New York, USA, April 04, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global satellite modem market is expected to garner a revenue of $1,004.4 million by 2028, growing exponentially at a CAGR of 14.4% during the forecast period, 2021-2028. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Satellite Modem Market
Drivers: Significant surge in the demand for better data transmission is expected to drive the growth of the market during the forecast period. In addition, growing demand for solutions that aid in asset monitoring, fleet management, vehicle tracking, and others are expected to bolster the growth of the satellite modem market during the forecast period.
Restraints: Sceptical regulations regarding satellite communications is expected to hinder the growth of the market during the forecast period.
Opportunities: Growing demand for connected health care and home devices among people across the globe is expected to create ample opportunities for the growth of satellite modem market during the forecast period.
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COVID-19 Impact on the Satellite Modem Market
The outbreak of COVID-19 has had a negative impact on the growth of the satellite modem market, owing to the prevalence of lockdowns in various countries across the globe. Most of the industries have been adversely affected due to lockdowns during the pandemic, which caused grievous disruptions in the manufacturing and supply chain of numerous industries. Moreover, people across the globe suffered financial losses, and hence their spending capacity considerably reduced during the pandemic. Thus, coronavirus has had a negative impact on the market.
Segments of the Satellite Modem Market
The report has divided the market into various segments based on channel type, technology, application, end-user, and region.
Channel Type: MCPC Modem Sub-segment to be Most Profitable
The MCPC modem sub-segment is expected to garner a revenue of $530.7 million during the forecast period. Satellite modems from MCPC can conveniently connect to IP networks for seamless and error-free data and video connection. This factor is expected to stimulate the growth of the satellite modem market sub-segment during the forecast period.
Technology: Satcom-on-the-Move Sub-segment to be Most Beneficial
The satcom-on-the move sub-segment generated a revenue of $121.5 million in 2020, and is further expected to grow exponentially during the forecast period. Maritime airplanes, trains, boats, vehicles, and other modes of transportation retain satcom on-the-move (SOTM) terminals for effective broadband communication. This factor is expected to bolster the growth of the sub-segment during the forecast period.
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Application: IP-Trunking Sub-segment to be Most Lucrative
The IP-trunking sub-segment is expected to garner a revenue of $293.1 million during the forecast period. IP trucking helps users to use the exact IP-based network for immaculate set of data transmissions, including voice, video, and others. This factor is expected to drove the growth of the satellite modem market sub-segment during the forecast period.
End-User: Military & Defence Sub-segment to be Most Remunerative
The military & defence sub-segment is expected to generate a revenue of $269.0 million during the forecast period. Impeccable use of satellite communication in the military and defence sector for conducting various purposes such as situational awareness, border control, information gathering, and others are expected to accelerate the growth of the sub-segment during the forecast period.
Region: Asia Pacific Region to Have the Fastest Growth Rate
The Asia-Pacific region is expected to grow expeditiously at a CAGR of 15.3% during the forecast period. Growing investments in the military & defence projects in this region is expected to drive the growth of the market during the forecast period. In addition, surging demand for high-speed data connectivity along with the growing number of satellite launches in this region are further expected to stimulate the growth of the regional satellite modem market during the forecast period.
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Key Players of the Satellite Modem Market
The major players of the market include
- Datum System
- ORBCOMM Inc.
- Work Microwave GmbH
- Hughes Network Systems
- Novelsat
- Teledyne Technologies
- Comtech Telecommunications Corp.
- Gilat Satellite Networks Ltd.
- ST Engineering
- Viasat, Inc.
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in August 2021, SpaceX, a US-based dominant aerospace manufacturer and global provider of space transportation services, acquired Swarm Technologies, an innovative satellite connectivity start-up, in order to strengthen SpaceX’s global presence and gain access to expertise and intellectual property created by the Swarm team.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Satellite Modem Market Report Overview & TOC: https://www.researchdive.com/8566/satellite-modem-market
Related links:
Blog: The Role of Satellite Modems in Military and Defense Communication Satellites
Analyst Review: Strategic Acquisitions Like that of Swarm Technologies by SpaceX to Drive the Global Satellite Modem Market
