Mobile Satellite Services Market - By Service (Voice Services, Data Services, Broadband Services, Tracking and Monitoring Services), By Platform, By End-user Industry & Forecast 2024 - 2032

Mobile Satellite Services Market - By Service (Voice Services, Data Services, Broadband Services, Tracking and Monitoring Services), By Platform, By End-user Industry & Forecast 2024 - 2032

The Mobile Satellite Services Market is poised to exhibit over 6% CAGR during 2024-2032, driven by the integration of Internet of Things (IoT). According to Exploding Topics, there are currently over 14 billion connected IoT devices worldwide. This figure is expected to grow significantly, reaching 25.44 billion by 2030. As the number of connected IoT devices continues to rise, there is an increasing need for reliable and widespread communication networks to support these devices. Satellite services play a pivotal role in providing global connectivity, particularly in remote and hard-to-reach areas where terrestrial networks are sparse or non-existent.

The synergy between IoT and satellite technology facilitates real-time data transmission, remote monitoring, and efficient management of IoT devices across various industries, including agriculture, transportation, and utilities. These benefits will stimulate the market growth.

The Mobile Satellite Services Industry is classified based on service, platform, end-user and region.

The broadband services segment will grow rapidly through 2032, owing to increasing demand for high-bandwidth applications, such as streaming, cloud computing, and enterprise connectivity. The ability of broadband services to deliver consistent and reliable internet access to underserved and remote areas is driving their adoption. Moreover, advancements in satellites, including the deployment of High Throughput Satellites (HTS) and Low Earth Orbit (LEO) constellations, are enhancing the capacity and speed of broadband services, further propelling segment growth.

The Oil & Gas segment will expand at a decent pace through 2032. The oil & gas industry relies heavily on satellite communication for operations in remote and offshore locations where traditional communication infrastructure is limited or non-existent. MSS provides critical connectivity for real-time data transmission, remote monitoring, and coordination of exploration and production activities. The need for reliable communication to ensure safety, operational efficiency, and regulatory compliance in the oil & gas sector is fueling the demand for MSS solutions.

Europe mobile satellite services industry will grow at a decent pace through 2032. The region's strong focus on technological innovation, combined with its diverse and expansive geography, is creating a favorable environment for MSS deployment. There is inflowing investment in satellite infrastructure to enhance connectivity across urban and rural areas, including remote regions that are otherwise difficult to reach. The European Space Agency's initiatives and collaborative projects aimed at expanding satellite communication capabilities are also contributing to market growth. Additionally, the increasing adoption of MSS for various applications, including disaster management, maritime, and defense, is driving demand in Europe.