Step-by-step explanation:
The motion of satellite is an example of uniform circular motion. In this type of motion, the velocity of object varies at each and every point but its speed is constant. The satellite in a circular orbit travel at a constant speed.
The gravitational force of earth is balanced by the centripetal force such that,

A satellite travel at a constant speed because there is no force acting in the direction of motion of satellite i.e. there is no resistive force that opposite the motion of the satellite.