Growth Drivers and Trends in the Satellite Communication Market
The satellite communication (SATCOM) market experienced a significant surge in growth, with a valuation of USD 27.56 billion in 2021. This upward trajectory is expected to continue as the market is projected to reach USD 56.74 billion by 2029, showing a robust compound annual growth rate (CAGR) of 9.54% during the forecast period. By surpassing the USD 29.98 billion mark in 2022, the SATCOM market is set to witness continued expansion, driven by various factors such as increasing demand for connectivity, advancements in satellite technology, and the growing need for reliable and secure communication networks.
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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.
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 GPS chip. When the SEND is activated, this data is sent through commercial satellites to a commercial monitoring agency, which then passes it on to the relevant reacting agency. People involved in hiking, mountain biking, climbing, sailing, and flying are typical users/purchasers of these gadgets. It is also beneficial to individuals who operate in remote locations.
Segmentation:
The satellite communication market can be segmented into various categories, including:
By Service Type: This segment includes satellite broadband, satellite TV, satellite radio, and data communication services.
By Application: The market can be segmented based on applications such as military and defense, aerospace, maritime, broadcast, telecommunications, and others.
By End User: This segment includes government and military organizations, commercial enterprises, and residential users.
By Orbit Type: The market can be categorized into geostationary orbit (GEO), medium Earth orbit (MEO), and low Earth orbit (LEO) satellites.
By Region: The market can be segmented based on geographical regions, such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.