Satellite Internet Global Market Expected to Witness $9.79 Billion with Impressive Growth at a 13.1% CAGR By 2028

"The Business Research Company recently released a comprehensive report on the Global Satellite Internet 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.

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According to The Business Research Company's, The satellite Internet market size has grown rapidly in recent years. It will grow from $5.33 billion in 2023 to $5.99 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The growth in the historic period can be attributed to rural and remote connectivity needs, global Internet access, disaster recovery and emergency services, maritime and aviation connectivity, military and defense applications.

The satellite Internet market size is expected to see rapid growth in the next few years. It will grow to $9.79 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to growing demand for broadband services, expansion of low earth orbit (LEO) satellite constellations, connected vehicles and Internet of things (IoT), commercial and residential broadband solutions, government initiatives and subsidies. Major trends in the forecast period include integration with 5G networks, emergence of affordable consumer terminals, focus on rural connectivity solutions, government initiatives for space-based connectivity, advanced satellite technologies.

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Market Drivers and Trends:

The rise in the need for satellite internet in rural areas is contributing to the growth of the satellite internet market. People residing in rural areas have struggled to gain access to reliable internet services. The internet service in rural areas is often slow and unreliable. Satellite internet service is less expensive than constructing millions of kilometers of fiber optic cable, and it's perfect for rural and hard-to-reach places. For instance, in July 2021, according to the American Association of Retired Persons, a US-based non-profit organization, the Federal Communications Commission's (FCC) nationwide broadband access map shows that as of November 2023, over 7.2 million homes and businesses lack access to high-speed internet service. Furthermore, in August 2022, according to Viasat, a US-based communications company, only 75% of homes in rural areas have access to broadband internet. Therefore, the unmet demand for fast and reliable internet in rural areas is increasing and is driving the satellite internet market growth.

Product innovations have emerged as a key trend gaining popularity in the satellite internet market. Major companies operating in the satellite internet sector are focused on developing new product innovations to strengthen their position. For instance, in September 2022, Hughes Communications India Private Limited (HCI), an India-based provider of broadband satellite and managed network services, launched first High-Throughput Satellite (HTS) broadband service. The new broadband service will satisfy the high bandwidth needs of cellular operators, financial institutions, government agencies, mining and energy corporations, and other enterprises while also addressing connectivity gaps and enhancing network performance. The service powers vital government and business networks by utilizing the capabilities of the Indian space research organization (ISRO). The HTS broadband service would enable broadband connectivity to even the most rural and challenging-to-reach places, helping to link India to an endless future. Multi-megabit high-speed broadband at reasonable prices is the service's main goal.

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Major Key Players of the Market:

AT&T Inc., Dish Network Corporation, Singapore Telecommunications Limited, Avonline Satellite Broadband, Kacific Broadband Satellites Group, Thaicom Public Company Limited, ViaSat Inc., Telesat Canada, SES S.A., Space Exploration Technologies Corp, EchoStar Corporation, Intelsat S.A., Inmarsat Global Limited, Eutelsat S.A., Eutelsat OneWeb, Iridium Communications Inc., Al Yah Satellite Communications Company P.J.S.C., Speedcast International Limited, NordNet AB, Globalstar Inc., Konnect Africa, Avanti Communications Group plc, Gilat Satellite Networks Ltd., Bigblu Broadband plc, Bentley Walker Ltd., SkyDSL Europe B.V., Skycasters Co, Freedomsat Group Limited, Europasat SP Z.O.O

Satellite Internet Market 2024 Key Insights:

• The satellite Internet market size is expected to see rapid growth in the next few years. It will grow to $9.79 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%.
• Empowering Rural Connectivity As Satellite Internet's Crucial Role In Bridging The Digital Divide
• Groundbreaking High-Throughput Satellite Broadband Service To Bridge Connectivity Gaps
• North America was the largest region in the satellite internet market in 2023

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This release was published on openPR.