New York, USA, Dec. 07, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global mobile satellite phone market is expected to generate a revenue of $5,262.1 million by 2027, growing exponentially at a CAGR of 4.0% during the forecast period 2020-2027. 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.
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Dynamics of the Mobile Satellite Phone Market
Drivers: Mobile satellite phones are extensively used in the defense and military sector so as to facilitate seamless communication with their team during strikes or emergency situations. In addition, mobile satellite phones are small and light, and are not confined to limited geographic locations, making it ideal for situations like natural or man-made disasters to carry out effective evacuation procedures. These factors are expected to drive the growth of the mobile satellite phone market during the forecast period.
Restraints: Stringent regulatory restrictions imposed by the government on satellite phones is expected to impede the growth of the growth of the market during the forecast period.
Opportunities: Persistent technological advancements in satellite phones are expected to create massive opportunities for the growth of the market during the forecast period.
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COVID-19 Impact on the Mobile Satellite Phone Market
The outbreak of coronavirus has had a moderate impact on the growth of the global mobile satellite phone market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns led to the large-scale closure of industries across the globe, disrupting the supply chain and manufacturing plants. On the other hand, numerous players of the market mitigated the impact by focusing on strategic alliances and product development.
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Segments of the Mobile Satellite Phone Market
The report has divided the mobile satellite phone market into various segments based on type, end-use and region.
Type: GEO Type Sub-segment to be Most Profitable
The GEO type sub-segment is expected to generate a revenue of $3,453.9 million during the forecast period. GEO satellites are placed at a much higher altitudes so as to get a wide view and scan massive portions of the earth. This factor is expected to bolster the growth of the sub-segment during the forecast period.
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End-Use: Maritime Sub-segment to be Most Lucrative
The maritime sub-segment is expected to generate a revenue of $1,280.4 million by 2027, increasing from $952.9 million back in 2019, and hence surging at a healthy CAGR of 3.7% during the forecast period. Growing need for mobile satellite phones in the maritime sector is majorly due to the unavailability of network connection under the water. Thus, a constructive communication with teams is of paramount importance in numerous rescue operations or in case of any other emergency under water. In addition, adoption of voice satellite services for persistent, uninterrupted communications is further expected to accelerate the growth of the mobile satellite phone market sub-segment during the forecast period.
Region: North America region Expected to Dominate the Market
The North America region is expected to generate a revenue of $1,621.2 million during the forecast period. Tremendous investments on mobile phone satellites by governments of various countries in this region is expected to stimulate the growth of the market. In addition, presence of prominent players of the market in this region is further expected to bolster the growth of the regional mobile satellite phone market during the forecast period.
Key Players of the Mobile Satellite Phone Market
1. Globalstar
2. Inamrsat
3. Thuraya Telecommunications
4. Intelsat
5. PKI Electronic Intelligence GmbH
6. Erricson
7. Iridium Communications, Inc
8. EchoStar Corporation
9. AT&T
10. Telstra
For instance, in December 2020, Vodaphone group Plc, a British multinational telecommunications company, collaborated with AST SpaceMobile Inc., a space-based cellular broadband network company, in order to provide a satellite network that works with regular mobiles.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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