Satellite Communication (SATCOM) Market Forecast to Grow at 9.60% CAGR from 2024 to 2031 | SkyQuest Technology

Satellite Communication (SATCOM) Market Size, Share, Growth Analysis, By Components (Equipment, Service), By Application (Asset Tracking/Monitoring, Airtime), By Verticals (Energy & Utility, Government & Defense), By Region - Industry Forecast 2024-2031
Satellite Communication (SATCOM) Market [https://www.skyquestt.com/report/satellite-communication-market] size was valued at USD 82.80 billion in 2022 and is poised to grow from USD 90.75 billion in 2023 to USD 188.94 billion by 2031, growing at a CAGR of 9.60% in the forecast period (2024-2031).

In recent times, the demand for satellite communication market has significantly increased due to the growing usage of high-throughput satellite (HTS) systems. This solution offers massively increased capacity and data speeds compared to the conventional systems. HTS systems allow faster and efficient data transmission, making them perfect for bandwidth-intensive applications like video streaming, Internet of Things connectivity, and remote sensing. New frequency bands like high-frequency bands are hugely extending the available satcom spectrum. These bands provide enhanced bandwidth and increased capacity, allowing higher data rates and supporting bandwidth-intensive applications. Today, many solution providers worldwide are emphasizing on developing solutions that provide better connectivity for numerous use cases. Many government and defense sectors are using satcom, which is increasing the demand for HTS capacity. Several government bodies are depending on sensor data and ISR platforms to change their operational settings. Such platforms allow to share real-time HD video and other useful information gathered from remotely piloted air systems (RPAS) or unmanned aerial vehicles (UAVs). Many companies also making investments to develop innovative solutions for various government and defense applications.

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Top Player's Company Profiles

* Inmarsat plc
* Intelsat S.A.
* SES S.A.
* Eutelsat Communications S.A.
* Viasat, Inc.
* Iridium Communications Inc.
* Hughes Network Systems LLC
* Globalstar, Inc.
* Thuraya Telecommunications Company
* ORBCOMM Inc.
* Ligado Networks LLC
* Satcom Global Ltd
* Kongsberg Satellite Services AS
* Cobham SATCOM
* Comtech Telecommunications Corp.
* Gilat Satellite Networks Ltd.
* KVH Industries, Inc.
* Space Exploration Technologies Corp. (SpaceX)
* China Satellite Communications Co. Ltd. (China Satcom)
* Hispasat Group

Increasing Demand for Low Earth Orbit Satellites to Increase Communication Speed to Drive the Growth of Satellite Communication Market

In recent time, the low earth orbit satellites have covered almost 500-2,000 km band. These satellites can offer low latency, faster communication, and higher bandwidth compared to geostationary satellites. These advantages are attracting several organizations globally to adopt the low earth orbit-based satellite services, such as interaction that helps to communicate faster compared to others in the competition. With low earth orbit satellites like the Cube Sats and other small satellites are also gaining traction owing to their cost-efficiency along with other advantages. The extensive use of these satellites by different sectors like banking, energy, and governmental agencies is increasing the demand for these satellites for communication. These are some of the major factors augmenting the growth of the satellite communication market.

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Segments covered

Components

Equipment (SATCOM Transmitter/Transponder, SATCOM Antenna, SATCOM Transceiver, SATCOM Receiver, SATCOM Modem/Router, Others {Block-up converters, controllers}), Services

Application

Asset Tracking/Monitoring, Airtime (M2M, Voice, Data), Drones Connectivity, Data Backup and Recovery, Navigation and Monitoring, Tele-medicine, Broadcasting, Others

Verticals

Energy & Utility, Government & Defense (Government, Emergency Responders, Defense), Transport & Cargo (Fleet Management, Rail services), Maritime, Mining and Oil & Gas (Oil & Gas, Mining), Agriculture, Communication Companies, Corporates/Enterprises, Media & Broadcasting, Events, Aviation, Environmental & Monitoring, Forestry, End User - Consumer, Healthcare, Others

Frequency Band

L-band, S-band, C-band, X-band, Ku-band, Ka-band, VHF/UHF- band, EHF/SHF- band, MULTI- band, Q- band, Others

Satellite Constellations

Low Earth Orbit (LEO) Satellites, Medium Earth Orbit (MEO) Satellites, Geostationary Equatorial Orbit (GEO) Satellites

Increasing Advancements in Technology to Improve Satellite Connections to Boosts Market Growth

Technological development is one of the vital contributors that is advancing the expansion and advancement of the satellite communication sector. These developments are restructuring the sector by systematically proposing creative solutions that can enhance the performance, efficiency, and general abilities of the satellite-based communication systems. These technological advancements like HTS, LEO/MEO constellations, and incorporation of 5G helps in enhancing connection, widens applications, and increases the capability of international communication. Therefore, technological developments are a major factor boosting the progression of satellite communication market.

* Sasken Technologies Limited introduced their LTE technology-based satellite product known as mobile satellite equipment (MSE) in January 2024. It will help in allowing critical communications during situations like natural disasters such as tsunamis along with normal operations.
* Thuraya Telecommunications Company unveiled their IP NEO in May 2024. This is a next-generation satellite communication product that has advanced features and technologies. It has simultaneous voice and data transfer abilities for government, non-government organizations, energy sector, andenterprise use cases.
* The SatCOM Industry Association of India (SIA-India) partnered with ABRASAT in March 2024. The aim of this partnership is to advance the space sector and focuses on technological corporation between India and Brazil.

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Growing Investments for the Implementation of 5G to Increase Demand for Satellite Communication Market to Increase Bandwidth

The increasing demand for 5G and the growing investments for infrastructure development is constantly boosting the wireless connectivity market. However, the implementation of 5G needs high bandwidth leading to the launch of satellites, this is massively contributing to the development of the satellite communication market. For instance, in 2022, SpaceX got the approval of launching almost 12,000 star link internet satellites for the implementation of 5G. Therefore, the introduction of these satellites is positively influencing the growth of the satellite communication market.

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