Satellite Communication Market is expected to grow with a 9.4% CAGR, during the forecast period 2022-2032

The satellite communication market is projected to experience a robust Compound Annual Growth Rate (CAGR) of 9.4%, as indicated by Fact.MR. In 2021, the global valuation of this market was estimated to be US$ 59.32 Billion, and it is anticipated to reach a total of US$ 192.09 Billion by 2032. Satellite communication involves the use of artificial satellites to establish communication linkages between different locations on Earth.

A communication satellite is an artificial satellite equipped with a transponder that enhances and facilitates the connection of radio signals. It serves as a communication channel between a transmitting source and a receiver situated globally. Satellite communication finds extensive applications in television, phone services, radio broadcasting, internet connectivity, and military operations.

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The curvature of the Earth obstructs the movement of high-frequency radio waves used in telecommunication lines, as they travel in a straight line. Communication satellites play a crucial role in bridging signals across the curvature of the Earth, enabling communication between geographically distant areas. Satellite communication utilizes a diverse range of radio and microwave frequencies.

Top Companies are:
SES S.A
Intelsat
Viasat, Inc.
EchoStar Corporation
Thuraya Telecommunications Company
Telesat
L3 Technologies, Inc.
Comtech Telecommunications Corp.
GILAT SATELLITE NETWORKS
SKY Perfect JSAT Group
Cobham Limited

To maintain signal integrity, international organizations establish standards allocating specific frequency ranges or bands to individual entities, reducing the likelihood of signal interference. These factors contribute to the anticipated growth of the global satellite communication market throughout the forecast period.

In terms of regional dynamics, North America emerges as a particularly dynamic region for satellite communication. The growth is driven by the defense industry's increasing demand for continuous communication and the rising requirements of the US defense department for Satellite Communication (SATCOM) equipment. Moreover, the presence of a substantial number of SATCOM providers contributes to the expansion of the satellite communication market. As military communication facilities undergo upgrades, the North American market is expected to experience rapid growth in the coming years.

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Key Takeaways from the Market Study:
In 2022, the global satellite communication market is estimated to have a market size of US$ 78.22 Billion.
The equipment segment is expected to account for 28.5% of the global satellite communication market share in 2022, based on component segmentation.
The government and defense segment is projected to acquire a market size of 42% in 2022, categorized by vertical type.
Broadcasting is anticipated to gain a market share of 22.2%, with a forecasted CAGR of 8.9% in the application segment.
The Asia-Pacific satellite communication market is expected to grow with an 8.5% CAGR during the forecast period.
North America is forecasted to secure 32.1% of the global market share in 2022.

Competitive Landscape:
Companies in the satellite communication market are diversifying their product portfolios by introducing new molecular applications or expanding the applications of existing compounds. Various strategies, including mergers and acquisitions and industry-academic collaborations, are being employed to develop more marketable chemicals or sequencing technologies, influencing current market trends for satellite communication to gain a competitive advantage.

Recent Developments:
Viasat, a company, entered into a partnership agreement with SKY Brazil, a prominent satellite pay-TV operator in Brazil, in January 2021. The aim of the agreement was to enhance the availability of reliable and fast satellite internet throughout Brazil.
In 2020, Comtech Telecommunications Corp. announced the acquisition of Gilat Satellite Networks Ltd. for $532.5 million in cash and stock transactions. This strategic move is expected to strengthen Comtech's position in the market.

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Key Segments Covered in the Satellite Communication Market Report:
By Component:
Satellite Communication Equipment
SATCOM Transmitter/Transponder
SATCOM Antenna
SATCOM Transceiver
SATCOM Receiver
SATCOM Modem/Router
Satellite Communication Services

By Application:
Asset Tracking/Monitoring
Airtime
M2M (Machine to Machine)
Voice
Data
Drones Connectivity
Data Backup and Recovery
Navigation and Monitoring
Telemedicine
Broadcasting

By Vertical:
Energy & Utility
Government & Defense
Government (civil uses)
Emergency Responders
Defense
Transport & Cargo
Fleet Management
Rail Services
Maritime
Mining and Oil & Gas
Oil & Gas
Mining
Agriculture
Communication Companies
Corporates/Enterprises
Media & Broadcasting

By Region:
North America
Latin America
Europe
Asia Pacific
Middle East & Africa

Related Reports:
Satellite Internet Market expects to grow at more than 8% CAGR by 2031
https://www.factmr.com/report/satellite-internet-market-research

Mobile Satellite Services market is likely to be worth nearly US$ 10.4 Bn by 2032
https://www.factmr.com/report/mobile-satellite-services-market

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This release was published on openPR.