Dublin, April 03, 2023 (GLOBE NEWSWIRE) -- The "Satellite Communication Global Market Opportunities And Strategies To 2032" report has been added to ResearchAndMarkets.com's offering.
The global satellite communication market reached a value of nearly $53,083.8 million in 2022, having grown at a compound annual growth rate (CAGR) of 6.5% since 2017. The market is expected to grow from $53,083.8 million in 2022 to $83,680.3 million in 2027 at a rate of 9.5%. The market is then expected to grow at a CAGR of 11.4% from 2027 and reach $143,872.3 million in 2032.
Growth in the historic period resulted from emerging markets growth, increasing investments in satellites and launch of advanced low earth orbit satellites. Factors that negatively affected growth in the historic period was political uncertainties and geopolitical tensions, shorter operational lifetime and space waste, volatile raw material prices and effect of COVID-19 on companies and global recession.
Going forward, increasing investment In low earth orbit satellites, robust government support, growing demand for telecommunication, growing investments in the space sector and increasing number of satellite launches will drive the growth. Factors that could hinder the growth of the satellite communication market in the future include shortage of skilled labor and stringent compliance and certification requirements.
The satellite communication market is segmented by component into transponder, transceiver, antenna, receiver and other components. The transceiver market was the largest segment of the satellite communication market segmented by component, accounting for 40.4% of the total in 2022. Going forward, the transceiver segment is expected to be the fastest growing segment in the satellite communication market segmented by component, at a CAGR of 9.9% during 2022-2027.
The satellite communication market is also segmented by technology into SATCOM automatic identification system, SATCOM VSAT, SATCOM on the-move (SOTM), SATCOM on the pause (SOTP) and SATCOM telemetry. The SATCOM on the-move (SOTM) market was the largest segment of the satellite communication market segmented by technology, accounting for 45.0% of the total in 2022. Going forward, the SATCOM on the-move (SOTM) segment is expected to be the fastest growing segment in the satellite communication market segmented by technology, at a CAGR of 9.8% during 2022-2027.
The satellite communication market is also segmented by application into asset tracking/monitoring, airtime, data backup and recovery, navigation and monitoring, broadcasting, drones' connectivity, tele-medicine and other applications. The broadcasting market was the largest segment of the satellite communication market segmented by application, accounting for 24.0% of the total in 2022. Going forward, the broadcasting segment is expected to be the fastest growing segment in the satellite communication market segmented by application, at a CAGR of 10.0% during 2022-2027.
The satellite communication market is also segmented by vertical into government and military applications, civil satellite communications, commercial application and other verticals. The commercial application market was the largest segment of the satellite communication market segmented by vertical, accounting for 82.1% of the total in 2022. Going forward, the commercial application segment is expected to be the fastest growing segment in the satellite communication market segmented by vertical, at a CAGR of 9.7% during 2022-2027.
North America was the largest region in the satellite communication market, accounting for 31.3% of the total in 2022. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the satellite communication market will be Asia Pacific and Middle East where growth will be at CAGRs of 11.2% and 10.1% respectively. These will be followed by North America and Africa where the markets are expected to grow at CAGRs of 9.3% and 9.2% respectively.
The global satellite communication market is highly fragmented, with a large number of small players. The top ten competitors in the market made up to 5.06% of the total market in 2021. The competition in the market is increasing as more governments and companies explore the potential of satellite communication for various applications. In addition to this, innovation through research and competitive pricing will help the satellite manufacturers to tap into this high potential market in the future. Thales Group was the largest competitor with 1.49% share of the market, followed by Honeywell International Inc with 1.15%, L3Harris Technologies, Inc. with 0.93%, Viasat, Inc. with 0.75%, Cobham Limited with 0.32%, Gilat Satellite Networks Ltd. with 0.16%, Baylin Technologies with 0.09%, Al Yah Satellite Communication Company PJSC (Yahsat) with 0.06%, KVH Industries, Inc. with 0.06% and Iridium Communications Inc. with 0.05%.
The top opportunities in the satellite communication market segmented by component will arise in the transceiver segment, which will gain $12,892.5 million of global annual sales by 2027. The top opportunities in the satellite communication market segmented by technology will arise in the SATCOM on the-move (SOTM) segment, which will gain $14,194.7 million of global annual sales by 2027. The top opportunities in the satellite communication market segmented by application will arise in the broadcasting segment, which will gain $7,832.4 million of global annual sales by 2027. The top opportunities in the satellite communication market segmented by vertical will arise in the commercial application segment, which will gain $25,504.6 million of global annual sales by 2027. The satellite communication market size will gain the most in the USA at $8,611.0 million.
Market-trend-based strategies for the satellite communication market includes product innovations, technological advancements, focus on investing in very high throughput satellites (VHTS), use of artificial intelligence in radio frequencies (RF) and focus on strategic partnerships and collaborations.
Player-adopted strategies in the satellite communication market includes strengthening business operations through the launch of new products and solutions, expanding operational capabilities and strengthening business operations through strategic acquisitions.
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The report covers the following chapters
- Introduction and Market Characteristics
Brief introduction to the segmentations covered in the market, definitions and explanations about the satellite communication market.
- Key Trends
Highlights the major trends shaping the global satellite communication market. This section also highlights likely future developments in the market.
- Global Market Size and Growth
Global historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis
Historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values and growth and market share comparison by region.
- Market Segmentation
Contains the market values (2017-2032) and analysis for each segment by component, by technology, by application and by vertical in the market.
- Regional Market Size and Growth
Regional market size (2022), historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape
Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers and Acquisitions
Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies
Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations
Includes recommendations for satellite communication providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix
This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
1) By Component: Transponder; Transceiver; Antenna; Receiver; Other Components
2) By Technology: SATCOM Automatic Identification System; SATCOM VSAT; SATCOM On The-Move (SOTM); SATCOM On The Pause (SOTP); SATCOM Telemetry
3) By Application: Asset Tracking/Monitoring; Airtime; Data Backup And Recovery; Navigation And Monitoring; Broadcasting; Drones' Connectivity; Tele-Medicine; Other Applications
4) By Vertical: Government And Military Applications; Civil Satellite Communications; Commercial Application; Other Verticals
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 319 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $53083.8 Million |
| Forecasted Market Value (USD) by 2031 | $143872.3 Million |
| Compound Annual Growth Rate | 10.5% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Thales Group
- Honeywell International Inc
- L3Harris Technologies, Inc.
- Viasat, Inc.
- Cobham Limited
For more information about this report visit https://www.researchandmarkets.com/r/160wbh
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