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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.
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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
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Value (USD Billion)
By Component, Platform, Application, End-user, and Region