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Global Satellite Communication Market, Industry Growth, Trends, Insights 2024
Satellite Communication Market Growth
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
TeamViewer SE, GoTo, Microsoft Corporation, BeyondTrust Corporation, AnyDesk Software GmbH, Zoho Corporation Pvt Ltd, Splashtop Inc, ConnectWise LLC, ISL Online, SolarWinds, AweRay, AeroAdmin, VMware, RealVNC Limited, TSplus, Pulseway, Noventiq, NinjaOne, Arista Networks, RemotePC, LogMein Inc, Securden, Nutanix Inc, IBM Corporation, Atera, Nadeer, TruGrid.
Satellite Communication Market 2024 Key Insights:
• 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%.
• Rising Adoption Of Low Earth Orbit Satellites Propels Growth In Satellite Communication Market
• Satellite Communication Market Driven By Innovative Product Launches And Technological Advancements
• North America was the largest region in the satellite communication market in 2023
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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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Learn More About The Business Research Company
The Business Research Company ( https://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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