The Global Satellite Services market is forecasted to reach US$ 162.75 billion by 2026 growing at a CAGR of 3.2% during 2019 to 2026 according to a report entitled " Global Satellite Services Market Analysis 2020" by Research and Markets.
Satellite service providers offer satellite capacity to end-users such as DTH operators, telecommunication companies, and others. These providers buy capacity from the satellite operators to resell voice, broadcasting, and data circuits to several end-user industries. Satellite services also provide coverage for business solutions that are often problematic and/or in remote areas such as mining operations, deep-water, and agriculture in third-world countries.
Factors such as an increase in demand for earth observation services in numerous sectors such as oil & gas, civil engineering, agriculture are driving the growth of the market. Though, a decrease in demand for television services in developed regions is restraining the growth of the market. The rising demand in the developing nations is providing opportunities for the growth of the market.
Based on the type, the consumer services segment is anticipated to hold considerable market share during the forecast period due to the presence of a huge consumer base. Moreover, the growth of the segment is significantly attributed to the noteworthy performance of satellite television and satellite broadband services in the developing regions.
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