Global Satellite Communication (SATCOM) Market

Satellite Communication (SATCOM) Market Size, Share, Growth Analysis, By Components(Equipment (SATCOM Transmitter/Transponder, SATCOM Antenna, SATCOM Transceiver, SATCOM Receiver), By Application(Asset Tracking/Monitoring, Airtime (M2M, Voice, Data)), By Verticals(Energy & Utility, Government & Defense (Government, Emergency Responders, Defense)), By Frequency Band(L-band, S-band, C-band, X-band), By Satellite Constellations(Low Earth Orbit (LEO) Satellites, Medium Earth Orbit (MEO) Satellites, Geostationary Equatorial Orbit (GEO) Satellites), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45H2017 | Region: Global | Published Date: July, 2024
Pages: 157 | Tables: 121 | Figures: 76

Satellite Communication (SATCOM) Market Regional Insights

North America dominated the satellite communication market, accounting for more than 39% in 2022. The increase is attributed to the defense industry's increasing demand for continuous communication and the US defense department's increased demand for SATCOM equipment. Furthermore, the presence of a large number of SATCOM providers, such as Viasat, Inc., Telesat, and EchoStar Corporation, is fueling the Satellite Communication (SATCOM) Market growth. Furthermore, the North American market is expected to expand at a significant CAGR in the coming years as military communication infrastructure is strengthened.

Asia Pacific is expected to grow the most during the forecast period. China and Japan are major contributors to the regional market expansion. The increased use of satellite antennas in the telecommunications, information technology, aerospace, and automobile industries can be attributed to the growth. Europe is expected to experience the second-fastest growth in the coming years as a result of infrastructure modernization and increased passenger traffic in marine and coastal tourism.

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FAQs

Global satellite communication (SATCOM) market size was valued at USD 82.80 billion in 2022 and is poised to grow from USD 90.75 billion in 2023 to USD 188.94 billion by 2031, growing at a CAGR of 9.60% in the forecast period (2024-2031).

Companies are trying to expand their product pipelines by submitting new molecule applications or expanding the application of current molecules. Other strategies, including mergers and acquisitions, industry-academia partnerships to commercialize more marketed molecules, or sequencing approaches, will also have an impact on current Satellite Communication (SATCOM) Market trends. The research also outlines company-specific product development strategies, and Satellite Communication (SATCOM) Market consolidation initiatives, and analyses their strengths, weaknesses, opportunities, and threats. 'Inmarsat plc', 'Intelsat S.A.', 'SES S.A.', 'Eutelsat Communications S.A.', 'Viasat, Inc.', 'Iridium Communications Inc.', 'Hughes Network Systems LLC', 'Globalstar, Inc.', 'Thuraya Telecommunications Company', 'ORBCOMM Inc.', 'Ligado Networks LLC', 'Satcom Global Ltd', 'Kongsberg Satellite Services AS', 'Cobham SATCOM', 'Comtech Telecommunications Corp.', 'Gilat Satellite Networks Ltd.', 'KVH Industries, Inc.', 'Space Exploration Technologies Corp. (SpaceX)', 'China Satellite Communications Co. Ltd. (China Satcom)', 'Hispasat Group'

Satellite communication market will find lucrative growth opportunities in the agriculture and public safety industry in the coming years. The rise in demand is due to the need to transfer data collected by observational and navigational satellites, thus bolstering growth of data communication. 

The growing demand for small satellites for earth observation services in a variety of industries, including civil engineering, agriculture, energy, oil and gas, and others, is propelling satellite communications. CubeSats are widely used by defense organizations around the world to improve battlefield communications and weather monitoring. Small satellite development aids in the improvement of ground operations for high-speed internet, mobile satellite communication, and broadband services. These satellites provide high-resolution images at a low cost. In February 2021, India launched 100 Femto satellites. These are tiny satellites with low mass and size collect scientific data and serve as radio relays.

North America dominated the satellite communication market, accounting for more than 39% in 2022. The increase is attributed to the defense industry's increasing demand for continuous communication and the US defense department's increased demand for SATCOM equipment. Furthermore, the presence of a large number of SATCOM providers, such as Viasat, Inc., Telesat, and EchoStar Corporation, is fueling the Satellite Communication (SATCOM) Market growth. Furthermore, the North American market is expected to expand at a significant CAGR in the coming years as military communication infrastructure is strengthened.

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Global Satellite Communication (SATCOM) Market

Report ID: SQMIG45H2017

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