Satellite Communication Market worth $77.67 Billion by 2030 - Exclusive Report by The Insight Partners
Satellite Communication Market is growing at a CAGR of 9.5% from 2022 to 2030.
Pune, India, Oct. 18, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Satellite Communication Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis By Type (Ground Equipment and Services), Service Type (Broadcasting, Telecommunication, and Data Communication); End Users (Government, Internet Service Providers, Military, Network Providers, and Others) and Geography” the market in terms of revenue was estimated to be worth $37.58 billion in 2022 and is poised to reach $77.67 billion by 2030, growing at a CAGR of 9.5% from 2022 to 2030.
The increase in need for expanding the communication network coverage in remote areas of the drive the satellite communication market growth. However, government regulations regarding the deployment of satellites in the earth’s orbit are expected to challenge the satellite communication industry growth.
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Global Satellite Communication Market Scope:
Report Coverage Details
Market Size Value in USD 37.58 Billion in 2022
Market Size Value by USD 77.67 Billion by 2030
Growth rate CAGR of 9.5% from 2022 to 2030
Forecast Period 2022-2030
Base Year 2022
Segments covered Type, Service Type, End Users, and Geography.
Regional scope North America, Europe, Asia Pacific, Middle East & Africa, South & Central America.
Country scope Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Report coverage Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Government Telecommunication Programs Provides Lucrative Opportunities for Global Satellite Communication Market:
According to Euroconsult's Government Space Programs 2021, governments around the world would spend $6.6 billion on government telecommunication programs in 2021, indicating a 4% 5-year growth rate. Less than $3 billion of the $6.6 billion was spent on civilian satcom, with the remaining $3.6 billion going toward secure satcom. The top three European countries in terms of satcom spending were France, the UK, and Germany. Governments around the world are anticipated to invest more money over the next ten years in both civil and defense satellite communication systems. The Government SatCom initiative, which strives to make all the advantages of secure satellite communication available to governments, the military, and institutional stakeholders, is spearheaded by the defense agencies around the world. For instance, The European Union and its member states renewed this satellite communication framework contract in 2020, and Airbus was awarded it for both military and civil usage. This four-year framework contract renewal was given to Airbus by the European Defence Agency (EDA) in order to safeguard crucial communication services and surveillance data from outside intervention.
Over the next ten years, it is anticipated that satellite communication (satcom) revenues and capacity demand would both significantly increase. For instance, according to a 2022 report, the need for satellite capacity is estimated to increase from 3.6 Tbps in 2022 to 51 Tbps in 2032, reflecting a 31% CAGR, and the satcom industry is expected to experience revolutionary growth over the following ten years. The major prospects leading to the growth of the satellite communication market are universal broadband access, mobility, and defence and security applications. After significant expenditures in satellite infrastructure, the satcom business is now in a dynamic era that offers both new prospects and increased rivalry. For instance, according to a 2022 report global satellite capacity supply is about to experience a significant uptick, with Starlink expected to cause a 62% increase in 2022 alone, hitting 15 Tbps.
Massive developments are being witnessed in the European satellite communication market. In order to strengthen the German space industry and help small and medium-sized firms (SMEs), particularly start-ups, actively engaged in the small satellite sector, the German federal government launched the Small Satellite Initiative. In 2022, the Bundestag set aside 10 million euros for this use. On December 6, 2022, officials from business, academia, and politics gathered in Berlin to debate how Germany's modest satellite industry might fit within the framework of the new space policy. Small satellites, or those weighing up to 500 kg, are very adaptable and can be used for many different purposes, including telecommunication, Earth observation, climate research, and space testing of new technology. They are more affordable and quicker to manufacture than traditional satellites since they can be made in big quantities, which also creates a wide range of new prospects for scientific research and commercial services. Small satellites are seen as one of the key forces behind the burgeoning future satellite communication market, particularly in light of the "New Space" phenomenon—the commercialization of space.
Also, according to a report by International Trade Administration, a series of military communication satellites that the UK Ministry of Defense manages is nearing the end of its useful life. In order to build its future satellite-based strategic communication services, the MOD is looking for industry innovators to assist it comprehend new trends and new technologies. The MOD is also seeking guidance to help it define its future satcom capabilities.
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Global Satellite Communication Market: Segmental Overview
Based on end users, the satellite communication market is segmented into government and military, broadband access providers, mobile and maritime operators and others. Governments and militaries frequently employ satellite communication for monitoring and navigation. For instance, the government uses SATCOM to monitor for natural disasters and other hazards as well as to track the movements of ships and aircraft. For instance, in 2022, In 2020, the US government awarded separate contracts to Boeing and Northrop Grumman for design payloads for the Protected Tactical Satcom (PTS) program, a network of jam-resistant geostationary satellites for military classified and unclassified communication. The contracts were worth $191 million and $253 million, respectively. In 2023, For the JP 9102 program, Lockheed Martin has been awarded Australia's largest-ever defense space contract to develop a satellite and ground station design.
Global Satellite Communication Market: Competitive Landscape
Thales Group; Inmarsat Global Limited; Iridium Communication Inc; Gilat Satellite Networks Ltd; Orbcomm Inc.; Viasat; Space X (Starlink); Eutelsat; OneWeb; Kuiper Systems are a few of the key companies operating in the satellite communication market. The Satellite Communication market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
Recent Developments:· September 2023: The U.S. Defense Information Systems Agency (DISA), acting on behalf of the U.S. Space Force's (USSF) Space Systems Command (SSC), today announced that Inmarsat Government, now a subsidiary of Viasat, had been awarded a contract for Proliferated Low Earth Orbit (PLEO) Satellite-Based Services (SBS). One of the 16 businesses chosen for the 10-year, US$ 900 million maximum Indefinite Delivery, Indefinite Quantity (IDIQ) contract is Inmarsat Government.
· January 2023: MEOLUT Next, a ground-breaking satellite search and rescue system, has been made available by Thales Alenia Space. The technology will be implemented as part of the global COSPAS-SARSAT network.
Go through further research published by The Insight Partners:
Satellite Internet Market - Global Analysis and Forecast to 2030
Satellite Communication System Market - Global Analysis and Forecast to 2030
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