Satellite Communication (SATCOM) Market Size to Grow with a CAGR of 3.6% | Valuates Reports

Satellite Communication (SATCOM) Market Size to Grow with a CAGR of 3.6% | Valuates Reports

PR Newswire

BANGALORE, India, Oct. 9, 2023

BANGALORE, India, Oct. 9, 2023 /PRNewswire/ -- SATCOM Market is Segmented by Type (Equipment, Service), by Application (Government and Military Applications, Civil Satellite Communications, Commercial Application): Global Opportunity Analysis and Industry Forecast, 2023-2029. It is Published in Valuates Reports Under the Category of Space Technology.

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Satellite Communication (SATCOM) market is projected to reach USD 219440 million in 2029, increasing from USD 171710 million in 2022, with a CAGR of 3.6% during the period of 2023 to 2029.

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Major Factors Driving the Growth of Satellite Communication Market:

High-throughput Satellite Systems (HTS), which offer much higher capacity and data rates compared to conventional satellite systems, are in greater demand, which has led to the market's expansion. For bandwidth-intensive applications like video streaming, remote sensing, and Internet of Things (IoT) connection, HTS allows quicker and more effective data transfer.

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TRENDS INFLUENCING THE GROWTH OF SATELLITE COMMUNICATION (SATCOM) MARKET:     

The Satellite Communication market is expanding as a result of rising government and military usage of satellite communications. The active transformation of operating settings by the government sectors has increased reliance on sensor data and ISR systems. These platforms make it possible to share HD real-time video and other important data collected by unmanned aerial vehicles (UAVs) or remotely piloted aircraft systems (RPAS). As a result, the need for HTS capacity for government and military applications keeps growing.

The SATCOM market is expanding in part because of the growing number of satellite constellations devoted to IoT connection. These constellations, which enable smooth connection and data exchange across enormous geographical distances, are made up of a number of tiny satellites that cooperate to offer IoT devices with worldwide coverage.

The SATCOM market has a substantial growth opportunity in the aviation industry. The deployment of satellite-based communication systems aboard commercial airplanes is being fueled by passengers' rising desire for in-flight connection as well as airlines' initiatives to improve customer service and operational effectiveness.

For the marine sector's tracking, navigation, and communication requirements, satellite communication is essential. The need for SATCOM solutions in the marine industry is increasing as shipping firms want to optimize operations, enhance safety, and adhere to laws.   The reason for the increase in interest in this market sector is that these satellites enable quick connectivity, reduced latency, and frequently larger bandwidths per user than geostationary satellites. A lot of businesses in this industry have suggested or are putting into practice plans to create satellite constellations, while CubeSats and other tiny spacecraft are also gaining popularity. For corporate data (retail, banking), the energy industry (oil, gas, mining), and governments in developed nations, there is an increasing demand for low-cost, compact satellites with higher capacity.

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SATELLITE COMMUNICATION (SATCOM) MARKET SHARE

The biggest revenue market share, at nearly 45%, was held by North America. Asia-Pacific and Europe come after it.

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Key Players:

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SIMILAR REPORTS

-  Satellite Communication (SATCOM) Equipment market size is estimated to be worth USD 21370 million in 2022 and is forecast to a readjusted size of USD 28310 million by 2028 with a CAGR of 4.8% during the review period.

-  SATCOM Service market is projected to reach USD 164100 million in 2029, increasing from USD 135040 million in 2022, with the CAGR of 2.9% during the period of 2023 to 2029.

-  Small satellite market size was valued at USD 3215.9 million in 2020 and is projected to reach USD 13711.7 million by 2030 growing at a Compound Annual Growth Rate (CAGR) of 16.4%.

-  Ka Band SATCOM on the Move Market

-  Satcom On The Move Antenna Market

-  SATCOM Amplifier Systems market is projected to grow from US$ 1273.8 million in 2023 to US$ 1574.9 million by 2029, at a Compound Annual Growth Rate (CAGR) of 3.6% during the forecast period.

-  Airborne L-Band Satcom Market

-  Unmanned Aerial Vehicle (UAV) market size is estimated to be worth USD 32350 million in 2022 and is forecast to a readjusted size of USD 72320 million by 2028 with a CAGR of 14.4% during the review period.

-  UAV Satellite Communication Market

-  Earth Observation Market

-  Satellite Communication Unit market was valued at USD 252.2 million in 2022 and is anticipated to reach USD 452.5 million by 2029, witnessing a CAGR of 8.8% during the forecast period 2023-2029.

-  Satellite Communication Subsystems Industry

-  M2M Satellite Communication market was valued at USD 4491.5 million in 2022 and is anticipated to reach USD 8401.1 million by 2029, witnessing a CAGR of 8.9% during the forecast period 2023-2029.

-  Satellite-based Earth Observation Services Market

-  Electronically Steerable Flat Panel Satellite Antenna Market

-  Satellite Broadband Communication in Public Safety Market

-  Maritime Satellite Communication Market estimated at USD 2438.6 million in the year 2022, is projected to reach a revised size of USD 3680.3 million by 2028, growing at a CAGR of 7.1% during the forecast period 2022-2028.

-  Optical Satellite Communication market was valued at USD 123.3 million in 2022 and is anticipated to reach USD 791 million by 2029, witnessing a CAGR of 36.3% during the forecast period 2023-2029.

-  LEO Satellite Communication Market

-  Satellite Communication Terminal market was valued at USD 6498.2 million in 2022 and is anticipated to reach USD 12220 million by 2029, witnessing a CAGR of 11.1% during the forecast period 2023-2029.

-  Satellite Laser Communication System market was valued at USD 867.5 million in 2022 and is anticipated to reach USD 6701.5 million by 2029, witnessing a CAGR of 40.6% during the forecast period 2023-2029.

-  RF Module for Satellite Communication Market

-  Military Satellite Market

-  Satellite Payloads market size is estimated to be worth USD 11870 million in 2022 and is forecast to a readjusted size of USD 16640 million by 2028 with a CAGR of 5.8% during the review period.

-  Satellite Enabled IoT Software Market

-  Mobile Office Trailers Market

-  Low-Earth Orbit Satellite Market

-  All-Electric Propulsion Satellite Market

-  Car Satellite Antenna market was valued at USD 1117.8 million in 2022 and is anticipated to reach USD 1366.1 million by 2029, witnessing a CAGR of 3.4% during the forecast period 2023-2029.

-  Remote Sensing Satellite Ground Station Launching System Market

-  Direct Broadcast Satellite Service Market

-  Remote Sensing Satellite Ground Station System Market

-  High Altitude Long Endurance (Pseudo Satellite) Market

-  eVTOL Aircrafts market was valued at USD 37 million in 2022 and is anticipated to reach USD 25240 million by 2029, witnessing a CAGR of 152.2% during the forecast period 2023-2029.

-  Military Image Intensifier market was valued at USD 672.2 Million in 2020 and it is expected to reach USD 1145.3 Million by the end of 2027, growing at a CAGR of 7.9% during 2021-2027.

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