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Oil And Gas Exploration Fuels Expansion Of The Mobile Satellite Services Market: A Key Factor Shaping the Future of the Mobile Satellite Services Market in 2025
Mobile Satellite Services Market
The mobile satellite services market is forecasted to grow from $5.34 billion in 2024 to $5.75 billion in 2025, at a CAGR of 7.6%. The growth is attributed to the emergence of global connectivity needs, increased military and defense applications, expansion of broadcasting and media, enterprise connectivity, and telecommunications backhaul.
Mobile Satellite Services Market: Expected to grow to $7.32 billion by 2029 at a CAGR of 6.2%. Growth is driven by emerging markets, smart transportation, and precision farming. Trends include 5G integration, IoT connectivity, broadband demand, disaster response solutions, and diversified service offerings.
What Are the Main Catalysts for Growth in the Mobile Satellite Services Market?
The growth of oil and gas exploration is anticipated to drive the expansion of the mobile satellite services market in the coming years. Oil and gas exploration involves the search for underground or underwater reservoirs of oil and natural gas, and it is increasing due to various economic, technological, and geopolitical factors aimed at meeting global energy demands. Mobile satellite services play a crucial role in oil and gas exploration by providing reliable communication, data transmission, logistical support, and environmental monitoring in remote and challenging environments. For example, in March 2024, the Energy Information Administration, a U.S.-based government agency, reported that U.S. crude oil production rose by 9% in 2023 compared to 2022, reaching a record 12.9 million barrels per day. This surge in production has resulted in higher crude oil exports, despite U.S. refineries still being optimized for processing heavier crude oils. As a result, the expansion of oil and gas exploration is fueling the growth of the mobile satellite services market.
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Which Businesses Are at the Forefront of Mobile Satellite Services Market Development?
Major companies operating in the mobile satellite services market are Ericsson AB, Telstra Corporation Limited, Singapore Telecommunications Limited., Viasat Inc., Intelsat SA, SES S.A., EchoStar Corporation, Hughes Network Systems, AI Yah Satellite Communications company P.J.S.C, Inmarsat plc, Eutelsat Communications S.A., Telesat Canada, Iridium Communications Inc., Telespazio S.p.A., Comtech Telecommunications Corporation, Orbcomm Inc., Encompass Digital Media Inc., Speedcast International Limited, Globecast Asia Pte Ltd, Gilat Satellite Networks Ltd., Globalstar Inc., Avanti Communications Group plc, Ligado Networks LLC, Russian Satellite Communications Company (RSCC), MTN Satellite Communications Inc.
Which Key Developments Are Influencing the Mobile Satellite Services Market?
In the mobile satellite service industry, major companies are adopting strategic partnerships to offer resilient and reliable connectivity, especially in remote or rural regions lacking sufficient terrestrial infrastructure. Strategic partnerships allow companies to leverage each other's strengths and resources for mutual success. For example, in June 2023, Spark New Zealand, a telecommunications company, formed a partnership with Lynk Global, a US-based developer of satellite-to-mobile-phone constellations. The collaboration aims to launch a satellite-to-mobile service to improve connectivity for customers in New Zealand, addressing key challenges and positioning both companies as leaders in innovative connectivity solutions.
How Is the Mobile Satellite Services Market Segmented?
The mobile satellite services market covered in this report is segmented -
1) By Service: Voice, Data
2) By Application: Land Mobile Satellite Service, Aeronautical Mobile Satellite Service, Maritime Mobile Satellite Service
3) By Industry: Oil And gas, Media And Entertainment, Transportation, Aviation, Defense, Automative, Government, Other Industries
Subsegments:
1) By Voice: Satellite Phone Services, Push-To-Talk Services
2) By Data: Internet Access Services, Remote Monitoring And Control Services
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Where Is the Mobile Satellite Services Market Growth Most Prominent?
North America was the largest region in the Mobile Satellite Service market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the mobile satellite services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Mobile Satellite Services Global Market Report?
- Market Size Analysis: Analyze the Mobile Satellite Services Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Mobile Satellite Services Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Mobile Satellite Services Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Mobile Satellite Services Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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