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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).

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. 'Inmarsat plc', 'Intelsat S.A.', 'SES S.A.', 'Eutelsat Communications S.A.', 'Viasat, Inc.', 'Iridium Communications Inc.', 'Hughes Network Systems LLC', 'Globalstar, Inc.', 'Thuraya Telecommunications Company', 'ORBCOMM Inc.', 'Ligado Networks LLC', 'Satcom Ltd', 'Kongsberg Satellite Services AS', 'Cobham SATCOM', 'Comtech Telecommunications Corp.', 'Gilat Satellite Networks Ltd.', 'KVH Industries, Inc.', 'Space Exploration Technologies Corp. (SpaceX)', 'China Satellite Communications Co. Ltd. (China Satcom)', 'Hispasat Group'

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.

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Global Satellite Communication (SATCOM) Market

Product ID: SQMIG45H2017