SATCOM Market to Record CAGR of 9.6% Over 2024-2032; Increasing Use of Internet of Things (IoT) in Aviation Sector to Boost Market Growth

The SATCOM market size was valued at USD 31.22 billion in 2023 and is predicted to reach USD 33.98 billion in 2024. The market is anticipated to touch USD 70.89 billion by 2032, recording a CAGR of 9.6% over 2024-2032.

Fortune Business Insights™ presents this information in its latest report titled “SATCOM Market Size, Share & Industry Analysis, By Component (Transmitter/Transponder, Receiver, Transceiver, Antenna, and Others), By Platform (Portable SATCOM Equipment, Land SATCOM Equipment (Command and Control Centers, Ground Station, Satellite TV, and Others), Maritime SATCOM Equipment (Commercial Ships, Military Ships, and Others), and Airborne SATCOM Equipment (Commercial Aircraft, Military Aircraft, and Others)), By End-user (Commercial and Government & Defense), By Application (Broadcasting, Remote Sensing, Military Applications and Navigation, Weather Monitoring, and Others), and Regional Forecast, 2024-2032”

Satellite communication (SATCOM) enables the transfer of data between terrestrial network communication stations through the utilization of satellites. This process uses electromagnetic waves as carrier signals to transmit various data formats, such as voice, audio, images, and other data types, across terrestrial, maritime, and aerospace domains. The primary functions of satellite communication include data transmission, reception, and processing. The implementation of regulatory reforms and initiatives focused on fostering competition and innovation within the satellite industry will significantly contribute to the market growth.

The COVID-19 pandemic had a negative impact on the global SATCOM market growth. The outbreak led to a significant decrease in the demand for SATCOM services compared to before the pandemic.

Eutelsat Group Extended Partnership with Universal Satcom for Enhanced Maritime Packaged Solutions

Eutelsat Group extended its partnership with Universal Satcom, a leading satellite communication system integrator based in Dubai. This expanded partnership is facilitated through a new multi-year agreement. Under this agreement, Universal Satcom will leverage Eutelsat's Geostationary ADVANCE maritime packaged solutions in Ku-band to enhance its global reach, particularly in the MENA region.

Rising Use of Internet of Things (IoT) in Aviation Sector to Boost Market Growth

Internet of Things (IoT) is significantly impacting the aviation industry, particularly in aircraft maintenance. By installing IoT sensors on aircraft, airlines can monitor critical components in real-time, enabling proactive maintenance that prevents unexpected failures, reduces downtime, and lowers maintenance costs. The growing adoption of IoT technology in aviation is expected to drive the growth of the SATCOM market during the forecast period. IoT applications in aviation enable seamless real-time data exchange between devices and systems, optimizing operations within the industry.

However, the impact of cyberattacks on satellite communication infrastructure, which can cause significant damage, may impede the market’s growth.

Companies to Create Innovative Products and Execute Business Growth Strategies to Remain Competitive

The leading companies operating in this market are focusing on implementing business growth strategies, such as mergers & acquisitions and new product launches to remain competitive. They are also developing innovative products to increase their customer base.

Notable Industry Development:

• March 2024: Sivers Semiconductors announced that its subsidiary, Sivers Wireless, had signed a third product development agreement with a prominent European satellite company. The new contract, valued at USD 4.73 million, covers the development of next-generation beamformer chipsets that are production-ready from 2024 to 2025.

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

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

List of the Companies Profiled in the Report:

• 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.)
• Qualcomm Technologies, Inc. (U.S.)
• Viasat, Inc. (U.S.)
• KVH Industries, Inc. (U.S.)

Further Report Findings

• The North American market emerged as the dominant in the SATCOM market share reaching a valuation of USD 12.23 billion. This growth is primarily attributed to the significant government investments in military and government communication networks.
• Asia Pacific is anticipated to experience substantial growth, driven by the increasing adoption of satellite antennas in the telecommunications, IT, and aviation sectors.
• Based on platform, the airborne satellite communication equipment segment took the leading position in 2023 with increasing use of connected air and space systems in commercial and military applications.

Table of Segmentation