Satellite Communication Market Size and Growth 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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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 Regional Insights

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.

Satellite Communication Market Report Scope

Satellite Communication Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. Thales Group
2. Inmarsat Global Limited
3. Iridium Communication Inc
4. Gilat Satellite Networks Ltd
5. Orbcomm Inc.
6. Viasat

Disclaimer: The companies listed above are not ranked in any particular order.

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