The maritime satellite communication global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Maritime Satellite Communication Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The maritime satellite communication market size has grown strongly in recent years. It will grow from $3.81 billion in 2023 to $4.18 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to increasing demand for reliable and efficient communication systems, increasing threat of piracy and other security issues at sea.
The maritime satellite communication market size is expected to see strong growth in the next few years. It will grow to $5.68 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to increasing digitalization, emergence of 5g in maritime communication, rise of autonomous vessels. Major trends in the forecast period include development of gyro-stabilized ground terminals, incorporation of multi-frequency dish antennas, introduction of all-plastic designs, preference for ku-band in the shipping and maritime industry.
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Scope Of Maritime Satellite Communication Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Maritime Satellite Communication Market Overview
Market Drivers –
The growing marine trade operations is expected to propel the growth of the maritime satellite communication market going forward. Marine trade operations involve the shipping, buying, and selling of goods and services through sea routes, facilitating international commerce. The interconnectedness of economies has facilitated increased trade between countries, leading to a rise in both import and export activities. The marine industry relies on maritime satellite communication for real-time tracking of vessels, weather updates, and efficient exchange of critical navigation and operational data, enhancing global trade operations. For instance, in April 2022, according to the United Nations Conference on Trade and Development, a US-based Department of Economic and Social Affairs, the volume of shipments saw a projected 3.2% growth in marine traffic, reaching a total of 11 billion tons, with an increase of 4.7& compared to 2021 primarily attributed to the heightened activity of container ships, dry bulk carriers, and general cargo vessels. Therefore, the growing Marine trade operations are driving the growth of the maritime satellite communication market.
Market Trends –
Major companies operating in the maritime satellite communication market are focusing their efforts on developing advanced solutions, such as push-to-talk technology, to gain a competitive edge in the market. The technology allows users to transmit audio signals only when a button is pressed, facilitating on-demand communication in two-way radio systems. For instance, in March 2022, Thuraya Telecommunications Company, a UAE-based maritime satellite communication company, launched an IP-based radio communications solution called Thuraya PTT, a sophisticated IP-based radio communication solution that harmonizes with Thuraya broadband terminals to establish exclusive networks. This advanced system seamlessly integrates various technologies, such as 3G, LTE, and LMR, via Thuraya’s state-of-the-art satellite infrastructure, guaranteeing uninterrupted voice and data communication. The newly developed solution is designed for ease of use and ensures secure interoperability among diverse users utilizing various communication systems both on land and at sea.
The maritime satellite communication market covered in this report is segmented –
1) By Type: Mobile Satellite Communication, Very Small Aperture Terminal (VSAT)
2) By Offering: Solution, Service
3) By End User: Merchant Shipping, Fishing, Passenger Ships, Leisure Vessel, Offshore, Government, Other End-Users
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Regional Insights –
North America was the largest region in the maritime satellite communication market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the maritime satellite communication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the maritime satellite communication market are Leonardo S.p.A, Saab AB, Space Exploration Technologies Corp. (SpaceX), Cobham SATCOM, Kongsberg Maritime AS, Viasat Inc., Advantech Wireless Inc., SES S.A., EchoStar Corporation, Hughes Network Systems LLC, Inmarsat plc, Iridium Communications Inc., Telespazio S.p.A., Comtech Telecommunications Corp., ORBCOMM Inc., Speedcast International Limited, ST Engineering iDirect, Marlink AS, Thuraya Telecommunications Company, RigNet Inc., Gilat Satellite Networks Ltd., Gogo Business Aviation LLC, Orbit Communication Systems, Newtec, KVH Industries Inc., Global Eagle Entertainment Inc., NSSL Global, Globecomm Systems Inc., RASCOM, Norsat International Inc.
Table of Contents
1. Executive Summary
2. Maritime Satellite Communication Market Report Structure
3. Maritime Satellite Communication Market Trends And Strategies
4. Maritime Satellite Communication Market – Macro Economic Scenario
5. Maritime Satellite Communication Market Size And Growth
…..
27. Maritime Satellite Communication Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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