Satellite Communication Market 2024-2033: Key Trends and Market Outlook

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Satellite Communication 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 $92.28 billion In 2028 At A CAGR Of 9.8% :

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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Satellite Communication Market Major Segments
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

Key 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.

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Prominent 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.

Satellite Communication Market Players
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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Largest And Fastest Growing Region In The Market
North America was the largest region in the satellite communication market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the satellite communication 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. Satellite Communication Market Report Structure
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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