Satellite Communication Market Size
Satellite Communication Market size was USD 40.38 billion in 2021 and projected to grow from USD 51.5 billion in 2023 to USD 156.7 billion by 2032, exhibiting a CAGR of 13.1% during the forecast period.
Satellites are used for communication purpose. Satellite communication is the communication between any two communications earth stations through a satellite. Satellites aid in sending, receiving, and processing data. The transmission is through electromagnetic waves as carrier signals which convey information through and forth in voice, pictorial, and other data forms between deep-sea, space and ground. Satellite communication has applications like radio broadcasting & voice communications, weather monitoring etc.
Satellite Communication Market is expected to project a CAGR of 13.1% during the forecast period, 2022-2032
Satellite Communication Market is expected to reach USD 156.7 billion, growing at a CAGR of 13.1% during forecast period owing to the technical tools used to enhance the productivity and effectiveness of new installations or even the existing infrastructure. Autonomous systems provide an improved safety and comfort by studying real-time data. The use of satellite communication has grown to provide communication channel. Smart technologies like autonomous systems need secure network connections for operating.
Satellite Communication Market Segmentation:
Equipment segment is expected to grow with high CAGR during the forecast period
Satellite Communication Market is classified based on the Component into Services, Equipment. The equipment segment dominated the market in 2021 and is expected to dominate the market in the forecast period owing to the increasing demand for continuous communication in agriculture, energy & utilities, oil & gas etc. which is expected to boost the market growth. The segment growth is expected to be witnessed due to the growing demand for transcontinental coverage across networks which has created growth opportunity for the segment in market.
Military Applications and Navigations segment is expected to grow with high CAGR during the forecast period
Satellite Communication Market is classified based on the Application into Remote Sensing, Weather Monitoring, Broadcasting, Military Applications and Navigations, Others. Broadcasting segment dominated the market in 2021 owing to the growing demand for internet services. The increasing investments in the space sector and growing communication satellite launches is expected to drive the growth of the segment in the Satellite Communication market.
Market Dynamics:
Growth Drivers
High Incorporation of Internet of Things (IoT) in Aviation is Expected to Boost the Growth of the Market
The Internet of Things is expected to increase the growth of the SATCOM market. Several devices are serviced by satellites, including the devices in environmental monitoring, infrastructure, shipping, military support, aviation etc. The growth of IoT in aviation industry is also expected to boost the growth of the market during the forecast period. The uses of IoT-based devices and systems interchange real-time data for processing units, which helps to improve the operation in the aviation industry. Satellite technology depicts to be main facilitator in converting IoT connectivity in the aviation industry.
Implementation of Autonomous Technology May Boost the Market Growth
The application of autonomous technology depends on data analytics, AI, and cloud computing which help in improving flight operations. Autonomous technology is also employed in the military for various combat actions and battlefield management. The sensors fixed in the systems are of vital role in giving real-time data collected from live locations and is inspected and adopted for tracking and systems for health monitoring purposes.
Restraint
Increasing Cyber-Security Issues May Restrain the Growth of the Market
Cyber-security poses a threat to satellite communication and it is a threat to sustainability of satellite systems which is expected to restrain the growth of the market. The attachment between satellite and cyberspace activities, depen on international organizations to set a legal norm and the breaches of international law occur in the form of cyber events which will hamper the growth of the market
Recent Developments:
- In February 2023, French Navy set a contract with Thales Group to receive the Syracuse iv naval stations to secure and protected satellite communications.
- In February 2023, Gilat Satellite Networks Ltd declared the contract for prolonging satellite communications (SATCOM) ability on trains within the Asia-Pacific.
Satellite Communication Market
Key Players Covered:
- General Dynamics Corporation
- Inmarsat Global Limited
- Telesat Canada
- Cobham Ltd
- Gilat Satellite Networks Ltd.
- SKY Perfect JSAT Holdings Inc.
- EchoStar Corporation
- SES S.A.
- L3Harris Technologies, Inc.
- Viasat, Inc.
- Other Prominent Players
(Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Regional Analysis
Satellite Communication Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America dominated the market in 2021 owing to the increasing spending of government on military and communication networks along with the presence of key market players in the region which has created demand for the growth of the market. Asia Pacific is expected to dominate the market in the forecast period owing to the increasing use of satellite antennas in the telecommunication, IT and other industries and the focus of companies in strengthening their aviation services in the countries of this region which is expected to boost the market growth.
Impact of Covid-19 on Satellite Communication Market
The COVID-19 pandemic resulted in the downfall of economy worldwide. Several countries had imposed lockdowns and applied travel restrictions to control the spread of the virus. Covid-19 had negatively impacted the satellite communication market due to the disturbance of the production supply of materials which decreased the contracts due and led to the negative impact on the growth of the satellite communication market.
Satellite Communication Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.
Satellite Communication Market Scope and Segments:
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2021-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 13.1% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Component |
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Product |
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Technology |
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Vertical |
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Application |
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End Use |
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By Region |
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Frequently Asked Questions (FAQ):
Satellite Communication (Satcom) Market size was estimated at USD 21.43 billion in 2021 and is expected to reach USD 84 billion by 2031.
Key players are SES S.A.; Viasat, Inc.; Intelsat; Telesat; EchoStar Corporation; L3 Technologies, Inc.; Thuraya Telecommunications Company; SKY Perfect JSAT Group; GILAT SATELLITE NETWORKS; Cobham Limited, and Other Prominent Players
Products segment and An airborne segment.is anticipated to hold the Satellite Communication (Satcom) Market
Drivers The increased use of electronically guided phased antennas and Penetration of small and portable SATCOM
SATCOM refers to the method of sending data from one location to another via a satellite orbiting the Earth. Telecommunication is the most prevalent application for satellites. SATCOM is used for mobile applications such as communication with ships, aircraft, vehicles, hand-held terminals, and transmission of TV and radio.
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