Satellite Communication Market to Grow with a CAGR of 10.5% Globally through to 2028
Global Satellite Communication Market is rising due to increasing demand
for reliable and high-speed communication services across various industries in
the forecast period 2024-2028.
According to TechSci Research report, “Global Satellite
Communication Market - Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, Global Satellite Communication Market has
valued at USD 47 Billion in 2022 and is anticipated to project robust growth in
the forecast period with a CAGR of 10.5% through 2028. The Global Satellite
Communication Market is undergoing rapid expansion, driven by its pivotal role
in providing robust and ubiquitous connectivity across the globe. Satellite
communication has become indispensable in bridging communication gaps in remote
and challenging environments where traditional terrestrial networks are
impractical. This market's growth is propelled by the increasing demand for
seamless and reliable connectivity in various industries, including
telecommunications, aviation, maritime, defense, and emergency response.
The proliferation of mobile devices, IoT applications,
and data-intensive services has fueled the need for high-speed and ubiquitous
connectivity, further boosting the satellite communication market.
Additionally, the emergence of Low Earth Orbit (LEO) and Medium Earth Orbit
(MEO) satellite constellations promises reduced latency and expanded coverage,
enhancing the capabilities of satellite communication.
In the defense sector, satellite communication ensures
secure and resilient communication channels for military operations,
intelligence sharing, and disaster response. The maritime and aviation
industries rely on satellite communication for vessel and aircraft tracking,
passenger connectivity, and operational efficiency. Moreover, satellite
internet services are bridging the digital divide in underserved and remote
regions, providing internet access and enabling e-learning, telemedicine, and
economic development. As the world becomes increasingly interconnected, the Global
Satellite Communication Market is poised for sustained growth, offering
essential connectivity solutions across diverse sectors.
Browse over 26 market data Figures spread
through 91 Pages and an in-depth TOC on "Global Satellite Communication Market”.
The global satellite communication market has
witnessed significant growth and transformation in recent years, driven by
advancements in technology and increasing demand for seamless connectivity
across the globe. Satellite communication refers to the use of artificial
satellites to provide communication links between various points on Earth.
These satellites are positioned in geostationary or low Earth orbits, enabling
them to transmit and receive signals for a wide range of applications,
including telephony, television broadcasting, internet connectivity, and data
transfer. One of the key factors driving the growth of the global satellite
communication market is the increasing demand for high-speed and reliable
communication services in remote and underserved areas. Satellite communication
offers a viable solution to bridge the digital divide by providing connectivity
to regions where terrestrial infrastructure is limited or non-existent. This is
particularly crucial in developing countries, where access to communication
networks is essential for economic development, education, healthcare, and
disaster management. Moreover, the growing adoption of satellite communication
in various industries, such as aerospace, maritime, defense, and media, is
further fueling market growth. In the aerospace sector, satellite communication
plays a vital role in enabling real-time communication between aircraft and
ground control, ensuring safe and efficient air travel. Similarly, the maritime
industry relies on satellite communication for navigation, weather monitoring,
and crew welfare services. Additionally, the defense sector heavily relies on
satellite communication for secure and uninterrupted communication during
military operations. Furthermore, the increasing demand for high-definition
television (HDTV) and video-on-demand services is driving the growth of
satellite broadcasting. Satellites provide a cost-effective and efficient means
of delivering television signals to a wide audience, including remote and rural
areas. The advent of direct-to-home (DTH) satellite television has revolutionized
the broadcasting industry, offering viewers a wide range of channels and
interactive services.
In terms of technology, the global satellite
communication market is witnessing rapid advancements, particularly in the
field of satellite miniaturization and high-throughput satellites (HTS).
Miniaturized satellites, such as CubeSats and nanosatellites, are becoming
increasingly popular due to their lower costs and faster deployment
capabilities. These small satellites are being used for various applications,
including Earth observation, climate monitoring, and internet of things (IoT)
connectivity. HTS, on the other hand, are designed to provide significantly
higher data transmission rates compared to traditional satellites. These
satellites utilize advanced frequency reuse techniques and multiple spot beams
to deliver broadband services with improved efficiency and capacity. The
deployment of HTS is expected to drive the growth of satellite broadband
services, particularly in rural and remote areas. However, the global satellite
communication market also faces certain challenges that could hinder its
growth. These include regulatory constraints, spectrum scarcity, and
competition from alternative technologies, such as fiber optics and 5G
networks. Additionally, the high initial investment required for satellite
infrastructure and the complex nature of satellite launches pose significant
barriers to entry for new players in the market.
In conclusion, the global satellite communication
market is experiencing robust growth, driven by the increasing demand for
connectivity in remote areas, the adoption of satellite communication in
various industries, and technological advancements. While challenges exist, the
market is expected to continue expanding as satellite technology evolves and
new applications emerge. As the world becomes increasingly interconnected,
satellite communication will play a crucial role in bridging the digital divide
and enabling global connectivity.
The Global Satellite Communication Market is segmented
into Component, Application, Vertical, regional distribution, and company.
