| The global satellite communication market was valued at USD 31.22 billion in 2023 and is expected to expand from USD 33.98 billion in 2024 to USD 70.89 billion by 2032, reflecting a CAGR of 9.6% during the forecast period. Additionally, the U.S. SATCOM market is anticipated to witness substantial growth, reaching approximately USD 25.15 billion by 2032, fueled by rising defense procurements and increasing R&D investments in the space industry. The Report List the Key Players in the Satellite Communication Market Boeing (U.S.) Cobham Limited (U.K.) Communications and Power Technologies(U.S.) Honeywell International Inc. (U.S.) Inmarsat Global Limited (U.K.) Iridium Communications Inc. (U.S.) L3Harris Technologies, Inc. (U.S.) Qualcomm Technologies, Inc. (U.S.) Viasat, Inc. (U.S.) KVH Industries, Inc. (U.S.) Information Source: https://www.fortunebusinessinsights.com/satellite-communication-satcom-market-102679 Satellite Communication Market Segmentation The satellite communication market is segmented based on components, frequency bands, applications, end-users, and geography. By component, the market includes equipment such as SATCOM transceivers, antennas, modems, amplifiers, and receivers, along with services categorized into managed and professional services. In terms of frequency bands, the market is classified into L-band, C-band, S-band, X-band, Ku-band, Ka-band, and V-band. The application segment covers various industries, including government and defense for military communications, surveillance, and emergency response, as well as commercial applications like broadcasting, telecommunications, and IoT. Additionally, maritime (ship-to-shore communications, navigation), aviation (in-flight connectivity, air traffic control), and automotive & transportation (connected vehicles, fleet management) are key areas of application. The end-users of SATCOM solutions span across government & defense, commercial enterprises, aviation & maritime operators, energy & utilities, and media & entertainment industries. Geographically, the market is divided into North America (U.S., Canada, Mexico), Europe (U.K., Germany, France, Italy, and the rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and the rest of Asia-Pacific), the Middle East & Africa, and Latin America. Competitive Landscape: Contract for Satellite Ground Systems by Navy to Favor Growth General Dynamics Corporation, an American aerospace and defense corporation received a contract from Navy to build the ground system for the Mobile User Objective System. The $732 million contract awarded by Navy can be an exponential factor in boosting the satellite communicationmarket growth during the forecast period owing to the Navy’s next generation narrowband satellite communications system, providing secure voice, video and data communications to military users all over the globe. According to General Dynamics, just one MUOS satellite can provide four times the capacity of the entire legacy system. Furthermore, the vice president and general manager for General Dynamics’ space and intelligence systems, Manny Mora, said in a statement, “MUOS will provide our warfighters with the ability to communicate securely, anywhere, anytime, with voice clarity and data transmission speed similar to using a civilian cell phone, this capability delivers a whole new level of connectivity for troops in the field.” In addition, the growing seaborne trade across countries will spur opportunities for the market in the forthcoming years. Nonetheless, the rising focus on autonomous and connected ships by numerous nations will fuel demand for satellite communication, which, in turn, will aid the market. Regional Analysis: Surge in Telecommunication Industry to Stimulate Growth in Asia Pacific The market in North America stood at 13.11 billion in 2018 and is predicted to grow rapidly during the forecast period owing to the growing military expenditure. The presence of key manufacturers such as General Dynamics Corporation, L3 Harris Corporation, Honeywell International, Inc., Hughes Network Systems LLC, and others will aid healthy growth of the market during the forecast period. Asia Pacific is likely to witness high demand for SATCOM owing to the surge in telecommunication, aviation, and defense sector. Europe is expected to accounted for a major share in the market due to the growing modernization in the region. Nonetheless, Latin America is expected to grow rapidly in the foreseeable future owing to the reinforcement of military communication infrastructure. |
