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

Satellite Communication (SATCOM) Market Driver

High-end use of SATCOM technology to impel the market growth

• 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. 

• Companies are increasingly using SATCOM to collect operational data to improve efficiency and realize more sustainable business practices. Companies with operations in geographically remote areas rely heavily on satellite communication to enable real-time asset monitoring and facility monitoring at offshore platforms and unmanned sites. Furthermore, as many business facilities are located in remote areas, deploying terrestrial networks cloud becomes an expensive endeavor. As a result, these companies opt for satellite/mobile satellite services. These factors are going to accelerate the demand for SATCOM in the market in the forecast years.

Satellite Communication (SATCOM) Market Restraint

Significant costs of maintenance to restrict the market growth

• The high development and maintenance costs in SATCOM are expected to be a restraint for the global Satellite Communication (SATCOM) Market over the forecast period. 
• The use of satellite communication in transportation networks, including logistics, is expected to increase in the coming years, providing new and diverse growth opportunities for the global market.