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Oil And Gas Exploration Fuels Expansion Of The Mobile Satellite Services Market: Key Factor Driving The Growth In The Mobile Satellite Services Market
Mobile Satellite Services
What Is the Expected Mobile Satellite Services Market Size During the Forecast Period?
In recent times, there has been robust growth in the mobile satellite services market. It is anticipated to expand from $5.34 billion in 2024 to $5.75 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 7.6%. The notable growth in the past period is primarily due to factors such as rising global connectivity requirements, enhanced military and defense applications, the proliferation of broadcasting and media, growth in enterprise connectivity, and increased telecommunications backhaul.
In the coming years, the market size for mobile satellite services is predicted to experience robust expansion. The market is expected to reach a valuation of $7.32 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.2%. This projected surge in growth during the forecast period can be linked to factors such as growth in developing markets, commercial space initiatives, the rise of smart transportation, the advancements in agriculture and precision farming, and the widespread adoption of intelligent transportation systems. Other predominant trends that are forecasted for the period include the integration of 5G networks, a rapid increase in IoT connectivity, a rising need for broadband connections, improved disaster response mechanisms, public safety solutions, and a growing diversity in service offerings.
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What Are the High-Growth Segments in the Mobile Satellite Services Market?
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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What Key Drivers Are Expected to Influence Future Mobile Satellite Services Market Growth?
The mobile satellite services market is forecasted to grow, spurred by the increase in oil and gas exploration activities. Oil and gas exploration, which involves the search for reservoirs of oil and natural gas beneath the surface or under the sea, is on an uptrend due to factors such as economics, technology, and geopolitics to meet the world's energy requirements. Mobile satellite services provide reliable communication, data transfer, logistics support, and environmental monitoring in the remote and harsh conditions often encountered during oil and gas exploration. For example, the Energy Information Administration, a government agency in the US, reported in March 2024 that U.S. crude oil production increased by 9% in 2023 from 2022, hitting a historic high of 12.9 million barrels per day. Despite American refineries primarily processing heavier crude oils, this surge in production has led to greater crude oil exports. Consequently, the growth of the oil and gas exploration industry is bolstering the mobile satellite services market.
Which Companies Hold the Largest Share Across Different Mobile Satellite Services Market Segments?
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.
What Trends Are Driving Growth in The Mobile Satellite Services Market?
Key players in the mobile satellite service market are pursuing a strategy of forming strategic alliances to offer resilient and dependable connectivity, especially in remote and rural locations where terrestrial infrastructure is lacking. Strategic alliances involve companies utilizing each other's strengths and resources for mutual success and benefit. For example, in June 2023, Spark New Zealand, a telecommunications company based in New Zealand, entered into a partnership with Lynk Global, a US-based company that develops satellite-to-mobile-phone satellite constellations. Their objective is to introduce a satellite-to-mobile service to enhance connectivity for their customers, address significant challenges, seize new opportunities, and establish themselves as a frontrunner in innovative connectivity solutions for the New Zealand market.
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What Are the Emerging Geographies for The Mobile Satellite Services Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Mobile Satellite Services Market?
2. What is the CAGR expected in the Mobile Satellite Services Market?
3. What Are the Key Innovations Transforming the Mobile Satellite Services Industry?
4. Which Region Is Leading the Mobile Satellite Services Market?
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