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Satellite Telecommunications Market Report 2024 - Satellite Telecommunications Market Trends, Insights And Forecast
Satellite Telecommunications Market
According to The Business Research Company's, The satellite telecommunications market size has grown steadily in recent years. It will grow from $41.37 billion in 2023 to $43.39 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to geopolitical considerations, market liberalization, disaster recovery and emergency communications, media and broadcasting needs, connectivity in remote areas.
The satellite telecommunications market size is expected to see strong growth in the next few years. It will grow to $53.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to rising demand for broadband connectivity, iot and m2m connectivity needs, emerging market opportunities, global 5g backhaul requirements, environmental and climate monitoring.. Major trends in the forecast period include use of satellites for earth observation, development of high-capacity optical communication payloads, rising interest in smallsat and cubesat deployments, global expansion of broadband services, increased focus on space situational awareness (ssa).
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Market Drivers and Trends:
The increase in the demand for small satellites for earth observation services is expected to boost the growth of the satellite telecommunication market going forward. Small satellites refer to satellites that weigh less than a kilo (2,204 pounds). Small satellites are used to advertise conventional satellite applications in data communications, earth exploration, space research, and many other fields, hence, the increase in the demand for small satellites for earth observation services is expected to boost the satellite telecommunication market. For instance, in 2021, according to a report published by Satellite Applications Catapult Limited, a UK-based technology and innovation center focused on space satellites, in 2021, 1,715 small satellites were launched, which is an increase compared to the total number of 1163 small satellites launched in 2020. This is the greatest figure from any quarter so far. Therefore, the increase in the demand for small satellites for earth observation services is driving the growth of the satellite telecommunication market.
Technological advancement is the key trend gaining popularity in the satellite telecommunication market. Major companies operating in the satellite telecommunication market are focusing on developing new technologies. For instance, in January 2023, Qualcomm Technologies, Inc., a US-based manufacturer of digital wireless telecommunication products and services, launched Snapdragon Satellite. This is the world's first satellite-based two-way messaging solution for luxury smartphones. Snapdragon Satellite is powered by Snapdragon 5G Modem-RF Systems and supported by the Iridium satellite constellation, which is currently fully operational and is anticipated to offer worldwide access through mobile messaging from all over the world.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Société Européenne des Satellites; Viasat Inc.; Telesat Corporation; EchoStar Corporation; L3Harris Technologies Inc.; SKY Perfect JSAT Holdings Inc.; Gilat Satellite Networks Ltd.; Cobham Satcom; Inmarsat Global Limited; Intelsat S.A.; Thuraya Telecommunications Company; Honeywell International Inc.; Iridium Communications Inc.; General Dynamics Corporation; Qualcomm Technologies Inc.; Airbus SE; China Aerospace Science and Technology Corporation; Maxar Technologies Inc.; Thales Group; Orbcomm Inc.; ST Engineering iDirect Inc.; Baylin Technologies Inc.; KVH Industries Inc.; Comtech Telecommunications Corp.; Globalstar Inc.; Speedcast International Limited; Hispasat S.A.; Ligado Networks LLC; Lockheed Martin Corporation; Northrop Grumman Corporation; SES Americom Inc.; Space Exploration Technologies Corp.; Telespazio Spa
Satellite Telecommunications Market 2024 Key Insights:
• The satellite telecommunications market will grow to $53.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
• Surging Demand For Small Satellites Drives Growth In Satellite Telecommunication Market
• Advanced Satellite Telecommunication For Revolutionizing Connectivity
• North America was the largest region in the satellite telecommunications market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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