Satellite Communication Market To Make Great Impact In The Near Future by 2028: Grand View Research Inc.

 Satellite Communication Market Growth & Trends

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.

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.

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Satellite Communication Market Report Highlights

• The SATCOM market is driven by the growing need for enriched data communication across the globe
• 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
• 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
• 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
• 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

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Satellite Communication Market Segmentation

Grand View Research has segmented the global satellite communication market on the basis of component, application, vertical, and region:

Satellite Communication Component Outlook (Revenue, USD Million, 2017 - 2028)

• Equipment
  • SATCOM Transmitter/Transponder
  • SATCOM Antenna
  • SATCOM Transceiver
  • SATCOM Receiver
  • SATCOM Modem/Router
  • Others
• Services

Satellite Communication Application Outlook (Revenue, USD Million, 2017 - 2028)

• Asset Tracking/Monitoring
• Airtime
  • M2M
  • Voice
  • Data
• Drones Connectivity
• Data Backup and Recovery
• Navigation and Monitoring
• Tele-medicine
• Broadcasting
• Others

Satellite Communication Vertical Outlook (Revenue, USD Million, 2017 - 2028)

• Energy & Utility
• Government & Defense
  • Government
  • Emergency Responders
  • Defense
• Transport & Cargo
  • Fleet Management
  • Rail services
• Maritime
• Mining and Oil & Gas
  • Oil & Gas
  • Mining
• Agriculture
• Communication Companies
• Corporates/Enterprises
• Media & Broadcasting
• Events
• Aviation
• Environmental & Monitoring
• Forestry
• End User - Consumer
• Healthcare
• Others

Satellite Communication Regional Outlook (Revenue, USD Million, 2017 - 2028)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
  • France
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa

List of Key Players of Satellite Communication Market

• SES S.A.
• Viasat, Inc.
• Intelsat
• Telesat
• EchoStar Corporation
• L3 Technologies, Inc.
• Thuraya Telecommunications Company
• SKY Perfect JSAT Group
• GILAT SATELLITE NETWORKS
• Cobham Limited

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.