Satellite Communication (SATCOM) Market Insights and Industry Analysis by Product (Transponder, Transceiver, SATCOM Antenna, Modem, Receiver), By Vertical (Government & Defense, Commercial), By Technology (SATCOM VSAT, SATCOM Telemetry, SATCOM-on-the-Move, SATCOM-on-the-Pause) and By End-Use (Portable SATCOM Equipment, Land Mobile SATCOM Equipment, Maritime Satcom Equipment, Airborne Satcom Equipment, Land Fixed Satcom Equipment), and Region, Competitive Market Size, Share, Trends, and Forecast
New York, US, June 29, 2021 (GLOBE NEWSWIRE) -- Satellite Communication Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Satellite Communication Market Information by Product, Technology, End-Use, and Region - Forecast till 2025”, the market is anticipated to reach USD 41,860 Million by 2025 at 8.40% CAGR.
Future Market Growth Boosters:
Satellite communication or SATCOM has a significant role in bolstering the communication technology-based infrastructure across rural locations. Currently, various artificial satellites are in orbit around the earth, which transfer digital and analog signals that carry data in the form of photographs, video, and voices from and to a single or multiple location worldwide. Heightened preference and use of small satellites for applications in earth observation across several industries like energy, oil and gas, defense, and agriculture, should result in substantial revenue generation in the years ahead.
Constant introduction of low-Earth orbit and reusable rocket vehicles have been some of the key technical disruptions in commercial as well as military satellite communication sector. Military satellite communication is proving to be quite vital when it comes to carrying out critical military missions worldwide. Combining military frequency bands with commercial communications satellites has been a major focus area for the leading SATCOM developers, helping them improve overall capabilities including global broadcast service, bandwidth frequency and personal communication service, to cater to the requirements pertaining to military operations. This scenario is touted to be favorable for the global industry in the following years.
Escalating integration of Internet of Things (IoT) and Artificial Intelligence (AI) has given rise to Intelligent Transport Systems or ITS, which help users constantly track the vehicles while letting freight operators promptly receive and share information. Satellite communication is also witnessing an incredible growth in the transportation sector, as it facilitates continuous and seamless data transmission between the transport hub and the vehicle, bridging any gaps across the terrestrial networks. Needless to say, satellite communication’s escalating use in extensive transport networks, such as logistics, will present lucrative opportunities for the global market.
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Key Companies Locking Horns:
Top Manufacturers of Satellite Communication in the Worldwide Market are:
Technological innovations and extensive research activities are the key focus areas for majority of the manufacturers in the market. Majority of the vendors also concentrate on expanding their product lines as well as regional presence by employing strategies like mergers, partnerships, and acquisitions. These strategical moves help them capture a bigger share in the global industry and elevate their ranking.
Out of all the products, the lead has been taken by the satcom antenna segment as these offer var9ous benefits such as sturdiness and corrosion resistance.
Vertical-wise, commercial vertical segment could witness better growth in the global market, in view of the rising demand for satellite TV and extensive use of SATCOM equipment in the telecommunication and space industries.
Depending on technology, the top spot has been seized by the SATCOM Automatic Identification System (AIS) segment. SATCOM AIS experiences robust demand among technology marine vessel operators owing to its benefits including enhanced location information, collision avoidance and prompt identification.
Maritime SATCOM Equipment is anticipated to the leading end-user in the coming years, on account of the emerging concept of connected and autonomous ships along with the surge in seaborne trade all over the world.
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Geographical categorization of the satellite communication industry covers APAC or Asia Pacific, North America, Europe, as well as RoW/the rest of the world.
North America is the strongest contender in the global market for SATCOM and it is presumed that the region will continue to lead between 2020 and 2025. Substantial contribution from leading SATCOM manufacturers such as L3 Harris Technologies Inc. (US) and Honeywell International, Inc. (US) present in the region benefits the market. Apart from this, accelerated demand for smooth communication in the defense sector as well as the US defense department should also warrant relentless industry growth in the ensuing period.
Europe is one of the most lucrative markets for satellite communication, primarily on account of the popular trend of connected and autonomous ships and the thriving maritime sector in the region. Extensive utilization of satellite antennas in vehicles, and the surge in space exploration missions conducted by several space agencies present in the region also renders significant market growth.
Asia Pacific will mostly chart an upward trajectory at the highest rate over the appraisal period, and emerge as a promising market, in view of surging military expenditure in India and China. The expanding air passenger traffic prompts the airline operators and military forces to spend generously on procuring more advanced Satcom equipment. Lastly, focus on upgradation of the infrastructure combined with the growth in coastal and marine tourism is expected to bolster the market expansion rate in subsequent years.
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Developments Post COVID-19 Outbreak
COVID-19 quickly escalated into a global pandemic since its inception, completely transforming the business scenario of the satellite communication industry. Slackened demand following the lockdown and weakened production capacity of manufacturers in view of the escalating cases of SARS-CoV-2 has been unfavorable for the global market. Having said that, the global market should pick up speed once the lockdown is lifted while government initiatives and rising spending on this field will be favorable as well.
SATCOM has been offering new field hospitals and other medical facilities with essential services during the novel coronavirus. These are also providing urgently required business continuity interaction services to gas stations and various retail outlets for point-of-sale debit/credit card authorizations as well as inventory management. These satellites are also delivering entertainment to homebound consumers while offering health care workers with critically vital pandemic-based updates from across the world. The post-pandemic era has somewhat been a lucrative opportunity for the SATCOM industry and will ensure continuous growth throughout the conjectured period.
Satcom Global has confirmed addition of the Eutelsat 174A South Pacific and North Pacific satellite beams to its advanced Ku-band Aura VSAT network. This extended coverage is expected to fortify and bolster the Aura network all over the North Pacific and Oceania locations, cater to demand for efficient connectivity in maritime applications such as commercial fishing, shipping, offshore supply, leisure, and workboat.
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