWeb. Several smaller players and start-ups are contributing to market diversification with specialized satellite services, data analytics solutions, and technological innovations. Collaboration is becoming a buzzword, with tech giants, aerospace players, and start-ups partnering to explore synergies. Such partnerships are ensuring that the market remains dynamic, competitive, and customer-centric. Other players include: Project Kuiper, Telesat, Avant, Intelsat
Other companies with big LEO programmes:
- ABL Space Systems
- Astra Space, Inc.
- Blue Origin
- China Aerospace Science and Technology Corporation (CASC)
- Firefly Aerospace Inc.
- Interorbital Systems
- Mitsubishi Heavy Industries
- Northrop Grumman Corporation
- Rocket Lab USA, Inc.
- United Launch Alliance, LLC
Jobs in the LEO satellite industry
Currently, there aren't many agencies specialising in low earth orbit recruitment. However, that doesn't meant there is a lack of jobs in the low earth orbit satellites industry. A quick search on Indeed for jobs in LEO satellite will display over 700 active roles. This isn’t surprising given the growth in this industry. Since 2021, we have been First Point Group has recruited for LEO satellite companies across the globe for a variety of roles including:
- LEO Terminal Engineer
- Core Support Engineer
- Ground Support Engineer
- Network Engineer
- Satellite Baseband Support Engineer
- Technical Operations Lead
- Major Incident Manager
- Associate Test And Integration Engineer (RF/satellites)
- Data Engineer
- Field Service Engineer
- IP Design Engineer
- L2 Core Support Engineer
- Senior Sales Manager Telecoms Carriers
- Regional Sales Leads
- Account Managers
LEO really is a hot market now from a recruitment perspective and things don’t show any sign of slowing in the near future. Over the next decade, it wouldn't be surprising to see more recruitment agencies in the low earth orbit industry and satellite recruitment.
Predictions for the future
The LEO satellite market in 2023 stands at an exciting intersection of technology, commerce, and global connectivity. The coming years are set to witness a wealth of “space benefits”. From farmers in Africa receiving real-time weather updates to students in remote Asian villages accessing high-speed internet for online education, the ripple effects of this market are vast and transformative.
While challenges exist, the LEO satellite market's potential in enhancing global connectivity, fostering economic growth, and promoting international cooperation is undeniable. The year 2023 is just a glimpse of what’s on the horizon for this dynamic and ever-evolving market and First Point Group will be there alongside our clients at the cutting-edge of technology!