Based on its Component, the services segment dominated
the market in 2022 and accounted for more than 59.0% share of the global
revenue. The segment growth can be attributed to the global expansion of the
media and entertainment industries, coupled with the increasing demand for
satellite television in emerging nations. Efforts to enable seamless data
transmission to end-user locations also contribute to the growth.
However, the high upfront costs associated with
satellite acquisition often make it financially challenging for many firms to
purchase satellites outright. As a result, an increasing number of companies
are opting for satellite services through leasing arrangements. Domestic
direct-to-home (DTH) operators, for instance, are typically limited to using
satellites ordered by their respective space agencies or leasing capacity from
foreign satellites. Technological advancements play a crucial role in reducing
the manufacturing costs of satellites, thereby lowering lease expenditure, and
driving revenue growth in the market.
The equipment segment is projected to witness
remarkable growth over the forecast period. The growth of this segment can be
credited to the increasing need for uninterrupted communication in various
industries, including energy and utilities, oil and gas, agriculture, defense,
and the growing presence of connected and autonomous vehicles.
These industries rely on satellite communication
systems for diverse applications such as telecommunications, navigation,
weather monitoring, and surveillance systems, enabling effective communication
with satellites orbiting the Earth. Moreover, the introduction of low earth
orbit (LEO) satellites and satellite constellations for telecommunication
purposes has led to a surge in the global demand for satellite equipment. These
factors are expected to create promising opportunities for the growth of this
segment throughout the forecast period.
Based on region, North America region dominated the
market in 2022 and accounted for more than 32.0% share of the global revenue.
Growing demand for satellite broadband services, especially in remote and
hard-to-reach areas, is anticipated to create lucrative growth opportunities
for the segment over the forecast period. This trend presents significant
revenue generation opportunities as satellite communication becomes essential
for providing reliable connectivity in underserved regions of North America.
The North America region is also witnessing the
emergence of key market players such as Viasat, Inc.; Intelsat; Telesat; and
Harris Technologies, Inc. These companies are driving innovation and actively
contributing to the growth of the satellite communication industry in North America.
Their investments in research and development, advanced technologies, and
strategic partnerships are fueling the expansion of the industry in the region.
The Asia Pacific region is projected to grow at the highest CAGR over the
forecast period. The expansion of the satellite communication market in Asia
Pacific can be attributed to the relentless pursuit of innovation, research and
development, and strategic initiatives by prominent market players aiming to
enhance their market presence. Furthermore, the increasing reliance on
satellite communication-dependent services in sectors such as
telecommunications, media and broadcasting, agriculture, and energy and utility
within Asia Pacific is anticipated to be a significant driver of market growth.
The region is home to numerous organizations dedicated to advancing satellite
communications.
Major companies operating in Global Satellite
Communication Market are:
- Viasat, Inc.
- SES S.A.
- Intelsat
- Telesat
- EchoStar Corporation
- L3Harris Technologies, Inc.
- Thuraya Telecommunications Company
- SKY Perfect JSAT Group
- GILAT SATELLITE NETWORKS.
- Cobham Limited
Download Free Sample Report
Customers can also request for 10%
free customization on this report.
“The global satellite communication market has seen
significant growth due to technological advancements and the need for seamless
connectivity worldwide. Satellite communication uses artificial satellites to
establish communication links between different points on Earth, enabling
telephony, television broadcasting, internet connectivity, and data transfer.
The market is driven by the demand for reliable communication services in
remote areas and underserved regions, particularly in developing countries
where access to communication networks is crucial for economic development,
education, healthcare, and disaster management. Industries like aerospace,
maritime, defense, and media are adopting satellite communication for real-time
communication, navigation, weather monitoring, and broadcasting. The market is
also fueled by the increasing demand for high-definition television and
video-on-demand services, as satellites provide a cost-effective means of
delivering signals to a wide audience. Technological advancements in satellite
miniaturization and high-throughput satellites are further propelling market
growth. However, challenges such as regulatory constraints, spectrum scarcity,
and competition from alternative technologies pose barriers to entry. Despite
these challenges, the market is expected to expand as satellite technology
evolves and new applications emerge, playing a crucial role in bridging the
digital divide and enabling global connectivity.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Satellite
Communication Market– Global Industry Size, Share, Trends, Opportunity, and
Forecast, Segmented By Component (Equipment, Services), By Application
(Broadcasting, Airtime, Drones Connectivity, Data Backup & Recovery,
Navigation & Monitoring, Tele-medicine), By Vertical (Agriculture,
Communication Companies, Corporates/Enterprises, Media & Broadcasting,
Events, Aviation, Environmental & Monitoring, Forestry, Healthcare,
Others), By Region, By Competition”, has evaluated the future growth
potential of Global Satellite Communication Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Satellite Communication Market.
Contact
Mr.
Ken Mathews
708
Third Avenue,
Manhattan,
NY,
New
York – 10017
Tel:
+1-646-360-1656
Email:
[email protected]
Website:
www.techsciresearch.com