News

The global satellite communication market is projected to reach .59 billion by 2027, with a CAGR of 9.2% from 2020 to 2027. Europe currently dominates the market in terms of revenue, followed by Asia-Pacific, North America, and LAMEA. The US is the leading contributor to the market share, thanks to its robust manufacturing and development infrastructure for satellite communication systems.

Satellite communication is a technology that uses artificial or man-made satellites as a communication link for voice communication, broadcasting, and data communication services. It serves various industries such as maritime, aerospace & defense, industrial, government, and more.

The broadcasting segment had the highest market share in 2019, with advancements in satellite broadcasting technologies such as X band (8–12 GHz) and Ku band (12–18 GHz). The voice communication segment is also growing in popularity due to the rise in mobile users and mobile voice communication providers. Moreover, the demand for quick and reliable data communication solutions has fueled the growth of the data communication satellite communication segment.

In terms of components, the market is divided into equipment and services. The services segment accounted for the highest revenue in 2019, driven by the increase in internet traffic worldwide. The demand for broadband services in remote areas without terrestrial networks also contributes to the growth of satellite communication services. The adoption of advanced and secure communication technologies by multinational and domestic organizations further boosts the development of satellite communication equipment.

Factors such as the increase in Internet of Things (IoT), autonomous systems, and the demand for military and defense satellite communication solutions are expected to drive market growth. However, cybersecurity threats and interference in satellite data transmission may hinder market growth. Technological advancements in satellite missions present potential opportunities for the global satellite communication market.

The COVID-19 pandemic has had an impact on the market, resulting in delays in the development of innovative satellite communication solutions. However, the demand for satellite communication has increased due to work from home programs and the need for internet services during lockdowns.

Key players in the global satellite communication market include Al Yah Satellite Communication Company PJSC (Yahsat), 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.

The post Satellite Communication Market Overview appeared first on ISP Today.