The global satellite communication market is projected to reach US$159.60 billion by 2030, growing at a CAGR of 9.7% from 2023 to 2030 according to new research from Research and Markets.. A surge in the demand for satellite broadband services, particularly in remote and underserved areas is a significant factor contributing to the growth of the market.
Satellite communication (SATCOM) bridges the connectivity gap, enabling businesses, governments, and communities to access high-speed internet, voice services, and multimedia applications. This trend opens up vast opportunities for satellite communication providers to cater to a wider customer base and expand their market reach.
Report Highlights:
- The services segment dominated the market in 2022 owing to the worldwide expansion of the media and entertainment sectors and the rising popularity of satellite television in emerging economies
- The broadcasting segment dominated the market in 2022. The increasing need for satellite communication in applications such as pay TV and radio has driven the growth of the broadcasting segment
- The government & defense segment is projected to grow at the highest CAGR over the forecast period. The growth of this segment is being fueled by a growing focus on secure and resilient satellite communication solutions, which are essential to meet the evolving requirements of government agencies and defense organizations
- North America dominated the market in 2022 owing to the increasing demand for satellite broadband services, particularly in remote and inaccessible areas.
The growing integration of satellite communication with emerging technologies such as 5G networks and IoT is also contributing to the growth of the market. The convergence of these technologies opens up new avenues for advanced applications, smart city initiatives, and transformative connectivity solutions. Satellite communication acts as a critical enabler, providing wide-area coverage, and connecting remote and challenging environments.
Several satellite communication solution providers are striking partnerships with other satellite communication solution providers to develop advanced systems aimed at delivering better connectivity for end-users. For instance, in November 2022, Viasat, Inc. announced a strategic collaboration with Cobham SATCOM to develop an advanced satellite connectivity system for the energy and maritime industries. The connectivity system was carefully developed to leverage the substantial satellite capacity anticipated from the ViaSat-3 constellation. It incorporated a range of innovative antenna systems from Cobham Satcom, aiming to provide cutting-edge, high-speed connectivity.
The COVID-19 pandemic has moderately impacted the satellite communication industry, leading to significant changes and advancements in the industry. One of the key effects of the pandemic has been the widespread adoption of remote work and telecommuting, which highlighted the importance of reliable and resilient connectivity. Satellite communication played a crucial role in ensuring uninterrupted communication and data transmission for remote workers, enabling them to stay connected regardless of their location.
For more information go to: https://www.researchandmarkets.com/reports/5390564/satellite-communication-satcom-market-size#src-pos-2
