The 2023 report on the “Satellite Communication Market” presents a thorough and accurate examination of different factors pertaining to business expansion prospects, challenges, risk elements, and trends in all geographical regions. This report delivers current information on the most recent technological developments, along with SWOT and PESTLE analysis, and valuable insights on market size.
Global Satellite Communication Market is valued approximately at USD 62.19 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 9.2% over the forecast period 2020-2027. Satellite Communication is sending, receiving and processing of information or in other words telecommunication. It relays and amplifies radio telecommunication signals via a transponder. The growing need for uninterrupted communication in various industries and increasing need for high throughput satellite services will drive the market growth. Moreover, increasing use of internet of things (IoT) and growing fleet of autonomous and connected vehicles are the few factors responsible for growth of the market over the forecast period.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
The rising IoT spending along with the increasing demand for wireless distributed control system in Asia pacific regions, may act as a major driving factor to the growth of the market during the forecast period. According to Statista, the China led the Asia Pacific region in terms of IoT spending, spend around USD 168 billion in 2019. Further the number of internet connections in China was 1.59 billion in 2017 and has risen by 6 billion in 2020. Furthermore, the introduction of products and services along with other strategic alliance by market key players will create a lucrative demand for this market.
For instance: on 25th October 2018, Viasat Inc., enter into an agreement with SpaceX to launch its ViaSat-3 satellite missions in the 2020 – 2022 timeframe from the Launch Complex 39A (LC-39A) at NASA’s Kennedy Space Center in Florida. This mission aims to deliver terabits of data from space to meet growing global broadband demand and will directly-inject close to geostationary orbit. Whereas, high development and maintenance cost of earth station infrastructures to support satcom devices the growth of global Satellite Communication market during the forecast period.
The regional analysis of global Satellite Communication market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world owing to the rising demand for continuous communication by the defense industry and increased demand for SATCOM equipment by the US defense department. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.
Major market player included in this report are:
SES S.A.
Viasat Inc.
Intelsat Corporation
Telesat
EchoStar Corporation
L3 Technologies, Inc.
Thuraya Telecommunications Company
SKY Perfect JSAT Group
Gilat Satellite Networks
Cobham Limited
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
by Component:
Equipment
Services
by Application:
Voice Communication
Broadcasting
Data Communication
By End-Use Industry:
Maritime
Aerospace & Defense
Industrial
Transportation & Logistics
Agriculture
Media
Government & Public Safety
Enterprises
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Market Dynamics:
- Surging air traffic: As the global aviation industry continues to expand, there is a corresponding increase in market demand.
- Heightened emphasis on safety and reliability: The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
- Growing commitment to environmental sustainability: The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
- Escalating globalization: The growth of international trade and travel propels the demand for market solutions.
- Increasing desire for private air transportation: The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
- Expanding utilization of digital fuel management systems: The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
- Advancements in fuel cell technology: Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
- Mounting demand for air cargo transportation: The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
- Rising defense budgets: Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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