Satellite Communication Market By Application (Voice communication, Broadcasting, Data Communication) , By Component (Equipment, Services) By End-Use Industry (Maritime, Aerospace and Defense, Industrial) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Satellite Communication Market
The satellite communication market was valued at $44.7 billion in 2023 and is projected to reach $110.7 billion by 2033, growing at a CAGR of 9.7% from 2024 to 2033.
Satellite communication involves the use of artificial satellites located in the orbit of the Earth to relay signals at different locations on the planet. It facilitates communication at the remote locations of the earth that are beyond the reach of landlines and cables. Satellite communication caters to various applications, including global broadcasting, internet access, military communications, and emergency response systems.
The demand for uninterrupted mobile and internet connectivity, particularly in remote areas of the earth, has increased owing to the expansion of digitalization. This acts as a key driver of the satellite communication market. Furthermore, proliferation of the defense & military operations augments the growth of the market as satellite communication plays a critical role in facilitating contact and secure data transmission in these industries. A significant trend currently gaining prominence in the market is the assimilation of 5G and cloud services with satellite communication. This convergence exhibits the potential to transform global connectivity by directly establishing satellite communication with smartphones.
However, the financial burden associated with the installation and maintenance of satellite infrastructure restrains the growth of the market owing to extensive macroeconomic uncertainty. According to a report by Space Capital—a venture capital firm—private equity investments made in the space economy in 2023 were approximately $17.9 billion, which was a year-on-year decline of 25% as compared to 2022. Moreover, the disruption of satellite communication due to environmental interference in areas with extreme weather conditions impacts the deployment & operation of satellites, thereby hampering the market development significantly. Contrarily, the advent of low-earth orbit satellite constellations to offer customers low-latency, high-capacity communications is projected to present lucrative opportunities for the satellite communication market.
Segment ReviewThe satellite communication market is segmented into application, component, end-use industry, and region. On the basis of application, the market is divided into voice communication, broadcasting, and data communication. As per component, it is bifurcated into equipment and services. According to end-use industry, it is classified into maritime, aerospace & defense, industrial, government, transportation & logistics, and media. Region wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Key FindingsOn the basis of application, the broadcasting segment held a high share of the market in 2023.
As per component, the services segment acquired a high stake in the market in 2023.
According to end-use industry, the media segment dominated the market share in 2023.
By region, Europe was the highest revenue generator in 2023.Competition AnalysisThe leading players operating in the global satellite communication market include Al Yah Satellite Communication, Company PJSC, Cobham Ltd., EchoStar Corporation, General Dynamics Corporation, Gilat Satellite, Networks Ltd., Inmarsat Global Limited, L3Harris Technologies, Inc., SES S.A., SKY Perfect JSAT Holdings Inc., Telesat Canada, and Viasat, Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy ApplicationVoice communication
Broadcasting
Data Communication
By ComponentEquipment
Services
By End-Use IndustryMaritime
Aerospace and Defense
Industrial
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East and Africa
UAE
Saudi Arabia
South Africa
Rest of Middle East and Africa
Key Market PlayersAl Yah Satellite Communication
Company PJSC
Cobham Ltd
EchoStar Corporation
General Dynamics Corporation
Gilat Satellite
Networks Ltd.
Inmarsat Global Limited
L3Harris Technologies, Inc.
SES S.A.
SKY Perfect JSAT Holdings Inc.
Telesat Canada
Viasat, Inc.