New York, USA, March 22, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global mobile satellite phone market is anticipated to garner a revenue of $5,262.1millionby 2027, at a CAGR of 4.0% during 2019-2027. The report puts forth a summary of the current market scenario, including other aspects such as opportunities and challenges, industry dynamics, and growth & restricting factors during and post pandemic period. The report also offers industry statistics which makes it easier and more beneficial for the new participants to comprehend the present market.
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COVID-19 Impact on the Global Mobile Satellite Phone Market
The global mobile satellite phone market is predicted to witness moderate growth during the pandemic. The COVID-19 pandemic impacted several industries including mobile satellite phone market due to factory shutdowns and disruption insupply chains. To mitigate the effect of the pandemic on the mobile satellite phone market, several market players concentrated their effort on product developments and strategic alliances that lead to several successful operations. On Oct 2020, Iridium Communications Inc., an American company headquartered in Mclean, announced that they experienced a 26% hike in subscription rate during the pandemic. Such key factors are predicted to also generate investment opportunities in the mobile satellite market in the near future.
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Market Dynamics
The global mobile satellite phone marketis anticipated to experience a massive growth in the analysis period mainly due to an increase in adoption of mobile satellite phonesfor assistance during emergency conditionsin various sectors like construction, tourism, fisheries,mining, and transport industries. Satellite phones are primarily used when existing communication networks are non-functionalduring extreme weather conditions, natural and man-made disasters. Furthermore, recent satellite phone models are much lighter, smaller, and have more functions than standard cell phones. In addition to the aforementioned factors, mobile satellite phonesalso have better geographic networks than landline and cellular phones. These factors are expected to drive the global mobile satellite phone market during the forecast period by increasing demand for innovative mobile satellite phone solutions.
There are certain standards set by government bodies across various countries for manufacturing mobile satellite phones..This factor is anticipated to restrain the growth of the global mobile satellite phone market.
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The report has segmented the market based on type, end use, and regional analysis.
GEO Type Sub-Segment is Projected to Experience Dominant Market Growth
In the type sub-segment, GEO type sub-segment was accounted for $2,583.9million in 2019, and it is anticipated to garner a revenue of $3,453.9million by 2027. GEO satellites appear fixed as they move at the same angular velocity along the path parallelto the earth’s rotation. This factor enables less directional adjustmentsof the satellite dish to receive signals from the geostationary satellite. Due to this factor, the GEO satellites are the preferred type for telecommunication.
End User Sub-Segment is Predicted to Garner the Largest Market Share
In the end user sub-segment, the maritime sub-segment was accounted for $952.9 million in 2019, and it is anticipated to garner a revenue of $1280.4 million by 2027 with CAGR of 3.7%. This growth can be mainly attributed to the increasing demand of mobile satellite phones in maritime sector. In this sector, the employees mainly work from the sea and there is lack of network connection to communicate with their families and teams duringrescue operations or other emergencies.In addition, there are many companies that use voice satellite services to ensure continuous and uninterrupted communications in construction, tourism, fisheries, mining, and transport industries.All these aforementioned factors are anticipated to boost the market for the global mobile satellite phone during the analysis period.
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North America Region will be the Most Lucrative
The North America mobile satellite phone market was accounted for $1,257.2 million in 2019 and is projected to garner a revenue of$1,621.2 million by 2027. Mobile satellite phones are widely used in defense sector as they are the only means of communication in emergency situations, when all other means of communications become inaccessible. In November 2020, Inmarsat, a world leader in global mobile satellite communications, was granted a three-year contract with the European Space Agency (ESA). This contract aims to co-fund the development of a new facility for governments across the globe, wherein they can plan, monitor, procure, and manage the satellite communications (satcoms) from Inmarsat and other operators and service providers across the world. Such initiatives and companies investing across the region are anticipated to positively boost the demand for mobile satellite phone in the region during the analysis period.
Key Players and Business Strategies
1. Globalstar
2. Ericsson
3. Inmarsat
4. Iridium Communications Inc.
5. Thuraya Telecommunications
6. EchoStar Corporation
7. Intelsat
8. AT&T
9. PKI Electronic Intelligence GmbH
10. Telstra
These industry players are focusing on developing several strategies such as partnerships, mergers and acquisitions, and product launches to promote to the expansion of the market.
For instance, in July 2020, Thuraya, the mobile satellite services subsidiary of Al Yah Satellite Communications Company, (Yahsat), has signed partnership agreement with the US-based Ground Control Systems Inc. owned by Wireless Innovations Ltd, to supply its products and services within the country and also to the rest of the world. The new partnership enablesthe customers of Ground Control to benefit from Thuraya's award-winning service and technology, and it also provides them with access to Thuraya's satellite communications services in over 160 countries across Europe, Asia, Africa, and Australia.
The report also discusses the other important aspects of the market including financial performance of the key players, product portfolio, recent strategic developments,and SWOT analysis. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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