The satellite communication market size is projected to reach US$ 69.31 billion by 2031 from US$ 31.87 billion in 2023. The market is expected to register a CAGR of 10.2% in 2023–2031. The growing demand for high-throughput satellites and the increasing demand for satellite communication in the military and defense sector are likely to remain key to satellite communication market trends.
Applications such as telecommunications, news gathering, weather forecasting, rescue operations, and others require signal transmissions to different locations on Earth, which generates the need for satellite communication. The demand for low-latency networks and robust communication mediums is fostering the satellite communication market growth. The growth in the telecommunication industry is propelling the market growth further. The launches of satellites are fueling the demand for satellite communication systems.
Satellite communications entail electromagnetic spectrum-based communication between terrestrial receivers and transponders on man-made satellites. The market for satellite communications is still expanding and offers vital enabling services to numerous companies and research communities. Performance, security, and resilient connectivity from satellite to teleport to customers and resources will become increasingly important—and more difficult—as a result of recent investments in high bandwidth satellite capacity for consumer applications and the widespread adoption of small satellites. Today's organizations are becoming more and more virtual, and satellite technology is essential to the development of new business apps and IoT-related business processes. Additionally, because of the increased need for bandwidth per site, connectivity requirements will keep growing.
The use of satellite communication made the search and rescue missions easy. It helps to locate the victims of natural calamities, accidents, and other conditions where the mobile network might not work. Satellite communication plays a crucial role in disaster management by providing real-time communication and coordination. According to the US government, NOAA satellites, which are crucial in weather and climate forecasts, helped rescue 397 people from potentially life-threatening situations throughout the US and its surrounding waters in 2022.
The satellites help to take pictures of the planets, sun, and other objects in space. It helps scientists and researchers to learn about the Earth, the solar system, and the universe. Some satellites send phone calls and TV signals around the globe. In addition, satellites help to observe wildfires and volcanos. It helps to predict the weather and climate. Such information helps the farmers to know about what crops to plant and when to plant according to the weather. Satellites play a crucial role during emergencies such as forest fires, floods, and several other natural calamities. Thus, due to such benefits of satellites, several countries are launching satellites, which further foster the satellite communication market. For example, according to data in June 2023, India’s Union Minister announced India’s Space sector is fast gaining a pre-eminent position in the World with the successful launch of foreign satellites. Out of 424 foreign satellites launched to date by India, 389 were launched in the last nine years by the government.
Key segments that contributed to the derivation of the satellite communication market analysis are component, frequency band, satellite constellation, application, and end users.
The geographic scope of the satellite communication market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America region holds the largest market share in 2023. Asia Pacific region is expected to grow with the highest CAGR.
The government in the region is heavily investing in satellite communication technology, which is fostering market growth in the North American region. In addition, the region is an early adopter of technologies, which has fostered the adoption of high technology in the space and telecommunication industry.
The regional trends and factors influencing the Satellite Communication Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Satellite Communication Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ 35.12 Billion |
| Market Size by 2031 | US$ 69.31 Billion |
| Global CAGR (2025 - 2031) | 10.2% |
| Historical Data | 2021-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Satellite Communication Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Satellite Communication Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Satellite Communication Marketis evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
The “Satellite Communication Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The incremental growth expected to be recorded for the global satellite communication market during the forecast period is US$ 37.44 billion.
The global satellite communication market is expected to reach US$ 69.31 billion by 2031.
The key players holding majority shares in the global satellite communication market are Thales Group, Inmarsat Global Limited, Iridium Communication Inc, Gilat Satellite Networks Ltd, and Orbcomm Inc.
Demand for small satellites and high-throughput satellites is anticipated to play a significant role in the global satellite communication market in the coming years.
The growing applications of satellites for rescue missions and the increasing demand for satellite communication in the military and defense sectors are the major factors that propel the global satellite communication market.
The global satellite communication market was estimated to be US$ 31.87 billion in 2023 and is expected to grow at a CAGR of 10.2% during the forecast period 2023 - 2031.