Satellite Communication Market 2023 - By Competitor Analysis, Major Players, Key Strategies And Outlook By 2032

As per The Business Research Company's Satellite Communication Opportunities And Strategies Market Report 2023, The global satellite communication market reached a value of nearly $53,083.8 million in 2022, having grown at a compound annual growth rate (CAGR) of 6.5% since 2017. The market is expected to grow from $53,083.8 million in 2022 to $83,680.3 million in 2027 at a rate of 9.5%. The market is then expected to grow at a CAGR of 11.4% from 2027 and reach $143,872.3 million in 2032.

The increasing adoption of low earth orbit satellites in various sectors will drive the satellite communication market in the forecast period. Low-earth orbit (LEO) satellites are said to be the technology to revolutionize the internet and digital communication. For instance, in June 2022, the US Space Force's Commercial Satellite Communications Office (CSCO) stated that it plans to award nearly $2.3 billion in commercial satcom contracts over the next two years. CSCO buys commercial satcom capacity and services for the US armed forces and allies. The largest of the commercial opportunities is an $875 million multiple-award deal for low earth orbit satellite broadband services over 10 years. Therefore, investment in low earth orbit satellites is expected to propel the satellite communication market growth.

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To strengthen their market position, companies in the satellite communication market are focusing on implementing artificial intelligence (AI) in radio frequencies (RF). Artificial intelligence (AI) is being used to grow radio frequencies (RF) and bring this retro technology to the modern sphere. For instance, in June 2022, CENOS LLC, a Latvia-based computer assisted engineering (CAE) software company, launched RF 2.0, a new tool that targets radio frequency and antenna design projects. The CENOS Antenna Design application has been completely rebuilt as RF 2.0. The new application broadens the program's coverage, by incorporating a wider radio frequency design spectrum, in addition to moving beyond antenna design, while also enhancing workflow management and the user experience.

The top opportunities in the satellite communication market segmented by component will arise in the transceiver segment, which will gain $12,892.5 million of global annual sales by 2027. The top opportunities in the satellite communication market segmented by technology will arise in the SATCOM on the-move (SOTM) segment, which will gain $14,194.7 million of global annual sales by 2027. The top opportunities in the satellite communication market segmented by application will arise in the broadcasting segment, which will gain $7,832.4 million of global annual sales by 2027. The top opportunities in the satellite communication market segmented by vertical will arise in the commercial application segment, which will gain $25,504.6 million of global annual sales by 2027. The satellite communication market size will gain the most in the USA at $8,611.0 million.

Satellite Communication Market Segmentation:

The satellite communication market is also segmented by component, by technology, by application and by vertical.
By Component -
a) Transponder
b) Transceiver
c) Antenna
d) Receiver
e) Other Components

By Technology -
a) SATCOM Automatic Identification System
b) SATCOM VSAT
c) SATCOM On The-Move (SOTM)
d) SATCOM On The Pause (SOTP)
e) SATCOM Telemetry

By Application -
a) Asset Tracking/Monitoring
b) Airtime
c) Data Backup And Recovery
d) Navigation And Monitoring
e) Broadcasting
f) Drones' Connectivity
g) Tele-Medicine
h) Other Applications

By Vertical -
a) Government And Military Applications
b) Civil Satellite Communications
c) Commercial Application
d) Other Verticals

By Geography -
North America was the largest region in the satellite communication market.

Major players in the Satellite Communication market include Thales Group, Honeywell International Inc, L3Harris Technologies, Inc., Viasat, Inc., Cobham Limited.

The regions covered in the global Satellite Communication market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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The latest report from The Business Research Company, 'Global Satellite Communication Opportunities And Strategies Market Report - Forecast To 2032,' provides a comprehensive global perspective with data and statistics from 60+ geographies, analyzing 7000+ market segments. The regional and country breakdowns section offers insights into each geography's market analysis, size, historic and forecast growth, and key strategies for industry competitiveness.

Satellite Communication Market Report Table Of Content

1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
6. Introduction and Market Characteristics
………………………………………..
18. Competitive Landscape And Company Profiles
19. Key Mergers and Acquisitions
20. Opportunities And Strategies
21. Satellite Communication Market, Conclusions And Recommendations
22. Appendix

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