Satellite communications market size to reach $46.50 | Panda Anku

Pune, India, Aug. 18, 2022 (GLOBE NEWSWIRE) — The globe Satellite Communications Market size was $23.44 billion in 2020 and is expected to be exceeded $46.50 billion until 2028 with a CAGR of 9.07% over the estimated period. The increase is due to increasing product adoption across a range of applications including broadcast and voice communications, remote sensing, water monitoring, internet applications and navigation, and others.

This information was provided by Fortune Business Insights™ in his research report, dubbed “Satellite Communications Market, 2021-2028”.

Effects of COVID-19:

Industry players face the postponement of satellite launches, production stops and other challenges

The COVID-19 pandemic has created numerous challenges for the space industry. This included holding numerous contracts, postponing satellite launches and halting production. The crisis has also resulted in a pause in missions that have included the James Webb Telescope project, space exploration spacecraft, and the development of the Artemis program. The additional impacts included fewer procurement contracts, a slow production rate by OEMs (Original Equipment Manufacturers) and disruptions in the supply chain.

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List of Key Players Mentioned in the Report:

  • Cobham Limited (UK)
  • Inmarsat Global Limited (UK)
  • Boeing (USA)
  • Qualcomm Technologies, Inc. (USA)
  • Iridium Communications Inc. (US)
  • Honeywell International Inc. (USA)
  • L3Harris Technologies, Inc. (US)
  • Indra (Spain)

Scope and segmentation of the report:

report coverage details
forecast period 2021-2028
Forecast CAGR 9.07%
Value prognosis 2028 $46.50 billion
base year 2020
Satellite Communications Market Size in 2020 $23.44 billion
Historical data 2017-2019
number of pages 200
Covered Segments After component analysis, after end-use analysis, after technology analysis
Growth drivers of the satellite communication market Increasing integration of the Internet of Things (IoT) into the aviation industry to boost the market

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https://www.fortunebusinessinsights.com/satellite-communication-satcom-market-102679

Segments:

Government & Defense segment shows significant growth with increasing product use in naval and military operations

The government and defense segment accounted for the largest share in 2020 and is expected to see a significant increase in the coming years. The upswing is due to the increasing use of satellite communications in naval and military operations. On the basis of region, the market is segmented into North America, Asia Pacific, Europe, Middle East & Africa, and South America.

Transceiver segment sees commendable growth due to increasing replacement of receiver and transmitter systems

Based on component type, the market is segmented into modem/router, transmitter/transponder, antenna, transceiver, receiver and others. The transceiver segment is poised to expand fastest during the study period. One of the main drivers of this increase is the increasing replacement of transmitter and receiver solutions with advanced transceiver systems.

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Report Coverage:

The report provides an in-depth analysis of the key aspects that are expected to drive the industry landscape across different regions. Additionally, it offers comprehensive coverage of the key trends that are likely to boost the market growth over the forecast period. The findings were provided after extensive research and collaboration with key industry stakeholders.

Driver and restraint systems:

Increasing adoption of IoT to streamline operations in the aviation sector

The growth of the satellite communications market is mainly driven by the rise of the IoT (Internet of Things) in the aviation industry. The use of this technology helps in the exchange of real-time data with the processing units, further facilitating operational optimization in the industry. The devices use satellite connections for transmission and data exchange, which leads to a reduction in the overall time of the process.

However, the expansion of the industry is likely to be hampered by the cybersecurity threat. This could be caused by the presence of mission-critical vulnerabilities, including telemetry, communications, positioning and control, launch systems, and others.

Regional Insights:

North America is becoming the leading region due to increasing government spending on the military

The North American satellite communications market share is expected to witness commendable growth during the analysis period. The increase is due to growing public sector spending on government and military communications networks. Regional growth is further fueled by the presence of key industry players including General Dynamics Corporation, Honeywell International, Inc., L3Harris Technologies Corporation and others.

The Asia-Pacific region is expected to see a noticeable increase in the coming years. This is due to the increasing use of satellite antennas in the IT, telecommunications and aviation industries in the region.

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Competitive landscape:

Market players forge contracts and partnership agreements to maintain their position in the industry

Prominent satellite communications companies are showing keen interest in accepting various initiatives such as mergers, acquisitions and forming alliances. Several industry players are also entering into agreements to consolidate their market positions. Some of the additional steps include increased participation in professional conferences and research activities.

Detailed table of contents:

  • introduction
    • research area
    • market segmentation
    • research methodology
    • Definitions and Assumptions
  • summary
  • market dynamics
    • market leader
    • Market Restrictions
    • market opportunities
  • Important Findings
    • Key Industry Developments – Mergers, Acquisitions and Partnerships
    • Latest technological advances
    • Porter’s Five Forces Analysis
    • Supply Chain Analysis
  • Quantitative Insights – Impact of the COVID-19 Pandemic on the SATCOM Market
    • Impact of COVID-19 on the global SATCOM market
    • Steps taken by industry/corporate/government to overcome the impact
    • Key industry developments in response to the COVID-19 pandemic
    • Potential opportunities due to the COVID-19 outbreak

Table of contents continued…!

Key Industry Development:

February 2021 – Airbus SAS signed a deal with Viasat, Inc. The $8.5 million deal was aimed at upgrading the NCS ultra-high frequency satellite communications system, which provides UHF Skynet capabilities to the UK MoD.

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