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The global satellite communication (SATCOM) market size is predicted to reach USD 41.33 billion by 2026. The increasing integration of IoT for various application in the aviation industry such as aircraft connectivity, airlines, air traffic management, and MRO management will boost the market growth in the forthcoming years. Moreover, the growing application of SATCOM in radio broadcasting & voice communications, internet application & navigations, remote sensing, water monitoring, and weather monitoring applications will create growth opportunities for the market in the forthcoming years, mentioned in a report, titled “Satellite Communication (SATCOM) Market Size, Share & Industry Analysis, By Component (Receiver, Transmitter/Transponder, Transceiver, Antenna, Modem/Router, and Others), By Technology (Very Small Aperture Terminal (VSAT), SATCOM-On-The-Move (SOTM), SATCOM-On-The-Pause (SOTP), SATCOM Telemetry, and SATCOM Automatic Identification System), By Platform (Commercial and Government & Defense), By End Use (Portable equipment, Land equipment, Maritime equipment, and Airborne equipment), and Regional Forecast, 2019-2026” the market size stood at USD 22.61 billion and is predicted to exhibit a CAGR of 7.73% between 2019 to 2026.
US Army Milsatcom Contract Awarded to Comtech will Enable Speedy Expansion
Comtech Telecommunications Corp., a global leader in innovative products, systems, services, and solutions received a contract to deliver global field support services for military satellite communication terminals around the world. The deal involves an initial transaction of $22.2 million with a $98.6 million ceiling, which will be fulfilled in twelve months. The contract can be an essential influence in accelerating the satellite communication market growth in the foreseeable future owing to the capabilities of the mission critical ground satcom terminals, which offers inter and intra-theater network communications with worldwide reach back capability.
In addition, the contract comprises of engineering and technical skills to support these terminals, including logisticians, help desk, network engineering, security engineering, Radio Frequency (RF) and satellite system engineering and support.
In addition, the growing contracts and deals among companies and defense organizations will promote the SATCOM market trends in the forthcoming years. CACI International Inc., an American multinational professional services and information technology company headquartered in Arlington, Virginia bagged a contract worth USD 180.3 million from the U.S. Navy. The contract covers satellite communications systems and network support services for the Navy
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Implementation of Advanced Technologies to Boost Market Prospects
The rising implementation of artificial intelligence, data analytics, and the cloud computing in satellite communication will augur well for the market. For instance, These technologies assist in improving flight operations and play a major role in military for combat operations and battlefield management.
Furthermore, the utilization of these technologies for real-time data in tracking and monitoring purposes will support healthy growth of the market in the forthcoming years. However, the cyber-security threats and concerns will pose as a damaging factor for the market growth. The vulnerabilities in launch systems, communications, tracking and command, telemetry, and mission completion will restrict the expansion of the market in the foreseeable future.
Rising R&D Investments by Key Players to Stimulate Sales Openings
The SATCOM market is dominated by Inmarsat plc., Honeywell International, Inc., and The Boeing Company among others. The major players in market are focused on expanding their product portfolio of SATCOM. The increasing R&D for the development of SATCOM solutions will enable healthy business in the foreseeable future. The adoption of strategic acquisition and mergers by eminent layers will boost the market prospects during the forecast period.In addition, the rising technological advancement and product launches will spur market competition in the forthcoming year.
The Report Lists the Key Companies in this Market
Furthe Report Findings:
The Satellite Communication Market is Segmented into:
Value (USD Billion)
By End Use