Satellite Communication Market Size is Estimated to Witness 9.5% CAGR till 2030
The global satellite communication market size was valued at USD 71.6 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.5% from 2022 to 2030.
The global Satellite Communication Market size is projected to reach USD 159.6 billion in 2030, registering a CAGR of 9.5% from 2022 to 2030, as per a new report by Grand View Research, Inc. The rising proliferation of small satellites for tactical communication, geospace & atmospheric research, and medium resolution imagery in military & defense applications has propelled the growth of the market. The increasing demand for satellite communication (Satcom) solutions from the aviation industry to improve airline operations and air traffic management is anticipated to boost market expansion during the forecast period.
It is anticipated that the advent of the 5G network and several scheduled Medium Earth Orbit (MEO) and Low Earth Orbit (LEO) satellite launches would propel the expansion of the Satcom market at a rapid pace. Additionally, the evolution of satellite communication in the connectivity sector has prompted Satcom operators to offer the global deployment of Internet of Things (IoT) solutions. More than 2.7 million devices are currently supported by satellites, including those used for aviation, infrastructure, trade, environmental monitoring, and military support.
Satcom providers have changed their business models in recent years to focus on providing high bandwidth satellite transponders with higher transponder throughput and lower prices. An incoming signal is identified and automatically responded to by a satcom transponder, a wireless communication, monitoring, and control device. Factors such as the increase in consumer broadband demand, corporate enterprise network need, and the expansion of Ka-band and Ku-band services are anticipated to drive the growth of the satellite transponder segment. Additionally, the overall demand has significantly increased due to recent space development missions by many space organizations, including China National Space Administration (China) and Indian Space Research Organization (India).
Related Press Release@ Satellite Communication Market Report
Satellite Communication Market Report Highlights
- The global need for enhanced data communication is fueling the expansion of the market for satellite communication
- The equipment category is anticipated to register the fastest CAGR of 10.2% owing to several advantages, including integrating targets, tracking movements, and discovering hidden tunnels
- Due to the widespread use of satellite TV services in 2021, the broadcasting sector held the largest market share
- The government & defense sector is predicted to witness the fastest CAGR of over 11% throughout the projection period since satellite communications are ideal for use in military activities across the globe
- North America held the largest revenue share, followed by Europe. The region's increasing passenger traffic for marine and coastal tourism and the presence of a significant number of industry players are expected to contribute to this growth
- EchoStar Corporation, Intelsat, L3 Technologies, Inc., SES S.A, Telesat, and Viasat, Inc. are some key players operating in the market