Press release
Satellite Communication (SATCOM) Market Set to Soar: Projected Growth to USD 27.3 Billion by 2030
Satellite Communication (SATCOM) Market InsightsSatellite Communication (SATCOM) Market Size was valued at USD 15.5 billion in 2022. The satellite communication (SATCOM) market industry is projected to grow from USD 16.8 Billion in 2023 to USD 27.3 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.44% during the forecast period (2023 - 2030).
Satellite Communication Market refers to the commercial and government usage of communication satellites to provide voice, data, and video communication services to end-users globally. SATCOM services are used for a wide range of applications such as broadcasting, military communications, maritime communications, aviation communications, and others.
The SATCOM market is dynamic and rapidly evolving, with new technologies and innovations continually emerging to meet the growing demand for high-speed, reliable, and secure satellite communication services. The growth of the SATCOM market is driven by increasing demand for high-speed internet connectivity, rising adoption of connected devices, expanding military and government applications, and increasing investment in satellite infrastructure by various countries and organizations.
The COVID-19 pandemic had a significant impact on Market. While the market has seen increased demand for certain services, it has also experienced a slowdown in other areas due to the pandemic's economic effects and travel restrictions.
The pandemic has led to a surge in demand for broadband and connectivity services, as people have increasingly worked from home and engaged in remote learning. The need for high-speed internet connectivity and reliable communication services has driven the demand for satellite-based solutions, leading to a significant increase in the SATCOM market.
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Key Players
Some of the key market players are:
• Inmarsat plc (UK)
• Honeywell International Inc. (US)
• L3Harris Technologies Inc. (US)
• Indra Sistemas (Spain)
• General Dynamics Mission Systems Inc. (US)
• Cobham Plc (UK)
• Viasat Inc. (US)
• Iridium Satellite Communications Inc. (US)
• Qualcomm Technologies Inc. (US)
• Gilat Satellite Networks (Israel)
Market Segmentation
The satellite communication (SATCOM) market has been segmented into product, technology and end-uses.
Based on the product, the market has been segmented into SATCOM Transponder, SATCOM Transceiver, SATCOM Antenna, SATCOM Modem and SATCOM Receiver.
Based on the technology, the market has been segmented into SATCOM VSAT, SATCOM Telemetry, SATCOM Automatic Identification System, SATCOM-On-the-Move and SATCOM-On-the-Pause.
Based on the end-uses, the market has been segmented into commercial and government and defense.
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Regional Analysis
North America is currently the largest region of the SATCOM market in terms of revenue.
North America is home to some of the world's largest satellite manufacturers and service providers, such as Boeing, Lockheed Martin, Hughes Network Systems, and Viasat, among others.
The North American region is also a hub for technological innovation and research in the SATCOM market, with many companies and organizations investing in the development of new satellite technologies and services. The presence of a highly developed telecommunications infrastructure and high demand for broadband and connectivity services has also contributed to the region's dominant position in the SATCOM market.
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