The global Satellite Communication Market size is projected to reach USD 159.6 billion in 2030, registering a CAGR of 9.5% from 2022 to 2030, as per a new report by Grand View Research, Inc. The rising proliferation of small satellites for tactical communication, geospace & atmospheric research, and medium resolution imagery in military & defense applications has propelled the growth of the market. The increasing demand for satellite communication (Satcom) solutions from the aviation industry to improve airline operations and air traffic management is anticipated to boost market expansion during the forecast period.
It is anticipated that the advent of the 5G network
and several scheduled Medium Earth Orbit (MEO) and Low Earth Orbit (LEO)
satellite launches would propel the expansion of the Satcom market at a rapid
pace. Additionally, the evolution of satellite communication in the
connectivity sector has prompted Satcom operators to offer the global
deployment of Internet of Things (IoT)
solutions. More than 2.7 million devices are currently supported by satellites,
including those used for aviation, infrastructure, trade, environmental
monitoring, and military support.
Satcom providers have changed their business models in
recent years to focus on providing high bandwidth satellite transponders with
higher transponder throughput and lower prices. An incoming signal is
identified and automatically responded to by a satcom transponder, a wireless
communication, monitoring, and control device. Factors such as the increase in
consumer broadband demand, corporate enterprise network need, and the expansion
of Ka-band and Ku-band services are anticipated to drive the growth of the
satellite transponder segment. Additionally, the overall demand has
significantly increased due to recent space development missions by many space
organizations, including China National Space Administration (China) and Indian
Space Research Organization (India).
Related Press Release@ Satellite Communication Market Report
Satellite Communication Market
Report Highlights
- The global need for enhanced data communication is fueling the
expansion of the market for satellite communication
- The equipment category is anticipated to register the fastest CAGR
of 10.2% owing to several advantages, including integrating targets,
tracking movements, and discovering hidden tunnels
- Due to the widespread use of satellite TV services in 2021, the
broadcasting sector held the largest market share
- The government & defense sector is predicted to witness the
fastest CAGR of over 11% throughout the projection period since satellite
communications are ideal for use in military activities across the globe
- North America held the largest revenue share, followed by Europe.
The region's increasing passenger traffic for marine and coastal tourism
and the presence of a significant number of industry players are expected
to contribute to this growth
- EchoStar Corporation, Intelsat, L3 Technologies, Inc., SES S.A,
Telesat, and Viasat, Inc. are some key players operating in the market
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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