Amid the COVID-19 crisis, the global market for Maritime Satellite Communications estimated at US$ 2.8 Billion in the year 2020, is projected to reach a revised size of US$ 4.6 Billion by 2027, growing at a CAGR of 7.7% over the period 2020-2027 according to a new study by Research and Markets.
VSAT, one of the segments analyzed in the report, is projected to record 8.8% CAGR and reach US$3.2 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the MSS segment is readjusted to a revised 5.5% CAGR for the next 7-year period.
The Maritime Satellite Communications market in the U.S. is estimated at US$ 814.5 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$ 801.2 Million by the year 2027 trailing a CAGR of 7.1% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.2% and 6.1% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 6.1% CAGR.We bring years of research experience to this 6th edition of our report. The 241-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
The global analysis and forecast periods covered within the report are 2020-2027 (Current & Future Analysis) and 2012-2019 (Historic Review). Research estimates are provided for 2020, while research projections cover the period 2021-2027.
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