Satellite Communication Market 2023 - By Industry Analysis, Future Prediction, Business Overview And Forecast To 2032

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company's Satellite Communication Global Market Report 2023 identifies increasing deployment of small satellites as the major driver for the Satellite Communication market's growth in the forecast period. Small satellites are miniature satellites used in advanced space operations. Small satellites are more beneficial for satellite communication as they reduce the cost of space operations, expand access to space and gather scientific data.

The global satellite communication market size will grow from $54.6 billion in 2022 to $61.06 billion in 2023 at a compound annual growth rate (CAGR) of 11.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the satellite communication is expected to grow to $91.02 billion in 2027 at a CAGR of 10.5%.

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Major competitors in the Satellite Communication market are Viasat Inc., SES S.A., L3Harris Technologies Inc., Telesat, EchoStar Corporation, Thuraya Telecommunications Company, Gilat Satellite Networks.

A key trend in the Satellite Communication market includes product innovations. Major companies operating in the satellite communication sector are focused on developing innovative products to strengthen their position. For instance, in June 2020, Honeywell International Inc., a US-based technology company, launched its smallest and lightest satellite communications technology known as the Honeywell small UAV SATCOM system, a miniature of a large satellite communication system for unmanned vehicles. Honeywell's small UAV SATCOM system can be installed anywhere in the vehicle for a wide range of coverage of the platform, to reduce unnecessary bulk and to provide safety. Moreover, it can connect unnamed vehicles even in remote areas or over water where other ground-based communications systems are not available.

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The Satellite Communication market is segmented -

• By Component: Transponder, Transceiver, Antenna, Receiver, Other Components
• By Technology: SATCOM Automatic Identification System, SATCOM VSAT, SATCOM On The-Move (SOTM), SATCOM On The Pause (SOTP), SATCOM Telemetry
• By Application: Asset Tracking/Monitoring, Airtime, Data Backup And Recovery, Navigation And Monitoring, Broadcasting, Other Applications
• By Vertical: Government And Military Applications, Civil Satellite Communications, Commercial Application, Other Verticals
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Satellite Communication market.

The Business Research Company's "Global Satellite Communication Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Satellite Communication Market Include:

1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
……………………………………..
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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