What is the global market size of Satellite Communication (SATCOM) Market?

Satellite Communication (SATCOM) Market size was valued at USD 71.6 billion in 2019 and is poised to grow from USD 77.1 billion in 2023 to USD 159.6 billion by 2031, growing at a CAGR of 9.5% in the forecast period (2024-2031).

Satellite Communication (SATCOM) Market Size

Satellite Communication (SATCOM) Market Insights

Global Satellite Communication (SATCOM) Market size was valued at USD 23.2 billion in 2023 and is poised to grow from USD 25.8 billion in 2024 to USD 60.32 billion by 2032, growing at a CAGR of 11.2% during the forecast period (2025-2032).

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.

FAQs

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. 'L3Harris Technologies Inc. (US) ', 'Thales (France) ', 'RTX (US) ', 'General Dynamics Corporation (US) ', 'Cobham Satcom (Denmark) ', 'Honeywell International Inc. (US) ', 'Viasat, Inc. (US) ', 'Gilat Satellite Networks (Israel) ', 'Aselsan A.S (Turkey) ', 'Iridium Communication Inc. (US) ', 'Intellian Technologies Inc. (South Korea) ', 'ST Engineering (Singapore) ', 'SpaceX (US) ', 'Elbit Systems Ltd. (Israel) ', 'Campbell Scientific, Inc. (US) ', 'ND SatCom GmbH (Germany) '

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.

The growing demand for small satellites for earth observation services in a variety of industries, including civil engineering, agriculture, energy, oil and gas, and others, is propelling satellite communications. CubeSats are widely used by defense organizations around the world to improve battlefield communications and weather monitoring. Small satellite development aids in the improvement of ground operations for high-speed internet, mobile satellite communication, and broadband services. These satellites provide high-resolution images at a low cost. In February 2021, India launched 100 Femto satellites. These are tiny satellites with low mass and size collect scientific data and serve as radio relays.

North America dominated the satellite communication market, accounting for more than 39% in 2022. 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.