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Satellite Communication (SATCOM) Market to Touch USD 56.74 Billion in 2029; Surging Demand for the Internet of Things in the Defense Sector will Facilitate Industry Growth

October 11, 2022 | Aerospace & Defense

The global Satellite Communication market size is anticipated to display vigorous growth by reaching USD 56.74 billion by 2029. Fortune Business Insights™ in its report titled "Satellite Communication (SATCOM) Market Size, Share & COVID-19 Impact Analysis, By Component (Transmitter/Transponder, Receiver, Transceiver, Antenna, and Others), By Platform (Portable SATCOM Equipment, Land SATCOM Equipment, Maritime SATCOM Equipment, and Airborne SATCOM Equipment), By End-user (Commercial and Government & Defense), By Application (Broadcasting, Remote Sensing, Military Applications and Navigations, Weather Monitoring, and Others), and Regional Forecast, 2022-2029" observes that the market size was valued at USD 27.56 billion in 2021 and reached 29.98 billion in 2022. The market is anticipated to witness a CAGR of 9.54% during 2022-2029. The surging need for small satellites for earth observation services and mobile satellite services across the defense industries is likely to fuel the market's progress.


Thales Alenia Introduced High Throughput Craft, SES-17, to Accelerate Digitization


A very high throughput craft, SES-17, was built by Thales Alenia Space to provide "unparalleled" connectivity services to end-users across the sectors of maritime, aeronautical, enterprise, and government. The motto of this service is to accelerate digitization and expand high-speed broadband network capabilities across the U.S.


Halt on Production Activities Hindered Market Development


A substantial impact has been observed on the aviation sector during the COVID-19 outbreak. Several factors, such as limited export & import of essential raw materials and production challenges amid enforced border restrictions by governments in several countries, have lowered the demand for the product. Furthermore, reduced procurement contracts and slow production rates from Original Equipment Manufacturers (OEMs) harm the market growth.


To get a detailed report summary and research scope of this market, click here:


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


Surging Demand for the Internet of Things in Aviation Promotes Market Growth


The surging demand for the Internet of Things in the defense sector for various purposes, such as airlines, air traffic management, MRO management, and aircraft connectivity, is anticipated to stimulate the global SATCOM market growth. Furthermore, interconnectivity in aviation applications for exchanging real-time data to the processing units is another application that helps soar the demand for the product. The rising demand for the equipment in space exploration, telemetry, and telecommunication is another factor escalating the product's demand. These factors are likely to propel the global Satellite Communication market growth.


Prominent Players Introduced New Products to Bolster their Portfolio


The key players in the market 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 securely connect the world.


Furthermore, it also helps the organization gain a considerable market presence, enhance its brand image, and boost its resources to establish its position in the marketplace.


Notable Industry Development



  • May 2020 – Airbus S.A.S signed a satellite communications framework contract with the European Union and its member states for military and civil missions. Under the contract, the company will provide satellite communications in Ka, C, Ku, and L frequency bands, provision of turnkey solutions, and rental and sale of terminals


List of Key Players Profiled in the 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.)


Further Report Findings



  • The market in North America was valued at USD 10.70 billion in 2021 and is estimated to gain a significant grip on the global Satellite Communication market share during the projected period. The rising government spending on military and communication networks across several regions are expected to fuel the industry's growth.

  • Moreover, due to the presence of key satellite providers such as Honeywell International, Inc. and L3Harris Technologies Corporation across the region is likely to fuel the industry's growth.

  • In Asia Pacific, the expansion in the use of satellite antennas in the IT, aviation, and telecommunication industries will likely nurture the industry's growth.


Report Scope & Segmentation






















































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD Billion)



Segmentation



By Component, Platform, Application, End-user, and Region



By Component



  • Receiver

  • Transmitter/Transponder

  • Transceiver

  • Antenna

  • Others



By Platform



  • Portable SATCOM Equipment

  • Land SATCOM Equipment

  • Maritime SATCOM Equipment

  • Airborne SATCOM Equipment



By End-user



  • Commercial

  • Government & Defense



By Application



  • Broadcasting

  • Remote Sensing

  • Military Applications and Navigations

  • Weather Monitoring

  • Others



By Region


 




  • North America (By Component, Platform, End-user, Application, and Country)

    • U.S. (By Platform)

    • Canada (By Platform)



  • Europe (By Component, Platform, End-user, Application, and Country)

    • U.K. (By Platform)

    • Germany (By Platform)

    • France (By Platform)

    • Russia (By Platform)

    • Rest of Europe (By Platform)



  • Asia Pacific (By Component, Platform, End-user, Application, and Country)

    • China (By Platform)

    • India (By Platform)

    • Japan (By Platform)

    • South Korea (By Platform)

    • Rest of Asia Pacific (By Platform)



  • Rest of the World (By Component, Platform, End-user, Application, and Sub-Region)

    • Latin America (By Platform)

    • Middle East and Africa (By Platform)




Satellite Communication (SATCOM) Market
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  • 2021
  • 2018-2020
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