USD 71.6 billion
Report ID: SQMIG45H2017 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 121 | Figures: 76
Global Satellite Communication (SATCOM) Market size was valued at USD 71.6 billion in 2021 and is poised to grow from USD 77.1 billion in 2022 to USD 159.6 billion by 2030, growing at a CAGR of 9.5% in the forecast period (2023-2030).
Satellite communication is the use of artificial satellites to provide communication links between various points on Earth. A communication satellite is an artificial satellite that uses a transponder to amplify and connect radio telecommunications signals. It establishes a communication channel between a source transmitter and a receiver that is distributed across the globe. Satellite communication is widely used in television, telephone, radio, internet, and military applications.
The high-frequency radio waves used for telecommunications links travel in a straight line and are thus obstructed by the earth's curvature. The vital role of communication satellites is to connect the signal around the curve of the earth, allowing communication between geographically separated locations. Satellite communication employs a wide range of radio and microwave frequencies. International organizations have regulations governing which frequency ranges or bands are assigned to specific organizations to avoid signal interference. The allocation of bands thus reduces the risk of signal interference.
US Satellite Communication (SATCOM) Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 71.6 billion
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The Global Satellite Communication (SATCOM) Market is segmented based on Components, Applications, Verticals, and regions. Based on Components Satellite Communication (SATCOM) Market is categorized into Equipment (SATCOM Transmitter/Transponder, SATCOM Antenna, SATCOM Transceiver, SATCOM Receiver, SATCOM Modem/Router, Others), and Services. Based on Application Satellite Communication (SATCOM) Market is categorized into Asset Tracking/Monitoring, Airtime (M2M, Voice, Data), Drones Connectivity, Data Backup and Recovery, Navigation and Monitoring, Tele-medicine, Broadcasting, and Others. Based on Verticals Satellite Communication (SATCOM) Market is categorized into Energy & Utility, Government & Defense (Government, Emergency Responders, Defense), Transport & Cargo (Fleet Management, Rail services), Maritime, Mining, and Oil & Gas (Oil & Gas, Mining), Agriculture, Communication Companies, Corporates/Enterprises, Media & Broadcasting, Events, Aviation, Environmental & Monitoring, Forestry, End User - Consumer, Healthcare, Others. Based on the region it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Satellite Communication (SATCOM) Market Analysis by Components
In 2021, the SATCOM equipment segment accounted for more than 40% of the market. The segment is likely to maintain its dominance and grow at the fastest rate throughout the forecast period. The segment is subdivided further into SATCOM transmitter/transponder, antenna, transceiver, receiver, modem/router, and others. The growing need for continuous communication in a variety of industries, including oil and gas, energy and utilities, agriculture, and defense, as well as the global fleet of connected and autonomous vehicles, are driving growth in the equipment segment.
SATCOM equipment is widely used in a wide range of applications, including military surveillance, weather monitoring, navigation, and telecommunications. Furthermore, during wartime, SATCOM equipment is used to collect real-time data, locate undetected tunnels, integrate targets, and track movements, among other things. Furthermore, the growing demand for high-throughput satellite services, as well as the increasing adoption of cloud-based services for ground mobility platforms, are driving the segment's growth.
Satellite Communication (SATCOM) Market Analysis by Application
In 2021, the broadcasting segment dominated the SATCOM market, accounting for approximately 22% of the Satellite Communication (SATCOM) Market share. Over the forecast period, the segment is expected to maintain its lead. Broadcasting services include direct-to-consumer television and radio, as well as mobile broadcasting services. The advantages of satellite TV, a type of pay-TV, and radio, such as seamless connectivity in remote areas or locations, are fueling the segment's growth. However, the prevalence of over-the-top (OTT) services has been observed to stifle Satellite Communication (SATCOM) Market growth. Airtime, navigation and monitoring, asset tracking, data backup and recovery, drone connectivity, telemedicine, and other services are included in the application segment.
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North America dominated the satellite communication market, accounting for more than 35% in 2021. 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.
The Asia Pacific region is expected to grow the most during the forecast period. China and Japan are major contributors to the expansion of this regional market. 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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Satellite Communication (SATCOM) Market Driver
Satellite Communication (SATCOM) Market Restraint
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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.
Satellite Communication (SATCOM) Market Top Player's Company Profiles
Satellite Communication (SATCOM) Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research. SQ identified the key trends of the market.
According to our analysis, some of the primary factors driving the Satellite Communication (SATCOM) Market growth are emerging applications and business models, as well as falling device costs, which have aided in driving IoT adoption, increasing the number of connected devices and endpoints globally. The massive IoT technologies NB-IoT and Cat-M1 are still being deployed globally. Massive IoT technologies are expected to account for 51% of all cellular IoT connections, surpassing broadband IoT cellular connections. This massive increase in IoT adoption is driving the demand for satellite communication, thereby supporting the growth of the Satellite Communication (SATCOM) Market under consideration.
|Market size value in 2021||USD 71.6 billion|
|Market size value in 2030||USD 77.1 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Satellite Communication (SATCOM) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Satellite Communication (SATCOM) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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