Jersey City, NJ, Aug. 14, 2023 (GLOBE NEWSWIRE) -- According to the latest research by InsightAce Analytic, the Global 5G From Space Market is valued at US$ 189.34 Mn in 2022, and it is expected to reach US$ 15,225.0 Mn by 2031, with a CAGR of 63.08% during a forecast period of 2023-2031.
5G networks are crucial in supporting governments and politicians in transforming cities into smart cities, allowing residents to participate in and reap the socioeconomic benefits of an advanced, digital, data-intensive economy. As a result, governments will be forced to construct and upgrade passive assets such as fibre networks and data centres. The expansion of the Internet of Things (IoT) has created a desire for better connections for a large number of devices.
The growth of space-based services such as satellite-based Earth observation, remote sensing, and space tourism necessitates dependable and fast communication infrastructure. 5G from space can meet these changing demands. Due to the shifting and rising nature of geopolitical conflicts and wars, integrating non-terrestrial technologies has become increasingly important for defence forces.
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Advanced 5G satellite communication technologies can assist defence agencies in improving their decision-making and strategic capabilities. The lack of network connections in remote terrains such as deserts, oceans, and mountains is a key reason driving the development of satellite-enabled IoT in the defence sector.
Recent Developments:
- In Aug 2023, Dish and EchoStar decided to work together to connect people on Earth and in space. After governmental approvals were given for their all-stock deal, Dish shareholders owned 69% of the new group, and EchoStar shareholders owned the rest.
- In July 2022, Qualcomm Technologies, Inc. and Thales, a French aerospace company, intended to launch 5G onto a network of Earth-orbiting satellites. After conducting extensive research, including multiple studies and simulations, each party intended to test and validate 5G non-terrestrial networks (5G NTN) with smartphone use cases in mind.
List of Prominent Players in the 5G From Space Market:
- OneWeb (U.K.)
- Omnispace(US)
- Qualcomm (U.S.)
- Ericsson (Sweden)
- Rohde &
- Schwarz (Germany)
- Lynk Global
- China Aerospace Science and Technology Corporation (CASC)
- Echostar Corporation
- SES S.A.
- Lockheed Martin Corporation
- keysight Technologies, Inc.
- Telesat
- Thales Alenia Space
- Gilat Satellite Networks
- Sateliot
5G From Space Market Report Scope:
| Report Attribute | Specifications |
| The Market Size Value In 2022 | USD 189.34 Mn |
| Revenue Forecast In 2031 | USD 15,225.0 Mn |
| Growth Rate CAGR | CAGR of 63.08 % from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Components, By Verticals, By Application |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
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Market Dynamics:
Drivers:
5G satellite communication technologies have the potential to bring low-cost internet and connectivity to previously unconnected and rural parts of the world. The government, defense, and commercial industries, as well as people, are eager to use the latest generation of networks and satellite technology to connect and communicate with remote parts of the world where terrestrial networks do not work. These aforementioned elements are to blame for market expansion.
Challenges:
The latency, or time delay in delivering data, of 5G signals from space is often larger than that of terrestrial 5G transmissions. This increased latency might be problematic for real-time applications such as gaming or remote operation of vital systems. Higher latency might cause visible delays and negatively impact the overall user experience in these applications. While efforts are being made to reduce latency through technological advancements and optimization techniques, addressing this challenge remains a top priority in order to ensure that 5G from space can effectively support latency-sensitive applications and meet the expectations of users who expect instant and seamless interactions.
Regional Trends:
Asia Pacific, 5G From Space Market, is expected to register a major market revenue and is expected to grow at a high CAGR in the near future. The Asia Pacific area has been at the forefront of smart city technology adoption and IoT solution implementation. 5G from space has the potential to play a critical role in supporting the huge number of IoT devices and sensors used in smart city applications, allowing for fast data transfer and communication.
Furthermore, considerable investments in 5G infrastructure and satellite communication systems, which constitute the backbone of 5G from space technology, have occurred in North America. This advanced technological environment enables the region to reap the benefits of 5G from space, allowing businesses and consumers to connect seamlessly and reliably.
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Segmentation of 5G From Space Market-
By Component-
- Hardware
- Satellite
- User Terminal
- Service
By Vertical-
- Commercial and Government & Defense.
- Telecommunication
- Media & Entertainment
- Business & Enterprises
- Transportation & Logistics
- Scientific Research & Development
- Aviation
- Marine
- Retail & Consumer
- Others (energy & power, healthcare, mining & construction, agriculture & forestry).
- Government & Defense
- Homeland Security& Emergency Management
- Military
By Application-
- Enhanced Mobile Broadband (EMBB)
- Ultra-Reliable Low Latency (URLLC)
- Massive Machine Type Communication (MMTC).
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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