The global satellite communication market size is expected to reach USD 122.98 billion by 2027, registering a CAGR of 9.2% from 2020 to 2027, according to a new report by Grand View Research, Inc. 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 also expected to boost 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. Also, 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, among
others.
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 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, among others, the overall market
demand has witnessed a considerable market growth in the Asia Pacific region.
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Satellite
Communication Market Report Highlights
- The market
growth is driven by the growing need for enriched data communication
across the globe
- The equipment
segment is expected to register the highest CAGR of 10.0% owing to the
benefits that SATCOM equipment offer, including locating undetected
tunnels, integrating targets, and tracing movements, among others
- The
broadcasting segment is expected to hold the largest share in the market
in 2019 owing to the high penetration of satellite TV services across the
globe
- The aerospace
and defense segment is anticipated to register the highest CAGR of over
11% over the forecast period primarily owing to the increasing use of
satellite communications for military operations
- North America
is expected to account for the highest share in terms of revenue, followed
by Europe owing to the increasing passenger traffic in marine and coastal
tourism. Also, these regions are marked with the presence of a high 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, end-use industry, and region:
SATCOM Component
Outlook (Revenue, USD Million, 2016 - 2027)
- Equipment
- SATCOM Transmitter/Transponder
- SATCOM Antenna
- SATCOM Transceiver
- SATCOM Receiver
- SATCOM Modem/Router
- Others
- Services
SATCOM Application
Outlook (Revenue, USD Million, 2016 - 2027)
- Voice Communication
- Broadcasting
- Data Communication
SATCOM End-use
Industry Outlook (Revenue, USD Million, 2016 - 2027)
- Maritime
- Aerospace & Defense
- Industrial
- Oil & Gas
- Mining
- Energy & Utilities
- Others
- Transportation & Logistics
- Agriculture
- Media
- Government & Public Safety
- Enterprises
- Others
SATCOM Regional
Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- Canada
- Europe
- The U.K.
- Germany
- France
- Italy
- Asia Pacific
- China
- India
- Japan
- South Korea
- Latin America
- Brazil
- Mexico
- The Middle East & Africa
List of Key
Players of Satellite Communication (SATCOM) 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.
For more info visit @ https://www.grandviewresearch.com
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