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Mobile Satellite Services Market Future Scope, Size, Growth Trends, Demand And Forecast To 2033
Mobile Satellite Services Market
Mobile Satellite Services Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $6.9 billion In 2028 At A CAGR Of 6.6% :
The mobile satellite services market size has grown strongly in recent years. It will grow from $4.95 billion in 2023 to $5.34 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to emergence of global connectivity needs, increased military and defense applications, expansion of broadcasting and media, enterprise connectivity, telecommunications backhaul.
The mobile satellite services market size is expected to see strong growth in the next few years. It will grow to $6.9 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to emerging market growth, commercial space activities, smart transportation, increased agriculture and precision farming, adoption of smart transportation. Major trends in the forecast period include integration with 5G networks, rapid expansion of IoT connectivity, increasing demand for broadband connectivity, enhanced disaster response and public safety solutions, diversification of service offerings.
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Mobile Satellite Services Market Major Segments
The mobile satellite services market covered in this report is segmented -
1) By Service: Voice, Data
2) By Application: Land Mobile Satellite Service, Aeronautical Mobile Satellite Service, Maritime Mobile Satellite Service
3) By Industry: Oil And gas, Media And Entertainment, Transportation, Aviation, Defense, Automative, Government, Other Industries
Key Driver - Oil And Gas Exploration Fuels Expansion Of The Mobile Satellite Services Market
The expansion of oil and gas exploration is expected to propel the growth of the mobile satellite services market going forward. Oil and gas exploration refers to the process of searching for underground or underwater reservoirs of oil and natural gas deposits. It is rising due to economic, technological, and geopolitical factors to meet global energy needs. Mobile satellite services are used in oil and gas exploration activities to offer dependable communication, data transmission, logistics assistance, and environmental monitoring in remote and challenging environments. For instance, in December 2022, according to reports shared by the Energy Information Administration (EIA), a US-based government agency, US oil production and natural gas production both increased in 2021. Oil production increased from 11.2 million barrels per day (b/d) in 2020 to 11.6 million barrels per day (b/d) by 2021, and natural gas production increased from 112.6 billion cubic feet per day in 2020 to 118.7 billion cubic feet per day by 2021. Therefore, the expansion of oil and gas exploration is driving the growth of the mobile satellite service market.
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Prominent Trend - Strategic Partnerships Driving Resilient Connectivity in Remote Areas
Major companies operating in the mobile satellite service industry are adopting a strategic partnership approach to provide resilient and reliable connectivity, particularly in remote and rural areas where terrestrial infrastructure is insufficient. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in June 2023, Spark New Zealand, a New Zealand-based telecommunications company, partnered with Lynk Global., a US-based developer of satellite-to-mobile-phone satellite constellations. With this partnership, they aim to launch a satellite-to-mobile service, aiming to enhance connectivity for its customers, address key challenges, capitalize on emerging opportunities, and position themselves as a leader in innovative connectivity solutions for the New Zealand market.
Mobile Satellite Services Market Players
Major companies operating in the mobile satellite services market are Ericsson AB, Telstra Corporation Limited, Singapore Telecommunications Limited., Viasat Inc., Intelsat SA, SES S.A., EchoStar Corporation, Hughes Network Systems, AI Yah Satellite Communications company P.J.S.C, Inmarsat plc, Eutelsat Communications S.A., Telesat Canada, Iridium Communications Inc., Telespazio S.p.A., Comtech Telecommunications Corporation, Orbcomm Inc., Encompass Digital Media Inc., Speedcast International Limited, Globecast Asia Pte Ltd, Gilat Satellite Networks Ltd., Globalstar Inc., Avanti Communications Group plc, Ligado Networks LLC, Russian Satellite Communications Company (RSCC), MTN Satellite Communications Inc.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the Mobile Satellite Service market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the mobile satellite services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Mobile Satellite Services Market Report Structure
3. Mobile Satellite Services Market Trends And Strategies
4. Mobile Satellite Services Market - Macro Economic Scenario
5. Mobile Satellite Services Market Size And Growth
…..
27. Mobile Satellite Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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