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The global satellite communication market is expected to reach 9.6 billion by 2030, with a compound annual growth rate (CAGR) of 9.7% from 2023 to 2030. The driving force behind this growth is the increasing demand for satellite broadband services, particularly in remote and underserved areas.

Satellite communication, also known as SATCOM, plays a crucial role in bridging the connectivity gap by providing high-speed internet, voice services, and multimedia applications to businesses, governments, and communities. The integration of satellite communication with emerging technologies like 5G and IoT is also contributing to market growth, enabling advanced applications and smart city initiatives.

Partnerships between satellite communication solution providers are being formed to develop advanced systems for better connectivity. For example, Viasat, Inc. collaborated with Cobham SATCOM to develop a satellite connectivity system for the energy and maritime industries, using the anticipated satellite capacity from the ViaSat-3 constellation.

The COVID-19 pandemic has had a moderate impact on the satellite communication industry. Remote work and telecommuting have become widespread, emphasizing the need for reliable connectivity. Satellite communication has played a crucial role in ensuring uninterrupted communication and data transmission for remote workers.

In terms of market segmentation, the services segment dominated the market in 2022, driven by the expansion of the media and entertainment sectors and the popularity of satellite television in emerging economies. The broadcasting segment also experienced significant growth due to the increasing need for satellite communication in pay TV and radio applications.

North America dominated the market in 2022 due to the increasing demand for satellite broadband services in remote areas. The government and defense segment is expected to grow at the highest CAGR, driven by the need for secure and resilient satellite communication solutions.

Overall, the satellite communication market is poised for substantial growth in the coming years, driven by the demand for connectivity solutions and advancements in technology.

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