News

The global satellite communication market is projected to reach a size of 9.6 billion by 2030, growing at a CAGR of 9.7% from 2023 to 2030. The increasing demand for satellite broadband services, especially in remote and underserved areas, is driving this growth.

Satellite communication, also known as SATCOM, plays a crucial role in providing high-speed internet, voice services, and multimedia applications to businesses, governments, and communities. As the demand for connectivity solutions continues to rise, satellite communication providers have the opportunity to expand their services and market presence.

The integration of satellite communication with emerging technologies like 5G networks and IoT is also contributing to market growth. These technologies enable advanced applications, smart city initiatives, and transformative connectivity solutions. Satellites provide wide-area coverage and connect remote and challenging environments.

Partnerships between satellite communication solution providers are being formed to develop advanced systems that offer better connectivity. For example, Viasat, Inc. collaborated with Cobham SATCOM to create an advanced satellite connectivity system for the energy and maritime industries. This system leverages the anticipated satellite capacity from the ViaSat-3 constellation and provides high-speed connectivity through innovative antenna systems.

The COVID-19 pandemic has impacted the satellite communication industry, emphasizing the need for reliable connectivity. With the widespread adoption of remote work and telecommuting, satellite communication played a critical role in ensuring uninterrupted communication for remote workers.

In 2022, the services segment dominated the market due to the expansion of the media and entertainment sectors and the popularity of satellite television. The broadcasting segment also held a significant market share, driven by the increasing use of satellite communication in pay TV and radio applications.

North America was the leading market in 2022, attributed to the high demand for satellite broadband services in remote and inaccessible areas.

Overall, the satellite communication market is experiencing robust growth, fueled by the increasing need for connectivity solutions and the integration of satellite communication with emerging technologies.

The post Satellite Communication Market Expected to Reach 9.6 Billion by 2030 appeared first on ISP Today.