Companies around the globe are launching an increasing number of satellites, crowding Earth's orbit in an effort to satisfy the ravenous on-demand desire for more broadband, satellite television and communications.

In the past five years, the number of operational satellites has jumped 40 percent, and nearly 1,400 now orbit the Earth. Industry officials say that number could more than double in five years as a revolution in technology has made satellites smaller and more affordable. Entrepreneurs eye the ethereal real estate a couple of hundred miles up as a potentially lucrative new market.

Companies such as OneWeb, Boeing and SpaceX plan to put up constellations of small satellites that could number in the hundreds, if not thousands, and beam the Internet to the billions of people not yet connected.

Just last month, Boeing filed an application with the Federal Communications Commission that would allow it to send up nearly 3,000 satellites for broadband services.

But U.S. officials are concerned about all the traffic in space and the lack of oversight. Although the Pentagon tracks objects orbiting the globe and warns of close approaches, it does not have the power to order an operator to move a satellite out of the way to avoid a collision.