New York, US, Aug. 23, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Mobile Satellite Services Market information by Type, by Sales Channel, by Application and Region – forecast to 2027” market size is bound to reach an astounding valuation of USD 6,551.8 Million by 2026 at a CAGR of 7.3%.
Market Scope:
The global mobile satellite services market is witnessing rapid traction. Significant investments made in surveillance and monitoring technologies are major driving forces behind the market growth. Moreover, factors such as the increasing demand and acceptance of mobile satellite services to drive future business plans create significant market opportunities. With the improving functionality of space mobile services and increasing deployments of satellites, the market is projected to witness significant traction in the next six years.
Dominant Key Players on Mobile Satellite Services Market Covered Are:
- Iridium Communications Inc. (US)
- Thuraya Telecommunications Company (UAE)
- Telefonaktiebolaget LM Ericsson (Sweden)
- Tesacom (Argentina)
- EchoStar Corporation (US)
- Inmarsat Global Limited (UK)
- Intelsat (US)
- GLOBALSTAR (US)
- ViaSat Inc. (US)
- Telstra (Australia)
- ORBCOMM (US)
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Mobile Satellite Service Market Drivers
Prospective Performance and Commercial Opportunities that MSS Offer Boost Market Size
Mobile satellite services, also popularly known as MSS, are used for two-way communications in voice and data transfer. Rising numbers of businesses and new industry players across the globe push the market shares. Also, the rising demand for all low earth orbit (LEO) and geostationary-satellite orbit (GSO) MSS systems accelerate the market growth.
Growing requirements for MSS across various industry verticals provides excellent opportunities for market growth. MSS systems provide portable handheld or transportable telecommunications between MSS terminals and the global infrastructure. Resultantly, the adoption of mobile satellite services is growing continually to offer extensive coverage areas compared to terrestrial systems.
Additionally, the rising demand for improved voice and data radio communications and Internet access fosters market value. The increased focus on data applications & services and the increasing need for mobility create substantial market demand. Growing government investments to improve mobile services support the Mobile Satellite Services market growth.
Significant investments made in surveillance & monitoring technologies and changing regulations increase the adoption of mobile satellite services. Increasing numbers of mobile phone manufacturers and mobile phone users influence the mobile satellite services market share.
Moreover, rapid economic growth worldwide propels the mobile satellite services market shares. Besides, the rapidly increasing industrialization and growing numbers of businesses across the globe provide impetus to market growth. Furthermore, changing government policies and regulations impact the adoption of digital services and satellite services.
Lack of Standardization And Funding Constraints are Major Headwinds
Despite demonstrating significant prospects, the market still witnesses major setbacks, such as the lack of standardization and the high initial investments required for installing MSS devices. Also, technical issues such as unwanted coordination among different databases, reusability, customization, and isolation of various satellites from one another are the key factors projected to impede MSS market growth.
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Segmentation of Market Covered in the Research:
The market is segmented into types, applications, sales channels, and regions. The type segment is sub-segmented into land MSS, aeronautical MSS, broadband MSS, maritime MSS, and personal MSS. Of these, the land MSS segment accounts for the largest market share, witnessing vast uses by consumers residing in cities as well, heading with the significant demand for adaptable wireless technologies.
The application segment is sub-segmented into military & defense, aviation, oil & gas, media & entertainment, transportation & automotive, government, mining and others. The sales channel segment is sub-segmented into offline and online. The region segment is sub-segmented into Europe, the Americas, Asia Pacific, and rest-of-the-world.
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Regional Analysis
North America leads the global mobile satellite services market. Factors such as the presence of major players and well-established development centers, alongside the growing IT industry in the region, drive the market growth. Besides, the vast development and early adoption of advanced technologies substantiate the Mobile Satellite Services market size.
Substantial R&D investments by major companies foster the mobile satellite service market share of the region. Moreover, the proliferation of the internet, mobiles, tablets, and other smart connected devices boosts the regional market growth. The US and Canada account for the leading shares in the regional MSS market.
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Competitive Analysis:
The mobile satellite services market witnesses several strategic partnerships, alongside other strategic approaches such as expansion, collaboration, mergers & acquisitions, and service & technology launches. Leading industry players make vast investments in research and development activities and fostering their expansion plans. Market players address the increasing demand with a wide range of solutions that are purpose-built for commercial viewing.
For instance, on JUL 28, 2021, Inmarsat Maritime Ventures, a subsidiary of Inmarsat, a leading global provider of mobile satellite communications, announced signing an agreement with SRH Connect to acquire Inmarsat’s Fleet Broadband customer base in Greece and Cyprus. The acquisition involving customer contracts purchased by Inmarsat Maritime Ventures.
SRH has already started providing customer support for Inmarsat’s Fleet Network Manager portfolio from March 2021. With this acquisition, SRH would become a formal Inmarsat distribution partner for Fleet Broadband and a Value-Added Reseller for Fleet Xpress.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
