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As of the end of 2022, over ** percent of active satellites were in low Earth orbit (LEO), while around **** percent were in geostationary (GEO) orbit. LEO satellites typically orbit less than 1000 kilometers above the earth’s surface, and so can service a range of applications not viable at higher altitudes. 

Starlink expands its LEO constellation

While satellite imaging has long been a core function of LEO satellites, a recent surge in LEO launches has been driven by satellite internet providers, with low orbits allowing the provision of fast internet with minimal latency. Satellite internet operators deploy multiple satellites in so-called constellations, which allow the coverage of broad regions around the clock. SpaceX’s Starlink has invested heavily in its LEO constellation, with the firm accounting for more than a of all active satellites in orbit as of October 2023.

The FSS market faces oversupply

Orbiting at an altitude of almost 36,000 kilometers, GEO satellites precisely match the rotation of the Earth, and so appear to remain stationary relative to the Earth’s surface. This enables GEO satellites to remain in constant contact with fixed locations. GEO satellites serve a range of fixed-service satellite (FSS) applications, including traditional telecommunications broadcasting, but cannot match the low latency offered by LEO services. The global FSS market generated over *** million U.S. dollars in 2022 but faces pressure in the form of increased supply driven by the rise of satellite internet operators.