Satellite Communication Market Is Expected To Gain Significant Traction Over The Forecast Period: Grand View Research Inc.

 Satellite Communication Market Growth & Trends

The global satellite communication market size is projected to reach USD 159.6 billion in 2030, registering a CAGR of 9.5% from 2022 to 2030, as per a new report by Grand View Research, Inc. The rising proliferation of small satellites for tactical communication, geospace & atmospheric research, and medium resolution imagery in military & defense applications has propelled the growth of the market. The increasing demand for satellite communication (Satcom) solutions from the aviation industry to improve airline operations and air traffic management is anticipated to boost market expansion during the forecast period.

It is anticipated that the advent of the 5G network and several scheduled Medium Earth Orbit (MEO) and Low Earth Orbit (LEO) satellite launches would propel the expansion of the Satcom market at a rapid pace. Additionally, the evolution of satellite communication in the connectivity sector has prompted Satcom operators to offer the global deployment of Internet of Things (IoT) solutions. More than 2.7 million devices are currently supported by satellites, including those used for aviation, infrastructure, trade, environmental monitoring, and military support.

Satcom providers have changed their business models in recent years to focus on providing high bandwidth satellite transponders with higher transponder throughput and lower prices. An incoming signal is identified and automatically responded to by a satcom transponder, a wireless communication, monitoring, and control device. Factors such as the increase in consumer broadband demand, corporate enterprise network need, and the expansion of Ka-band and Ku-band services are anticipated to drive the growth of the satellite transponder segment. Additionally, the overall demand has significantly increased due to recent space development missions by many space organizations, including China National Space Administration (China) and Indian Space Research Organization (India).

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Satellite Communication Market Report Highlights

• The global need for enhanced data communication is fueling the expansion of the market for satellite communication
• The equipment category is anticipated to register the fastest CAGR of 10.2% owing to several advantages, including integrating targets, tracking movements, and discovering hidden tunnels
• Due to the widespread use of satellite TV services in 2021, the broadcasting sector held the largest market share
• The government & defense sector is predicted to witness the fastest CAGR of over 11% throughout the projection period since satellite communications are ideal for use in military activities across the globe
• North America held the largest revenue share, followed by Europe. The region's increasing passenger traffic for marine and coastal tourism and the presence of a significant number of industry players are expected to contribute to this growth
• EchoStar Corporation, Intelsat, L3 Technologies, Inc., SES S.A, Telesat, and Viasat, Inc. are some key players operating in the market

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Satellite Communication Market Segmentation

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

Satellite Communication Component Outlook (Revenue, USD Million, 2017 - 2030)

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

Satellite Communication Application Outlook (Revenue, USD Million, 2017 - 2030)

• 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 - 2030)

• Energy & Utility
• Government & Defense
  • Government (Civil Uses)
  • Emergency Responders
  • Defense
• Transport & Cargo
  • Fleet Management
  • Rail services
• Maritime
• Mining And Oil & Gas
  • Oil & Gas
  • Mining
• Agriculture
• Communication Companies
• Corporates/Enterprises
• Media & Broadcasting
• Others

Satellite Communication Regional Outlook (Revenue, USD Million, 2017 - 2030)

• 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 in the 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.