Press release
Satellite Communication Market worth $92.28 Billion by 2028, growing at a CAGR of 9.8% over Forecast Period 2024-2033
Satellite Communication Market Report
The Business Research Company offers in-depth market insights through Satellite Communication Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The satellite communication market size has grown strongly in recent years. It will grow from $58.13 billion in 2023 to $63.42 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to emerging markets growth, increasing investments in satellites and launch of advanced low earth orbit satellites.
The satellite communication market size is expected to see strong growth in the next few years. It will grow to $92.28 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to increasing investment in low earth orbit satellites, robust government support, growing demand for telecommunication, growing investments in the space sector and increasing number of satellite launches. Major trends in the forecast period include product innovations, technological advancements, focus on investing in very high throughput satellites (vhts), use of artificial intelligence in radio frequencies (rf) and focus on strategic partnerships and collaborations.
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Market Segmentation:
The satellite communication market covered in this report is segmented -
1) By Component: Transponder, Transceiver, Antenna, Receiver, Other Components
2) By Technology: SATCOM Automatic Identification System, SATCOM VSAT, SATCOM On The-Move (SOTM), SATCOM On The Pause (SOTP), SATCOM Telemetry
3) By Application: Asset Tracking/Monitoring, Airtime, Data Backup And Recovery, Navigation And Monitoring, Broadcasting, Drones' Connectivity, Tele-Medicine, Other Applications
4) By Vertical: Government And Military Applications, Civil Satellite Communications, Commercial Application, Other Verticalsser Industries
Major Driver - Rising Adoption Of Low Earth Orbit Satellites Propels Growth In Satellite Communication Market
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.
Competitive Landscape:
Major companies operating in the satellite communication market report are Thales Group, Honeywell International Inc, L3Harris Technologies, Inc., Viasat, Inc., Cobham Limited, Gilat Satellite Networks Ltd., Baylin Technologies, Al Yah Satellite Communication Company PJSC, KVH Industries, Inc., Iridium Communications Inc., Jio Satellite Communications Ltd, One Space Tech, Land Space Technology Corporation Ltd, Laser Fleet, Hughes Communications India Ltd, China Satellite Communications Co Ltd, AAC Clyde Space, Alba Orbital, Apogeo Space, Argotec, Exobotics, Exodus Orbitals, Cessna, Telespazio SpA, Lockheed Martin Corporation, Raytheon, JSC Information Satellite Systems Reshetnev, Russian Satellite Communications Company, Surrey Satellite Technology Ltd, GomSpace Group AB, EnduroSat, Sputnix, Telesat, Intelsat, General Dynamics, EchoStar, Spire, TerreStar Solutions Inc, Ciel Satellite Group, Andesat
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Top Trend - Satellite Communication Market Driven By Innovative Product Launches And Technological Advancements
Product innovations are a key trend gaining popularity in the satellite communications market. Major companies operating in the satellite communication market are introducing innovative products to grow in the market. For instance, in January 2023, China launched a new telecommunications satellite, the APSTAR-6E, using a Long March-2C carrier rocket from the Xichang Satellite Launch Center. The satellite will be used to supply high-throughput communication services across Southeast Asia.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Satellite Communication Market Characteristics
3. Satellite Communication Market Trends And Strategies
4. Satellite Communication Market - Macro Economic Scenario
5. Satellite Communication Market Size And Growth
…..
27. Satellite Communication Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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