8 July 2026 | 6:22AM HKT Equity Research Global Technology: Accelerating LEO satellite launches; installed base to reach 24k/ 305k units by 2028E/31E; blue sky at 396k by 2031E Since launching our global Low Earth Orbit (LEO) satellite industry estimates in Feb 2025, we have seen accelerated LEO satellite launches in 2025, with LEO satellite installed base at 10k units by 2025 (vs. our previous estimate of 9.7k). We expect this growth momentum to be sustained, supporting a global LEO satellite installed bas ...