The global satellite communication market is projected to grow at a healthy rate of over 9.2% from 2020 to 2027. The market was valued at USD 62.19 billion in 2019. Satellite communication involves the sending, receiving, and processing of information, enabling uninterrupted telecommunication.
The market is being driven by the increasing need for uninterrupted communication in various industries and the growing demand for high throughput satellite services. The use of internet of things (IoT) and the rise of autonomous and connected vehicles are also contributing factors to market growth.
Asia Pacific is expected to witness significant growth in the satellite communication market. The region has seen a surge in IoT spending, with China leading in terms of spending, reaching USD 168 billion in 2019. The number of internet connections in China has also risen significantly, from 1.59 billion in 2017 to 6 billion in 2020.
Strategic alliances and product introductions by key market players are creating a lucrative demand for satellite communication services. For example, Viasat Inc. has entered into an agreement with SpaceX to launch its ViaSat-3 satellite missions, aiming to meet the growing global broadband demand.
However, the high development and maintenance cost of earth station infrastructures may hinder the growth of the satellite communication market.
North America is currently the leading region in the satellite communication market, driven by the demand for continuous communication by the defense industry and increased demand for SATCOM equipment by the US defense department.
The market players in the satellite communication industry include SES S.A., Viasat Inc., Intelsat Corporation, Telesat, EchoStar Corporation, L3 Technologies, Inc., Thuraya Telecommunications Company, SKY Perfect JSAT Group, Gilat Satellite Networks, and Cobham Limited.
The market research objective for the satellite communication market is to analyze and forecast its size, classify and forecast the market based on various factors, identify drivers and challenges, examine competitive developments, and conduct pricing analysis. Additionally, the analysis includes profiling and analyzing leading market players.
Overall, the satellite communication market is expected to experience significant growth due to the increasing demand for uninterrupted communication and advancements in technology.