Pune, Nov. 01, 2023 (GLOBE NEWSWIRE) -- “The SNS Insider report stated that the 5G From Space Market was valued at USD 178.54 million in 2022 and is projected to surge to USD 9,006.60 million by 2030, exhibiting a remarkable compound annual growth rate of 63.25% from 2023 to 2030.”
Market Overview
5G from space represents the convergence of fifth-generation (5G) wireless technology with satellite-based communication systems. It combines the advantages of 5G, such as high data speeds, low latency, and massive device connectivity, with the extensive coverage and global reach of satellite networks. This synergy opens up unprecedented opportunities for enhanced connectivity, especially in remote and underserved areas, and various industries like agriculture, transportation, and IoT.
Market Analysis
The Internet of Things (IoT) and Machine-to-Machine (M2M) communication are becoming increasingly integral to various industries, from agriculture to healthcare. 5G from space offers low latency and high reliability, making it a perfect fit for these applications. Satellites equipped with 5G technology can efficiently connect and manage countless IoT devices, further expanding the 5G from space market's potential. The aerospace and defense sectors are adopting 5G from space for a multitude of applications. High-speed communication is crucial for military operations, and space-based 5G networks offer secure and fast data transfer for military and defense purposes. Additionally, these networks can support satellite-based navigation and tracking systems, enhancing situational awareness and security. The growth of 5G from space also has a profound impact on space exploration missions. Space agencies and private companies increasingly rely on high-speed data transfer for tasks such as remote spacecraft control and the analysis of data from distant celestial bodies. 5G technology facilitates these operations, contributing to the growth of the space exploration sector.
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Key Company Profiles Listed in this Report are:
- SES S.A.
- Qualcomm
- OneWeb
- Ericsson
- Omnispace
- Rohde & Schwarz
- Lynk Global
- Echostar Corporation
- China Aerospace Science & Technology Corporation
- Other Players
Key Takeaway from 5G From Space Market Study
- The Massive Machine-Type Communications (mMTC) segment plays a pivotal role in propelling the market. mMTC involves connecting a vast number of devices simultaneously, facilitating applications like smart cities, industrial automation, and smart grids. The low-power, wide-area networks (LPWANs) provided by 5G from space are instrumental in enabling these applications, driving significant market growth.
- In the 5G from space market, hardware components serve as the backbone for infrastructure development. The demand for satellite terminals, user equipment, and ground stations is soaring. As technology advances, the hardware segment is set to dominate, offering innovations that enhance network efficiency and connectivity.
5G From Space Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 178.54 Mn |
| Market Size by 2030 | US$ 9006.60 Mn |
| CAGR | CAGR of 63.25% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Recent Developments
- The first 5G IoT Low Earth Orbit (LEO) satellite was successfully launched from the Vandenberg U.S. Space Force Base. This historic achievement was made possible through a collaborative effort between Sateliot, a prominent satellite communications company, and SpaceX, the pioneering aerospace manufacturer and space transportation company.
- Comtech, a leading technology company in the field of satellite communications, recently achieved a significant milestone by successfully testing and validating a 5G connection over satellite. The successful test and validation of a 5G connection over satellite are seen as a major step forward in bridging the digital divide.
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Market Dynamics Analysis
The emergence of 5G technology within the space industry has ignited a transformative wave, offering an array of drivers, but not without its share of restraints, challenges, and potential threats. Firstly, the primary driver behind 5G from space market is the exponential increase in data demand for satellite communications, Earth observation, and space exploration missions. This technology promises ultra-fast data transfer rates, reduced latency, and enhanced connectivity, ultimately enhancing the efficiency and capabilities of space-related operations. Moreover, the burgeoning Internet of Things (IoT) sector relies heavily on 5G connectivity in space for applications like remote sensing and satellite-based asset tracking, which fuels the demand further. However, these promising prospects are accompanied by a series of restraints and challenges. The high costs associated with deploying and maintaining 5G infrastructure in space is a significant restraint. Satellite constellations, ground station upgrades, and the development of advanced hardware and software are capital-intensive endeavors. As for potential threats, cybersecurity emerges as a prominent concern. The interconnected nature of 5G networks in space exposes them to cyberattacks, jeopardizing both data integrity and the safety of space missions.
Key Regional Developments
Regional dynamics in the 5G from space market are influenced by factors like population density, geographical topography, and economic development. Developed regions such as North America and Europe are early adopters due to the availability of infrastructure and resources. Emerging economies in Asia-Pacific are steadily catching up, driven by the need to bridge the digital divide. Meanwhile, regions with challenging terrain or remote communities are looking to space-based 5G as a solution to provide seamless connectivity. Regional policies, regulatory frameworks, and partnerships are essential determinants shaping the market landscape.
Impact of Recession on 5G From Space Market Growth
The ongoing recession has posed both challenges and opportunities for the 5G from space market. On one hand, economic uncertainties have caused delays in infrastructure investments, affecting market growth. On the other hand, the need for remote communication and the acceleration of digital transformation in response to the pandemic have highlighted the importance of robust connectivity, particularly in underserved areas. Governments and organizations are recognizing the potential of 5G from space to boost economic recovery and bridge the digital divide.
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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. 5G From Space Market, By Component
9. 5G From Space Market, By Vertical
10. 5G From Space Market, By Application
11. Regional Analysis
12. Company Profile
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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