Global satellite communication market to reach $99.58 billion by 2027, states the report by Allied Market Research
Allied Market Research published a research report on the satellite communication market. The findings of the report state that the global market for satellite communication generated $56.01 billion in 2019, and is estimated to reach $99.58 billion by 2027, witnessing a CAGR of 9.2% from 2020 to 2027. The report offers valuable information on changing market trends, key segments, key investment pockets, and competitive landscape for market players, shareholders, investors, and new entrants.
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“By component, the services segment dominated the global satellite communication market in 2019, in terms of revenue, and is expected to lead the market throughout the forecast period. By application, the data communication segment is anticipated to show lucrative growth during the forecast period. By end-use industry, the media segment dominated the satellite communication market in 2019, in terms of revenue. At present, Europe is the highest revenue contributor, followed by Asia-Pacific,” highlighted Mayank Halmare, Lead Analyst, Aerospace and Defense at Allied Market Research.
The report provides a comprehensive analysis of drivers, restraints, and opportunities to help market players in devising strategies and tap on opportunities. A surge in the adoption of the internet of things (IoT) and autonomous systems worldwide led to the growth of the global satellite communication market. In addition, demand for military and defense satellite communication solutions increased significantly, which in turn, drives the market growth. However, cybersecurity threats and interference in satellite data transmission hinder the growth. On the other hand, technological advancements and deployment of 5G network present opportunities in the coming years.
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The research provides a detailed scenario regarding the impact of the Covid-19 pandemic on the satellite communication market across the world. There were many challenges for the market such as disruptions in the supply chain, lack of sufficient procurement of essential raw materials, and lowered production. In addition, new investments have been reduced considerably due to economic uncertainty. However, there were benefits of satellite communication as many countries utilized the services to track the spread and determine demographics of vulnerable and contagious Covid-19 affected areas.
The report offers a detailed analysis of segments of the global satellite communication market based on application, component, end-use industry, and region. This analysis is helpful for investors, new entrants, and market players for determining the fastest growing and largest revenue-generating segments and strategizing for the next few years.
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By application, the report segments the global satellite communication market based on voice communication, broadcasting, and data communication. According to the report, the data communication segment is expected to register significant growth during the forecast period. Based on components, the research bifurcates the market into equipment and services. The equipment segment is expected to witness the fastest growth by 2027. By end-use industry, the research classifies the market into maritime, industrial, aerospace & defense, transportation and logistics, government, and media. The aerospace and defense segment is expected to lead in terms of growth rate by 2027. Based on region, Asia-Pacific is estimated to manifest the fastest CAGR during the forecast period. The report also analyzes regions including North America, Europe, and LAMEA.
Leading players of the global satellite communication market analyzed in the research include Al Yah Satellite Communication Company PJSC (Yahsat), EchoStar Corporation, Cobham Ltd, Gilat Satellite Networks Ltd., General Dynamics Corporation, L3Harris Technologies, Inc., Inmarsat Global Limited, SKY Perfect JSAT Holdings Inc., SES S.A., Telesat Canada, and Viasat, Inc.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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