Navigating the Satellite Communication Service and Equipment Market: Outlook and Strategic Growth Approaches

The Business Research Company recently released a comprehensive report on the Global Satellite Communication Service And Equipment Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, the satellite communication service and equipment market size has grown exponentially in recent years. It will grow from $26.9 billion in 2023 to $32.59 billion in 2024 at a compound annual growth rate (CAGR) of 21%. The growth in the historic period can be attributed to rising demand for space data-as-a-service, national security investments in satellite communications, demand for reliable communication networks in remote areas, launch of low earth orbit (LEO) satellites and constellations, public-private collaboration for scaling opportunities in the space sector.

The satellite communication service and equipment market size is expected to see rapid growth in the next few years. It will grow to $65.03 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%. The growth in the forecast period can be attributed to expansion of cellular networks, penetration of IoT devices, development of high-throughput satellites (HTS), increasing need for high-speed, growth of the commercial space industry, demand for satellite technology in military and government applications. Major trends in the forecast period include technological advancements, demand for more efficient satellites, rising edge computing, artificial intelligence investments, introduction of digital technologies.

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Market Drivers and Trends:

The rise in satellite deployments is expected to propel the growth of the satellite communication service and equipment market going forward. Satellite deployment refers to launching satellites into orbit around the Earth or other celestial bodies. The demand for satellite deployments stems from the need for global connectivity, remote sensing capabilities, and national security, facilitating communication, observation, navigation, and data transmission across vast distances and challenging terrains. Satellite deployments use satellite communication services and equipment to establish reliable data transmission links between ground stations and orbiting satellites, enabling tasks such as telemetry, tracking, and command functions essential for mission control and data retrieval. For instance, in April 2023, according to the United Nations Office for Outer Space Affairs (UNOOSA), an Austria-based international cooperation agency, the number of individual satellites orbiting the Earth reached 8,261, marking an 11.84% increase compared to April 2021. By the end of January 2022, 12,293 space objects had been launched into space. Therefore, the rise in satellite deployments is driving the growth of the satellite communication service and equipment market.

Major companies operating in the satellite communication service and equipment market focus on technological innovation such as LTE-based satellite broadband devices to enable mission-critical communications during natural disasters and normal operations. This device's hardware utilizes LTE (Long-Term Evolution) technology to connect to the internet via satellite communication. It combines the speed and reliability of LTE cellular networks with the global coverage of satellite connections. For instance, in January 2024, Sasken Technologies Limited, an India-based telecommunications company, launched an LTE-based satellite broadband device catering to critical communications needs. This innovative product provides various services, including emergency communication support. It enables mission-critical satellite communications during natural disasters such as, tsunamis and ensures reliable connectivity for essential communication requirements. The introduction of LTE over mobile satellite equipment brings standard 3GPP services over satellite infrastructure, transforming traditional communication methods and enhancing connectivity options for critical operations.

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Major Key Players of the Market:

Raytheon Technologies Corporation, Lockheed Martin Corporation, Airbus SE, QualComm Technologies Inc., General Dynamics Corporation, Honeywell International Inc., Safran SA, Texas Instruments Inc., Thales SA, L3Harris Technologies Inc., Bharti Airtel Limited, STMicroelectronics N.V., Singapore Technologies Engineering Ltd., ViaSat Inc., SES S.A., Tata Communications Ltd., Hughes Network Systems LLC, Eutelsat Communications S.A., Sky Perfect JSAT Holdings Inc., Furuno Electric Co. Ltd., Comtech Telecommunications Corp., China Satellite Communications Co. Ltd., Gilat Satellite Networks Ltd., APT Satellite Holdings Limited, Tejas Networks Limited, Global Invacom Group Limited, Space Star Technology Co. Ltd., AsiaSat Satellite Telecommunications Ltd., Synertone Communication Corporation, Avanti Communications Group plc

Satellite Communication Service And Equipment Market 2024 Key Insights:

• The satellite communication service and equipment market size is expected to grow to $65.03 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%.
• Satellite Deployments Fuel Expansion Of Satellite Communication Service And Equipment Market
• Advancements In LTE-Based Satellite Broadband Devices
• North America was the largest region in the satellite communication service and equipment market in 2023

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