SAN FRANCISCO, July 27, 2021 /PRNewswire/ –The global satellite communication market size is expected to reach USD 137.63 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.8% from 2021 to 2028. The growing adoption rate of small satellites in the defense industry for applications, including geospace and atmospheric research, tactical communication, and medium resolution imagery, is anticipated to propel the market growth. Besides, the escalating demand for satellite communication (SATCOM) solutions in the aviation sector for better airline operations and air traffic management is expected to boost the market growth in the forthcoming years.
Key Insights & Findings:
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The SATCOM market is driven by the growing need for enriched data communication across the globe
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By component, the equipment segment is expected to register the highest CAGR from 2021 to 2028 owing to the benefits offered by SATCOM equipment, including locating undetected tunnels, integrating targets, and tracing movements
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In terms of vertical, the media and broadcasting segment held the largest market share in 2020 owing to the high penetration of satellite TV services across the globe
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The government and defense vertical segment is anticipated to register the highest CAGR of 11.6% over the forecast period primarily owing to the increasing use of satellite communication for military operations
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In 2020, North America held the largest share in terms of revenue, followed by Europe, owing to the increasing passenger traffic in marine and coastal tourism in the region. In addition, these regions are characterized by the presence of a large number of market players
Read 100 page market research report, “Satellite Communication Market Size, Share & Trends Analysis Report By Component (Equipment, Services), By Application (Broadcasting, Airtime), By Vertical, By Region, And Segment Forecasts, 2021 – 2028“, by Grand View Research
With the rise of the 5G network and launches of several scheduled Low Earth Orbit (LEO) and Medium Earth Orbit (MEO) satellites, the market for SATCOM is expected to grow at a significant pace in the forthcoming years. Additionally, the expansion of satellite communication into the connectivity market has influenced the SATCOM providers to increase the emphasis on securing the speed of deployment of the Internet of Things (IoT) across the globe. At present, there are around 2.7 million devices serviced by satellites, including infrastructure, aviation, environmental monitoring, shipping, and military support.
In recent years, SATCOM providers have been observed with a paradigm shift towards offering high-capacity satellite transponders in terms of bandwidth that are capable of better transponder throughput, thereby decreasing costs. A SATCOM transponder is a wireless communication, monitoring, and control device that detects and automatically reacts to an incoming signal. Furthermore, factors such as a rise in demand for corporate enterprise networks and consumer broadband and growing Ka-band and Ku-band services are expected to boost the satellite transponder segment demand in the overall market over the forecast period. Moreover, with the recent space development missions by various space organizations, including the National Space Administration of China and the Indian Space Research Organization of India, the overall market demand has witnessed considerable growth in the Asia Pacific region.
Grand View Research has segmented the global satellite communication market on the basis of component, application, vertical, and region:
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Satellite Communication Component Outlook (Revenue, USD Million, 2017 – 2028)
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Satellite Communication Application Outlook (Revenue, USD Million, 2017 – 2028)
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Satellite Communication Vertical Outlook (Revenue, USD Million, 2017 – 2028)
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Satellite Communication Regional Outlook (Revenue, USD Million, 2017 – 2028)
List of Key Players of Satellite Communication Market
Browse through Grand View Research’s coverage of the Global Communications Infrastructure Industry:
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Maritime Satellite Communication Market–The global maritime satellite communication market size was valued at USD 2.64 billion in 2018, registering a CAGR of 8.9% from 2019 to 2025. Rising need for reliable and cost-effective communication services at sea is driving the growth.
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Broadcasting & Cable TV Market–The global broadcasting & cable TV market size was valued at USD 305.30 billion in 2019 and is expected to register a CAGR of 3.4% from 2020 to 2027.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
