Press release
Soaring Demand Set to Propel Mobile Satellite Services Market to $7.07 Billion by 2029
Mobile Satellite Services
Mobile Satellite Services Market Size Growth Forecast: What to Expect by 2025?
The market size for mobile satellite services has seen a robust expansion in the past few years. Its growth is projected to rise from $5.34 billion in 2024 to $5.68 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.4%. The previous growth can be linked to the rise of global connectivity requirements, the escalation in military and defense uses, the broadening of broadcasting and media, the growth in enterprise connectivity, and the expansion of telecommunications backhaul.
How Will the Mobile Satellite Services Market Size Evolve and Grow by 2029?
The market size for mobile satellite services is projected to experience significant expansion in the coming years, reaching a value of $7.07 billion in 2029 with a compound annual growth rate (CAGR) of 5.6%. The anticipated growth over the forecast period is due to rising market growth, commercial space activities, the advancement of smart transportation, improvements in agriculture and precision farming, and the adoption of intelligent transport systems. Upcoming trends within the forecast period comprise of integration into 5G networks, a swift increase in IoT connectivity, a growing demand for broadband connectivity, improved disaster response and public safety solutions, as well as a broadening array of service offerings.
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What Drivers Are Propelling the Growth of Mobile Satellite Services Market Forward?
The upsurge in oil and gas exploratory activities is projected to stimulate the development of the mobile satellite services market. The process involved in the hunt for underground or underwater oil and natural gas reserves is what constitutes oil and gas exploration. Factors, including economic, technological, and geopolitical, are causing a surge in this exploration in an effort to fulfill global energy requirements. Mobile satellite services cater to oil and gas exploration endeavors by providing reliable communication, data broadcasting, logistical support, and environmental policing in unique, isolated or demanding environments. For example, in March 2024, the Energy Information Administration, an agency of the U.S government, reported a 9% growth in U.S. crude oil yields in 2023 compared to the previous year, hitting an unprecedented 12.9 million barrels daily. This uptick has propelled greater crude oil exports, in spite of U.S. refineries' continuous optimization for processing denser crude oils. Consequently, the growth in oil and gas exploration is fueling the development of the mobile satellite services market.
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Which Emerging Trends Are Transforming the Mobile Satellite Services Market in 2025?
Strategic partnerships are being utilized by prominent firms in the mobile satellite service sector to offer robust and reliable connections, particularly in remote and rural areas where land infrastructure is lacking. The concept of strategic partnerships involves companies capitalizing on each other's strengths and resources for shared advantages and success. For example, in June 2023, Spark New Zealand, a New Zealand-based telecommunication firm, formed an alliance with Lynk Global., a US-based firm that develops satellite-to-mobile-phone satellite clusters. Their objective through this association is to initiate a satellite-to-mobile service, aimed at improving connectivity for their clients, overcoming significant obstacles, taking advantage of potential opportunities, and establishing themselves as pioneers in innovative connectivity solutions for the market in New Zealand.
What Are the Key Segments in the Mobile Satellite Services Market?
The mobile satellite servicesmarket 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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Who Are the Key Players Shaping the Mobile Satellite Services Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Mobile Satellite Services Market?
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.
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