Dublin, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The "Satellite Telecommunications Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The satellite telecommunications market size has grown steadily in recent years. It will grow from $41.37 billion in 2023 to $43.39 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The expansion observed in the historical period can be attributed to geopolitical considerations, market liberalization, the demand for disaster recovery and emergency communications, media and broadcasting requirements, and the necessity for connectivity in remote areas.
The satellite telecommunications market size is expected to see strong growth in the next few years. It will grow to $53.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The anticipated growth in the forecast period can be attributed to the increasing demand for broadband connectivity, IoT and M2M connectivity needs, emerging market opportunities, global 5G backhaul requirements, and the growing significance of environmental and climate monitoring. Major trends expected in this forecast period include the use of satellites for earth observation, the development of high-capacity optical communication payloads, a rising interest in smallsat and cubesat deployments, the global expansion of broadband services, and an increased focus on space situational awareness (SSA).
The expected rise in the demand for small satellites dedicated to earth observation services is set to propel the growth of the satellite telecommunications market in the coming years. Small satellites, weighing less than a kilogram (2,204 pounds), play a vital role in various applications, including data communications, earth exploration, and space research.
The surge in demand for small satellites, particularly for earth observation services, is evident in the launch statistics. According to a 2021 report by Satellite Applications Catapult Limited, a UK-based technology and innovation center focused on space satellites, a total of 1,715 small satellites were launched in 2021 - an increase from the 1,163 small satellites launched in 2020. This substantial growth underscores the driving force of the demand for small satellites for earth observation services in boosting the satellite telecommunications market.
The adoption of 5G connectivity is anticipated to drive the satellite telecommunications market forward. 5G connectivity, as the fifth generation of wireless technology, offers enhanced speeds, reduced latency, and increased network capacity. Satellite telecommunications plays a crucial role in augmenting 5G connectivity by providing global coverage, addressing connectivity gaps, and facilitating seamless communication in remote or underserved areas. In April 2023, data from 5G Americas, a US-based industry trade organization, revealed a 76% increase in global 5G wireless connections from the end of 2021 to the end of 2022, reaching 1.05 billion connections. The trajectory is expected to continue, reaching an estimated 5.9 billion by the end of 2027. The surge in 5G adoption is thus a significant driver for the satellite telecommunications market.
A noteworthy trend gaining prominence in the satellite telecommunications market is technological advancement, with major companies dedicating efforts to developing innovative technologies. For instance, Qualcomm Technologies, Inc., a US-based manufacturer of digital wireless telecommunication products and services, launched Snapdragon Satellite in January 2023. Representing the world's first satellite-based two-way messaging solution for luxury smartphones, Snapdragon Satellite is powered by Snapdragon 5G Modem-RF Systems and leverages the fully operational Iridium satellite constellation, offering global mobile messaging access.
Major companies in the satellite telecommunications market are actively focused on providing innovative networks by harnessing advanced technologies, such as Release-17-based satellite technology. Release-17-based satellite technology entails the implementation of the latest 3rd Generation Partnership Project (3GPP) standard in satellite communication systems.
For instance, in November 2023, Viasat Inc., a US-based provider of advanced digital satellite communications, collaborated with Skylo Technologies to launch the world's first global direct-to-device (D2D) network. This groundbreaking network utilizes Skylo's Release-17-based satellite technology and Viasat's L-band satellite constellation, enabling the deployment of 3GPP Release 17 compliant products globally. The network supports various applications, including consumer smartphone services, the Internet of Things (IoT), automotive, and defense applications.
In October 2022, Marlink, a US-based maritime satellite communications company, acquired the satellite communications business of Hellenic Radio Services SA for an undisclosed amount. This acquisition significantly bolstered Marlink's market share and position in the Greek market, enhancing its service and support capabilities to meet the growing needs of Greek ship-owners. Hellenic Radio Services SA, based in Greece, is a provider, manufacturer, and distributor of satellite communications products and services.
North America was the largest region in the satellite telecommunications market in 2023. The regions covered in the satellite telecommunications market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the satellite telecommunications market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Key components of satellite telecommunications include the receiver, transmitter or transponder, transceiver, antenna, and others. A satellite receiver is specifically attached to a communications satellite. Platforms for satellite telecommunications encompass portable satcom equipment, land satcom equipment, maritime satcom equipment, and airborne satcom equipment.
These systems find application in various fields such as asset tracking or monitoring, airtime provisioning, drone connectivity, data backup and recovery, navigation and monitoring, telemedicine, broadcasting, and more. They cater to diverse verticals including energy and utility, government and defense, transport and cargo, maritime, mining and oil and gas, agriculture, communication companies, corporations or enterprises, media and broadcasting, and others.
Major companies operating in the satellite telecommunications market report are
- Societe Europeenne des Satellites
- Viasat Inc.
- Telesat Corporation
- EchoStar Corporation
- L3Harris Technologies Inc.
- SKY Perfect JSAT Holdings Inc.
- Gilat Satellite Networks Ltd.
- Cobham Satcom
- Inmarsat Global Limited
- Intelsat S.A.
- Thuraya Telecommunications Company
- Honeywell International Inc.
- Iridium Communications Inc.
- General Dynamics Corporation
- Qualcomm Technologies Inc.
- Airbus SE
- China Aerospace Science and Technology Corporation
- Maxar Technologies Inc.
- Thales Group
- Orbcomm Inc.
- ST Engineering iDirect Inc.
- Baylin Technologies Inc.
- KVH Industries Inc.
- Comtech Telecommunications Corp.
- Globalstar Inc.
- Speedcast International Limited
- Hispasat S.A.
- Ligado Networks LLC
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- SES Americom Inc.
- Space Exploration Technologies Corp.
- Telespazio Spa
For more information about this report visit https://www.researchandmarkets.com/r/blus7g
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
