Satellite Communication Market Growth Report 2021 to 2031
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.
Satellite Communication Market Analysis
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 Communication Market Overview
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.
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Satellite Communication Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Satellite Communication Market: Strategic Insights
Naveen
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Satellite Communication Market Drivers and Opportunities
Application of satellite communication for rescue missions
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.
Increased satellite launches
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.
Satellite Communication Market Report Segmentation Analysis
Key segments that contributed to the derivation of the satellite communication market analysis are component, frequency band, satellite constellation, application, and end users.
- By component, the market is segmented into product and services. The product segment held the largest market share in 2023.
- Based on the frequency band, the market is segmented into KA-band, KU-band, C-band, and others. The KA-band segment is expected to grow with significant market share.
- By satellite constellation, the market is segmented into LEO, MEO, and GEO. The LEO segment held a significant market share in 2023.
- By application, the market is segmented into asset tracking, data backup & recovery, navigation, broadcasting, and others. The broadcasting segment held the largest market share in 2023.
- By end users, the market is segmented commercial and government & defense. The commercial segment held the largest market share in 2023.
Satellite Communication Market Share Analysis by Geography
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.
Satellite Communication Market Report Scope
Satellite Communication Market News and Recent Developments
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:
- In April 2024, The Airbus-built EUTELSAT 36D telecommunications satellite was successfully launched on 30 March from the Kennedy Space Center in Florida. EUTELSAT, one of the world’s leading satellite operators, selected Airbus in March 2021 to build EUTELSAT 36D, a new generation multi-mission geostationary telecommunications satellite. (Source: Airbus, Press Release, 2024)
- In September 2023, India’s latest communication satellite, GSAT-30, was successfully launched from the Spaceport in French Guiana. GSAT-30 has a unique configuration of providing flexible frequency segments and flexible coverage. The satellite will provide communication services to the Indian mainland and islands through Ku-band and wide coverage covering Gulf countries, a large number of Asian countries and Australia through C-band. (Source: ISRO, Press Release, 2023)
Satellite Communication Market Report Coverage and Deliverables
The “Satellite Communication Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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