5G Satellite Communication Market Will Propel at a 33.3% CAGR

The 5G satellite communication market will touch USD 33,896.7 million, advancing at a 33.3% compound annual growth rate, by 2030.

The growth of this industry can be attributed to the mounting requirement for communication networks in remote or rural locations and the increasing need for low-latency connectivity with high speed.

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Moreover, initiatives of the governments for space exploration or missions, as well as the huge spending on research & development in this area also help in the advancement of this industry.

In the past few years, the backhaul and tower feed category, based on solutions type, led the industry, and it will remain leading in the years to come. This can be because of the capability of this solution to multicast videos or content of ultra-high or high design to a large area of coverage across various systems.

Moreover, the requirement for this solution will rapidly surge in the years to come, because of the increasing user's fondness for low latency high-speed 5G connectivity, as well as the rising count of 5G devices.

Whereas, the hybrid multiplay category will observe the highest growth, of more than 35% CAGR, in the years to come. This is because of the ability of high-speed connectivity, such as backhaul to people's offices & homes.

Based on orbit, the low earth orbit (LEO) category held the largest 5G satellite communication market share, in recent years, and it will remain the largest in the years to come. This can be because of the trend of small satellites sent in low earth orbit, which tries to offer a cost-efficient structure as the satellites consist of additional features as compared to others and are small in size.

Whereas, the geosynchronous earth orbit (GEO) category is likely to advance at the fastest rate, of approximately 34%, in the years to come. This is attributed to the extensive applications of geosynchronous earth orbit satellites, for instance, telecommunication, real-time imaging, and navigation.

The government category, based on end users, is likely to advance at the fastest rate in the years to come. This is because of the increasing government necessity for satellite communication solutions for large datasets, to preserve cross-border safety, humanitarian rights, or various other national security reasons.

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North America led the industry in recent years, and it will touch approximately USD 12.0 billion, advancing at the highest rate, by the end of this decade. This can be because of the existence of numerous major players in the continent, which are involved in producing and providing solutions for 5G satellite communication.

It is because of the advancement in technology and surging requirement for high-speed connectivity with low latency, the 5G satellite communication industry will continue to grow in the years to come.

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