Farmington, Jan. 31, 2023 (GLOBE NEWSWIRE) -- By 2030, the global Maritime Satellite Communication Market is expected to be worth USD 4.74 Billion and to grow at a rate of 8.9% per year during the forecast period. The expansion is fueled by the rising demand for dependable and inexpensive communication services at sea. Additionally, more individuals will use it for navigation, which is anticipated to boost income. Key manufacturers of ship communication equipment, such as iridium Communications Inc. and Inmarsat Global Limited, are investing heavily in the production of new, inexpensive equipment. This is also anticipated to contribute to growth.
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Communication equipment on ships is becoming a must for both short and long voyages. Reliable communication is now an essential component of all sorts of maritime transportation, including pleasure boats, super yachts, commercial fishing, and navy transport. Cellular services are restricted to the offshore regions and operate only within a specific range. A satellite network is utilised to resolve communication issues and provide more competitive services than land-based communications.
Maritime Satellite Communication Market Recent Developments:
- In February 2022, Thuraya Telecommunication Company, a provider of satellite solutions, made a deal with Delnet International Corporation to sell and offer advanced satellite solutions. This agreement is expected to help Thuraya get more customers in the Philippines' emerging markets.
- In June 2022, WISeKey, a leading global cybersecurity company, worked with FOSSA to launch 7 new WISeSat FOSSA satellites. This partnership made the largest IoT constellations in European history.
Maritime Satellite Communication Market Segmentation Analysis:
Very Small Aperture Terminal (VSAT) captured a larger market share in 2018 and is anticipated to experience rapid expansion over the next few years. This rise is due to the fact that VSAT is superior to Mobile Satellite Services (MSS) in numerous respects, including less time lag and the ability to cover the entire globe. A Broadband VSAT network is utilised to establish VPN networks on ships that span whole fleets and connect ships to land. This connection facilitates the operation of essential business applications, transports VoIP traffic, and improves ship access to information. VSAT provides consistent Internet connectivity that can be used for email, file sharing, and instant chat.
In 2018, the commercial vessel segment generated revenue in excess of $1.3 billion. This was a result of the increasing number of trade activities involving commercial vessels in China, Brazil, India, and other important emerging nations. About 90 percent of all worldwide trade is conducted through the international shipping business. The continued expansion of maritime trade is beneficial for global consumers since it makes logistical costs more competitive. As production and international trade have increased, additional ships have been added to the fleet. As the number of ships and naval vessels rises in the coming years, the market is expected to expand.
In 2018, the hardware category contributed more than 30% of the market's revenue, and this trend is anticipated to continue in the coming years. Numerous hardware components are utilised, and their prices are extremely high. During the projected year, this high cost is anticipated to generate additional revenue. As more VSAT broadband technology is deployed to both new and existing marine vessel fleets, the market is anticipated to expand. The need for installing new VSAT services as opposed to MSS services is likely to be driven by technological advancements, such as the reduced size of the dish and the decreased cost of data usage.
Regional Outlook:
Many countries in the APAC region are projected to embrace maritime satellite communication solutions due to significant demand, particularly in the oil and gas, merchant shipping, mining, and passenger shipping industries. The APAC area makes extensive use of maritime satellite communication technology. In this field, maritime satellite technology has been employed to establish advanced communication networks so that employees, such as offshore crews, may communicate with one another. End-users such as offshore vessels, merchant shipping, and the government are currently utilising a significant amount of modern maritime satellite communication services.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 8.9% from 2023 to 2030 |
| Revenue Forecast by 2030 | USD 4.74 Billion |
| By Type | Very Small Aperture Terminal (VSAT), Ka-Band, C-Band, Others, Mobile Satellite Services (MSS) |
| By Revenue Source | Hardware, Software, Services |
| By End User | Naval Vessel, Commercial Vessels, Leisure Vessels, Offshore Oil Rigs |
| By Companies | Inmarsat Global Limited, Iridium Communications Inc., Leonardo S.p.A., Thuraya Telecommunications Company, ViaSat Inc., Orbcomm Inc., KVH Industries, Inc., Singapore Technologies Engineering Ltd, EchoStar Corporation, Kongsberg Maritime AS, Saab ABRohde & Schwarz GMBH, and Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Market Drivers:
The expansion of the maritime market is being propelled by the development of new technology. Ku-band High-Throughput Satellites (HTS) are now available for purchase. Technology is advancing at an accelerated rate. These enhancements include gyro-stabilized ground terminals, high-speed broadband modems, multi-frequency dish antennas, and a design made entirely of plastic that would be more robust to harsh offshore environments. The oil and gas business has been utilising C-band services, whereas the shipping and maritime industry has been utilising Ku-band services more frequently because it better suits their demands.
Market Restraints:
Numerous types of communication services comprise the maritime satellite communication market. The majority of these services are offered by frequency-based satellite communication services in the L-band, Ku-band, and Ka-band bands, which enable global communication. Satellite services allow for voice and data communications to occur at sea. Route and operation area are among the most essential factors to consider while selecting the type of communication band and services for a ship.
Market Opportunity:
As the number of satellite providers that provide Ku-band or Ka-band for VSAT increases, the need for broadband connections and greater capacity increases. Crew wellbeing, seafarers and guests carrying their own gadgets aboard ships, and the increased requirement to handle and analyse operational data are driving the increase in demand. Because the price of satellite capacity is decreasing, broadband VSAT is becoming increasingly popular.
Maritime Satellite Communication Market Key Segments Covered:
Top Market Players:
Inmarsat Global Limited, Iridium Communications Inc., Leonardo S.p.A., Thuraya Telecommunications Company, ViaSat Inc., Orbcomm Inc., KVH Industries, Inc., Singapore Technologies Engineering Ltd, EchoStar Corporation, Kongsberg Maritime AS, Saab ABRohde & Schwarz GMBH, and Others.
By Type
- Very Small Aperture Terminal (VSAT)
- Ka-Band
- C-Band
- Others
- Mobile Satellite Services (MSS)
By Revenue Source
- Hardware
- Software
- Services
By End user
- Naval Vessel
- Commercial Vessels
- Leisure Vessels
- Offshore Oil Rigs
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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