The story of satellites is that of a natural monopoly. The satellite market in low Earth orbit is rapidly expanding, led by Starlink’s massive constellation of over 7,600 satellites. While the long-term market potential is estimated to exceed $100 billion by 2035, the economics are challenging for other players in the space. High launch and replacement costs, limited consumer demand in remote areas, and rising geopolitical competition put first-place out of reach for other players, even if they play important roles in global access. (Source: Bloomberg)
