Pune, India, July 05, 2023 (GLOBE NEWSWIRE) -- According to a report published by Fortune Business Insights™, the global Satellite Communication (SATCOM) Market was valued at USD 27.56 billion in 2021 and is expected to reach USD 56.74 billion by 2029, growing at a CAGR of 9.54% during the forecast period.
This robust growth can be attributed to the increasing number of space exploration activities and advancements in satellite communication technologies. The SATCOM market is poised for remarkable expansion in the coming years, driven by the demand for reliable and efficient communication solutions in various sectors.
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List of the Companies Profiled in the SATCOM Market Report:
- Qualcomm Technologies, Inc. (U.S.)
- Viasat, Inc. (U.S.)
- KVH Industries, Inc. (U.S.)
- Boeing (U.S.)
- Cobham Limited (U.K.)
- Communications and Power Technologies (U.S.)
- Honeywell International Inc. (U.S.)
- Inmarsat Global Limited (U.K)
- Iridium Communications Inc. (U.S.)
- L3Harris Technologies, Inc. (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2029 |
| Forecast CAGR | 9.54% |
| 2029 Value Projection | USD 56.74 Billion |
| Market Size in 2022 | USD 29.98 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 222 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Satellite Communication (SATCOM) Market Growth Drivers | Rising Integration of the Internet of Things (IoT) in Aviation Industry to Boost the Market |
| Implementation of Autonomous Technology and Real-time Data Tracking through Satellites to Aid Satellite Communication (SATCOM) Market Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/satellite-communication-satcom-market-102679
COVID-19 Impact:
A substantial impact has been observed on the aviation sector during the COVID-19 outbreak. Factors such as reduced procurement contracts and slow production rates from Original Equipment Manufacturers (OEMs) harm the market growth. Furthermore, limited export and import of essential raw materials and production challenges amid enforced border restrictions by governments in several countries have lowered the demand for the product.
Segments:
Component:
- Transmitter/transponder
- Transceiver
- Antenna
- Receiver
- Others
Application:
- Remote sensing
- Military applications and navigations
- Weather monitoring
- Broadcasting
- Others
End-user:
- Commercial
- Government & defense
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Report Coverage:
The comprehensive report offers valuable insights into the Satellite Communication (SATCOM) industry, including a detailed regional analysis highlighting the contribution of various regions to market growth. The report provides both qualitative and quantitative analysis of several factors that will influence the market, including key drivers and restraints. Moreover, it sheds light on the strategies adopted by major players, such as forming partnerships, collaborations, and introducing new products, which are expected to significantly contribute to the market's growth. The report serves as a valuable resource for industry stakeholders, providing a comprehensive understanding of the SATCOM market and its potential for expansion.
Drivers and Restraints:
Rising Technological Development of Small Satellites in the Aviation Industry to Fuel Product Demand
The growth in demand for small satellites in ground operations, driven by technological advancements, has significantly boosted the demand for satellite communication products. Additionally, the increasing need for data analytics, cloud computing, and artificial intelligence has further fueled the demand for these products. However, it is important to note that the market growth may face obstacles due to security concerns surrounding the sustainability of satellite systems. Despite these challenges, the overall growth prospects for the Satellite Communication (SATCOM) industry remain promising, driven by the expanding applications and advancements in satellite communication technologies.
Regional Insights:
Rising Government Spending on Military Networks Nurtures Growth in North America
North America held a significant grip on the global Satellite Communication (SATCOM) market share during the projected period due to rising government spending on military and communication networks across the region.
Asia Pacific is projected to showcase exponential growth during the forecast period due to the expansion in use of satellite antennas in the telecommunication, aviation, and IT industries.
Europe is seen to have decent demand due to rapid improvement in infrastructure modernization projects and the growing number of space exploration activities.
Competitive Landscape:
Major Players are Making Significant Investments in Space Exploration to Enhance their Market Dominance
The market's key players are continuously deploying acquisition strategies to strengthen their client base. For example, in June 2022, Viasat, a satellite communications firm, approved the proposed acquisition of Britain's Satellite communication with an aim to connect the world securely.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Satellite Communication (SATCOM) Market
- Impact of COVID-19 on Global Satellite Communication (SATCOM) Market
- Steps Taken by Industry/Companies/Governments to Overcome the Impact
- Potential Opportunities Due to COVID-19 Outbreak
- Global Satellite Communication (SATCOM) Market Analysis, Insights and Forecast, 2018-2029
- Segmental Definitions
- Market Analysis, Insights and Forecast – By Component
- Transmitter/ Transponder
- Receiver
- Transceiver
- Antenna
- Others
- Market Analysis, Insights and Forecast – By Platform
- Portable SATCOM equipment
- Land SATCOM equipment
- Maritime SATCOM equipment
- Airborne SATCOM equipment
- Market Analysis, Insights and Forecast – By End User
- Commercial
- Government and Defense
- Market Analysis, Insights and Forecast – By Application
- Broadcasting
- Remote Sensing
- Military Application & Navigation
- Weather Monitoring
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the World
TOC Continued...!
Key Industry Development:
May 2022- UltiSat Inc. and Cobham Satcom announced the signing of a strategic distributor and integrator agreement to expand their market reach.
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