New York, United States, Nov. 08, 2023 (GLOBE NEWSWIRE) -- A satellite can receive signals from the earth, transmit them using a transponder, and operate at -150 to 150 C in space. Government and commercial uses include remote voice and data services, in-flight entertainment, asset tracking, monitoring, and telemedicine. “The media and broadcasting segment dominated the market in terms of revenue and is expected to grow at a 10.5% CAGR during (2022–2030),” stated by Research Manager at Straits Research P. Ltd.
Satellite communication has gained popularity due to its ubiquity and security. The U.S. Government, especially the Department of Defense, is the largest commercial satellite consumer (DoD). Increased military/defense spending has also contributed to the expansion of military satellite communication services. Satellite communications provide secure bandwidth for military operations in remote areas with poor communications infrastructure. Fixed Satellite Services (FSS) revenue from government and military applications is expected to rise in the coming years. This is due to the government's efforts to support the growing communication needs of applications like AISR and COTM (COTM).
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Satcom is preferred in numerous applications across industries, including the maritime and aviation industries. All maritime market segments, including merchant shipping, leisure yachts, cruise ships, container vessels, fishing vessels, and offshore applications, have a high demand for satellite broadband services. In addition, the International Maritime Organization's (IMO) regulations, such as the Safety of Life at Sea (SOLAS) convention and Global Maritime Distress and Safety System (GMDSS), contribute to the market's expansion. Commercial and business aviation influence the expansion of demand for in-flight connectivity services.
Growth Opportunities
High growth in 5G deployment and adoption is expected to continue, and telecommunications companies are deploying terrestrial network infrastructure to support 5G functionality. Wireless providers use satellite communications to expand their networks in sparsely populated areas. Whereas terrestrial networks can't or won't, satellites enable telecommunications providers to offer fixed and mobile networks. The satellite is the best option when terrain, line-of-sight, or distance prevent other backhaul methods. New LEO constellations offer reduced latency in satellite communications, and GEO satellites offer high throughput and improved robustness. 5G's speed, low latency, and improved connectivity offer satellite growth opportunities. 5G offers growth opportunities for satellite communications in backhauling, security, resilience, availability, and disaster recovery/emergency response communication, among other areas.
Regional Analysis
North America dominates the global satellite communications market during the forecast period. The widespread use and high demand for satellite services in the area are to blame for this. In addition, the region is characterized by many market participants, including Viasat, Inc., Echo Star Corporation, and Intelsat.
Key Highlights
- The global satellite communication market size is expected to reach USD 160.65 billion by 2030, growing at a CAGR of 9.4% during the forecast period (2022–2030).
- Based on components, the global satellite communication market is divided into equipment and service. The services segment holds the most significant global satellite communication market share and is expected to grow at a CAGR of 8.2% during the forecast period.
- Based on application, the global satellite communication market is divided into asset tracking/monitoring, airtime, drone connectivity, data backup and recovery, navigation and monitoring, telemedicine, and broadcasting.
- North America dominates the global satellite communications market during the forecast period.
Competitive Analysis
The global satellite communication market’s major key players include SES S.A., Viasat, Inc., Intelsat, EchoStar Corporation, Inmarsat Group Limited, and Thuraya Telecommunications Company.
Market News
- April 2022- Viasat Selected to Deliver Real-Time, Near-Earth Communications for NASA's Communications Services Project. New Real-Time Earth Space Relay Service Provided Resilient, Flexible, and Scalable Communications Links for Optimized Data Transfer of LEO Space Missions.
- April 2022- Viasat Partnered with the Košice Region of Slovakia; Donated Satellite-Based High-Speed Internet to Ukrainian Refugees.
- April 2022- SDT Ingenieria to Conneced Schools in Colombia with Internet Access from Hughes. Hughes equipment and satellite capacity to powered internet service in 670 schools in the Antioquia school district
- March 2022- Marlink and Intelsat extend their partnership to increase bandwidth capacity for maritime customers. Marlink, the smart network company, has extended its partnership with Intelsat to offer increased Ku and C-band satellite connectivity to maritime customers in cruise and merchant shipping sectors.
Global Satellite Communication Market: Segmentation
By Component
- Equipment
- Satcom Transmitter/Transponder
- Satcom Antenna
- Satcom Transceiver
- Satcom Receiver
- Satcom Modem/Router
- Service
By Application
- Asset tracking/monitoring
- Airtime
- M2M
- Voice
- Data
- Drones Connectivity
- Data backup and recovery
- Navigation & Monitoring
- Tele-medicine
- Broadcasting
- Others
By Vertical
- Energy & Utility
- Government & Defense
- Government
- Emergency Responders & Defense
- Transport & Cargo
- Fleet Management
- Rail services
- Maritime
- Mining and Oil & Gas
- Agriculture
- Communication Companies
- Corporates/Enterprises
- Media & Broadcasting
- Events, Aviation
- Environmental & Monitoring
- Forestry
- End-User
By Regions
- North America
- Europe
- APAC
- Middle East and Africa
- LATAM
Get Detailed Market Segmentation @ https://straitsresearch.com/report/satellite-communication-market/segmentation
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