The Global Satellite Communication (SATCOM) Market is valued at USD 80.33 billion in 2022 and is projected to reach a value of USD 169.70 billion in 2030 expanding at a CAGR of 9.8% over the forecast period of 2022-2030.
Satellite Communication (SATCOM)– Overview
Satcom (satellite communication) was a man-made geo-stationary satellite that facilitated wide-area telecommunications by collecting radio signals from Earth, amplifying them, and sending them back to terrestrial receivers.
Global Satellite Communication (Satcom) Market: Key Trends
Rise In Increase Of Things (Iot) And Autonomous System
One of the major factor that has fuelled the market growth is the rise in IoT and autonomous system over the forecast period. This is because, the merging applications and business models and falling device costs have been instrumental in driving IoT adoption, which has consequently increased the number of connected devices and endpoints globally. This has fuelled the market growth.
Cybersecurity Acts As A Major Concern
The major concern to the global satellite communication market is the cybersecurity. This is because the entire process of launching a satellite to transmit data is highly sensitive. The major challenge lies in the negative impact that the cybersecurity threats can potentially make as the vulnerabilities are mission-critical.
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Global Satellite Communication (Satcom) Market: Segmental Analysis
Military operations make extensive use of satellite communication, which is expected to have a favorable impact on worldwide market growth over the forecast period. Military SATCOM is providing improvements in Satellite Communications such as personal communication service, global broadcast service, and bandwidth frequency by combining military frequency bands with commercial communications satellites.
Segmentation Analysis:
Based on product
- SATCOM transporter
- SATCOM Transceiver
Based on vertical
- Government and military application
- Civil satellites communications
- Commercial applications
Based on end-user
- Portable SATCOM equipment
- Land mobile SATCOM equipment
- Maritime SATCOM equipment
- Airborne SATCOM equipment
- Land fixed SATCOM equipment
North America is expected to hold the largest market share
North America, Europe, Latin America, Asia Pacific, and Middle East and Africa are the major regions constituting the geographical landscape of Global Satellite Communication (SATCOM) market. North America presently dominates the market with the largest market share among others.
Competitive Landscape
The Key players in the Global Satellite Communication (SATCOM) Market are EchoStar Corporation, SKY Perfect JSAT Group, L3 Technologies, Inc., SES S.A, Telesat, Intelsat, Viasat, Inc., Gilat Satellite Networks, Cobham Limited, and Thuraya Telecommunications Company.
Major development
The Global Satellite Communication (SATCOM) market is expected to increase at a significant rate during the figure time period, somewhere in the range of 2022 to 2030. In 2020, the market was developing at a consistent rate and with the increasing reception of systems by key players, the market is supposed to ascend over the projected skyline.
Major questions answered in this report
- What is the growth rate of the Global Satellite Communication (SATCOM) Market?
- What are the primary growth determinants of the Global Satellite Communication (SATCOM) market?
- Which are the major regions constituting the geographical landscape of Global Satellite Communication (SATCOM) Market?
- Which are the prominent companies operating in Global Satellite Communication (SATCOM) Market?
Key takeaways from the report-
- The Global Satellite Communication (SATCOM) market registers a growing CAGR of over 9.8% from 2022 to 2030.
- North America to lead the market with the highest market share.
- By the end of the forecast period, the growing need for IoT in the aviation industry for various applications such as aircraft connection, airlines, air traffic control, and MRO management is expected to fuel market expansion in global Satellite Communication.
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