Grand View Research, Inc. - Market Research And Consulting.According to report published by Grand View Research, The escalating demand for small satellites for earth observation services in various industries such as oil and gas, energy, agriculture, and defense across the globe is the primary factor driving market growth.
Satellite Communication Market Growth & Trends
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)
SATCOM Application Outlook (Revenue, USD Million, 2016 - 2027)
SATCOM End-use Industry Outlook (Revenue, USD Million, 2016 - 2027)
Aerospace & Defense
Oil & Gas
Energy & Utilities
Transportation & Logistics
Government & Public Safety
SATCOM Regional Outlook (Revenue, USD Million, 2016 - 2027)
The Middle East & Africa
List of Key Players of Satellite Communication (SATCOM) Market
L3 Technologies, Inc.
Thuraya Telecommunications Company
SKY Perfect JSAT Group
GILAT SATELLITE NETWORKS
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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