Satellite Communication (SATCOM) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Satellite Communication (SATCOM) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Satellite Communication Market

The satellite communication market size was valued at USD 31.22 billion in 2023, and the market is now projected to grow from USD 33.98 billion in 2024 to USD 70.89 billion by 2032, exhibiting a CAGR of 9.6% during the forecast period of 2023-2030.

The manufacture of materials was hampered by the raw material shortage during this period. This, in turn, disrupted the entire supply chain and hindered market expansion. The market for adhesive goods was also impacted by the decline in demand brought on by the construction and automobile industries. Government has put restrictions on social gatherings, events and moving out from home which make the people homesick. The nationwide lockdown also resulted in the partial or whole closure of component factories. Numerous companies are encountering hurdles due to covid pandemic as the outbreak situation has curtailed production and supply chain which has hindered the market switched to treating covid patients as priority over the other procedures which led the satellite communication market growth. Additionally, manpower shortages affected manufacturing plants and slowed production due to movement restrictions and lockdowns in several regions. Stopped providing on-site maintenance and installations market growth sputtered amid the pandemic.

Growing Internet of Things Integration in the aviation sector will accelerate market development will propel satellite communication market growth during forecast period. Aircraft maintenance is one of the main sectors in aviation where IoT is having an impact. Airlines can keep an eye on the condition and functionality of vital components in real time by outfitting their aircraft with Internet of Things sensors. The SATCOM market is anticipated to increase as a result of the advent of the Internet of Things, which is having a major impact on industry. Throughout the projected period, the growing use of IoT technology in the aviation industry is expected to support market expansion even further. IoT applications in aviation optimize industry processes by facilitating real-time data transmission between devices and systems.

Creation of compact satellite systems to improve communication will propel satellite communication market growth during forecast period. Broadband internet access, Internet of Things connectivity, machine-to-machine communication, asset tracking, disaster response, and environmental monitoring are just a few of the many communication applications that small satellite constellations can facilitate. This makes it possible to connect and communicate easily from anywhere. In order to transmit and exchange real-time data and increase efficiency across multiple domains, IoT devices rely on satellite connectivity. This adjustment shortens the processing time between production and machine control as compared to the previous reliance on terrestrial GSM networks for data transmission. One of the most important enablers of the IoT connectivity revolution in the aviation sector is satellite technology.

Comprehensive Analysis of Satellite Communication Market

The satellite communication market and aerospace & defence industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the aerospace & defence benefit management industry. These segmentations are methodically segregated by component, by platform, by end users and by application. The Component include segmentations include Transmitter/Transponder, Receiver, Transceiver & Antenna, By Platform segmentations include Portable SATCOM Equipment, Land SATCOM Equipment (Command and Control Centers, Ground Station & Satellite TV), Maritime SATCOM Equipment (Commercial Ships & Military Ships), and Airborne SATCOM Equipment (Commercial Aircraft & Military Aircraft), By End-user segmentations include Commercial and Government & Defense, By Application segmentations include Broadcasting, Remote Sensing, Military Applications and Navigation & Weather Monitoring.

The North America region lead the satellite communication market by benefitting a market size of USD 12.23 billion in 2023 due to growing Internet of Things Integration in the aviation sector and creation of Compact Satellite Systems to Improve Communication.

The top players in the market play a crucial role in the aerospace & defence industry assuring industrial prospectus growth and setting market standards. These players include, Boeing (U.S.), Communications and Power Technologies (U.S.), Inmarsat Global Limited (U.K.), Iridium Communications Inc. (U.S.), Qualcomm Technologies, Inc. (U.S.) and KVH Industries, Inc. (U.S.) these market players provide a level-playing competitive environment across the globe.

In March 2023, Sivers Semiconductors launched that a well-known European satellite company and its subsidiary, Sivers Wireless, have signed a third product development agreement.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Unit Value (USD Billion)

Growth Rate CAGR of 9.6% from 2024 to 2032

Segmentation By Component

Receiver

Transmitter/Transponder

Transceiver

Antenna

Others

By Platform

Portable SATCOM Equipment

Land SATCOM Equipment

Command and Control Centers

Ground Station

Satellite TV

Others

Maritime SATCOM Equipment

Commercial Ships

Military Ships

Others

Airborne SATCOM Equipment

Commercial Aircraft

Military Aircraft

Others

By End-user

Commercial

Government & Defense

By Application

Broadcasting

Remote Sensing

Military Applications and Navigation

Weather Monitoring

Others

By Region

North America (By Component, Platform, End-user, Application, and Country)

U.S. (By Platform)

Canada (By Platform)

Europe (By Component, Platform, End-user, Application, and Country)

U.K. (By Platform)

Germany (By Platform)

France (By Platform)

Russia (By Platform)

Italy (By Platform)

Rest of Europe (By Platform)

Asia Pacific (By Component, Platform, End-user, Application, and Country)

China (By Platform)

India (By Platform)

Japan (By Platform)

South Korea (By Platform)

Rest of Asia Pacific (By End-user)

Rest of the World (By Component, Platform, End-user, Application, and Sub-Region)

Latin America (By Platform)

Middle East and Africa (By Platform)


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