According to new research from Research and Markets entitled “Global 5G Satellite Communication Market Analysis, 2021, the market is likely to grow at a CAGR of around 28.91% during 2021-26. It owes to the significant changes in the consumer demand for better and improved bandwidth, seamless connectivity, and low latency. Additionally, high-speed internet connectivity and enhanced safety measures to support multiple end-user industries like aviation, transportation & logistics, consumer electronics, energy & utilities, and heavy industries are also crucial factors further propelling the market growth.
Impact of COVID-19
The COVID-19 pandemic has negatively impacted the Global 5G Satellite Communication industry in recent years, leading to unexpected disruptions in the supply chain and hindering the availability of raw materials across regions. The pandemic further brought numerous challenges like logistics difficulties, lowered production, unavailability of materials, etc. The most severely affected industries were aviation, maritime, and communication that witnessed a decline in investments.
Market Segmentation: Communication-on-the-Move Solution to Hold the Largest Market Share
Based on the solution, the Communication-on-the-Move segment shall attain the largest market share in the coming years due to the soaring demand for installing various telecom towers for better reachability across regions and the surging adoption of Smart devices among people, thereby driving the growth of the Global 5G Satellite Communication Market in the forecast years.
Media & Entertainment Acquired the Largest Market Share
Based on the End-User, the Media & Entertainment segment acquired the largest share in the Global 5G Satellite Communication Market in the previous few years due to the increasing use of satellites for broadcasting owing to its seamless remote coverage. Alongside that, with massive investments by governments and manufacturers, this segment shall continue to attain the largest share in the forecast years, reveals the author in their research report, Global 5G Satellite Communication Market Analysis, 2021.
Regional Landscape: Asia-Pacific to Attain the Fastest Market Growth
The Asia Pacific region shall grab the fastest growth with the highest CAGR in the forecast period, owing to countries like China and Japan being the major contributors in Asia-Pacific. Factors like the exponential use of satellite antennas in Telecommunication, Aerospace & IT, and Automobile Industries are immensely supporting its high demand in the region. Hence it is likely to witness the fastest market growth in the years to come.
Market Driver
The rapidly increasing growth of the Global 5G Satellite Communication market drives due to the burgeoning demand to cater to a wide range of applications and eliminate existing technological problems. The high bandwidth, low latency, high system spectral efficiency, high system spectral efficiency, and reduced energy consumption are the performance parameters in the market. Due to the robust demand for the 5G network in multiple applications, a surge to enhance the existing infrastructure to cater to the technological needs for the 5G satellite communication networks is also likely to take the market ahead in the forecast period.
Competitive Landscape
According to the report, the major leading players in the Global 5G Satellite Communication Market are Eutelsat S.A., Airbus S.A.S, Avanti Communications Group PLC, Gilat Satellite Networks, GomSpace A/S, OHB SE, Quortus, SpaceX, The Boeing Company, and the Thales Group.
For more information click here.
