Global Satellite Communication Market to Reach USD 159.60 Billion by 2030, with a CAGR of 9.7% from 2023 to 2030, According to Fortune Business Insights.
A recent report by Grand View Research, Inc. forecasts that the global satellite communication market will achieve a substantial growth, reaching USD 159.60 billion by 2030, with a compound annual growth rate (CAGR) of 9.7% from 2023 to 2030. The surge in demand for satellite broadband services, particularly in remote and underserved areas, is identified as a key factor contributing to this market expansion. Satellite communication (SATCOM) plays a pivotal role in bridging connectivity gaps, offering high-speed internet, voice services, and multimedia applications to businesses, governments, and communities.
Browse Summary:
https://www.fortunebusinessinsights.com/satellite-communication-satcom-market-102679
Key Highlights from the Satellite Communication Market Report:
Services Segment Dominance: In 2022, the services segment dominated the market, attributed to the global expansion of the media and entertainment sectors, coupled with the increasing popularity of satellite television in emerging economies.
Broadcasting Segment Growth: The broadcasting segment held the market majority in 2022, driven by the growing need for satellite communication in applications such as pay TV and radio.
Government & Defense Segment Projection: The government & defense segment is anticipated to achieve the highest CAGR over the forecast period. This growth is fueled by an increasing focus on secure and resilient satellite communication solutions to meet the evolving requirements of government agencies and defense organizations.
North America Market Dominance: North America dominated the market in 2022, capturing over 32.0% of the global revenue share. The region's growing demand for satellite broadband services, especially in remote and inaccessible areas, presents lucrative growth opportunities. Key market players such as Viasat, Inc.; Intelsat; Telesat; and Harris Technologies, Inc. are actively contributing to the region's satellite communication industry through innovation, research and development, and strategic partnerships.
Regional Insights:
The North America region is witnessing the emergence of key market players, including 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.
Top Companies in the Market Listed by Fortune Business Insights™:
- Boeing (U.S.)
- Cobham Limited (U.K.)
- General Dynamics Corporation (U.S.)
- Honeywell International Inc. (U.S.)
- UIndra (Spain)
- Inmarsat Global Limited (U.K.)
- Iridium Communications Inc. (U.S.)
- L3 Harris Technologies, Inc. (U.S.)
- Qualcomm Technologies (U.S.)
- Viasat, Inc. (U.S.)
Technological Development and R&D Activities to Drive Growth
One of the smallest 2-way satellite communication devices is a transportable SATCOM station, often known as a satellite communicator or hotspot. The device collects location data using an inbuilt.
Application of Satellite Communication from Various Sectors:
The growth of the global market will be driven by the development of Internet of Things (IoT) and autonomous systems, increased demand for military and defense solutions, and increased adoption of SATCOM equipment for online streaming services, radio, and TV broadcast, according to researchers. High-end technological advancements in satellite missions and the deployment of 5G network via satellites are expected to create new opportunities for the sector while cyber security threats to satellite communication and interference in satellite data transmission are expected to limit growth.
In addition, the military and commercial satellite communication industries have seen a surge in small satellites, the launch of reusable rocket vehicles, and Low-Earth Orbit (LEO) satellites. For conducting military operations around the world, military satellite communication is becoming increasingly important. Military SATCOM providers are improving satellite communication capabilities, such as personal communication service, global broadcast service, and bandwidth frequency, by combining commercial communication satellites and military frequency bands to meet military operation requirements in the coming years.
