Press release
Satellite Modem Market Growth, Analysis, Latest Trends and Forecast till 2026
The satellite modem market is estimated to grow from USD 403 million in 2021 to reachUSD 710 million by 2026; it is expected to grow at a CAGR of 12.0% from 2021 to 2026. A few key factors driving the growth of this market are rising need for enriched high-speed data communication, increase in the number of high-throughput satellites (HTS), and growing demand for satellite communication in internet of things (IoT).
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The satellite modem market for MCPC channel type is expected to grow at a higher CAGR from 2021 to 2026. The growth of this segment is attributed to the unparalleled channel efficiency offered by these modems, which is the core requirement of high-data-traffic applications, such as mobile communication, internet, and broadband services. MCPC satellite modems can be integrated with IP networks to provide seamless connection for voice, video, and data traffic. Broadband internet services for enterprise networks are possible through MCPC modem technology because of its high data rate capacity over satellite technology.
The satellite modem market for mid range data rate satellite modem is expected to grow at the highest CAGR during the forecast period. Majority of the satellite internet providers such as Hughes Net and Viasat offer maximum download speeds up to 50 Mbps for most of their service offerings. Furthermore, mid range data rate satellite modem are typically used by telecom operators, satellite service providers, government & military, enterprise, and offshore communication applications.
The satellite modem market for enterprise and broadband applications is expected to grow at the highest CAGR during the forecast period. Broadband connectivity is of utmost importance for today's global enterprises. With remote branches, a mobile workforce and widespread customers, enterprises' business continuity depends upon uninterrupted connectivity for their IP applications regardless of location. Satellite communication equipment, including satellite modems, allow enterprises to achieve true broadband connectivity for voice, data, and video services at any point on the globe with better operational efficiencies and lower costs.
The satellite modem market for the transportation and logistics end-user industry is expected to grow at the highest CAGR during the forecast period. In transportation and logistics, there is a constant need to transfer real-time data, including vehicle location, traffic density, video and audio, temperature range of vehicles transporting perishables, and emergency notifications. To transmit and receive such data, high-speed data rate satellite modems, which can set up a communication channel between the vehicle and the monitoring center, are used. Satellite modems also increase the accuracy and speed of the Global Positioning System (GPS).
The satellite modem market in APAC is expected to grow at the highest CAGR from 2021 to 2026. In APAC, the telecommunications and oil & gas industries are expected to drive the satellite modem market. The telecom and internet service industries are growing in Asian countries such as India and China. Satellite technology provides quick-to-deploy solutions and helps telecom operators overcome geographical challenges in extending their coverage in remote areas. The expansion of telecom connectivity in the region is responsible for the high demand for mobile and backhaul demand, and satellite-based backhaul. Additionally, countries such as India and China are heavily investing in satellite technology for advanced military and defense communications.
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The recent technology trends that may change the dynamics of the satellite modem market include adoption of software defined satellite modem and development of low cost and low powered satellite modem. Swarm Technologies, Inc. offers the swarm tile satellite modem. It is a tiny, low-powered modem that is designed for maximum compatibility.
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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
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