The Global Satellite Communication (SATCOM) Market is valued at USD 80.33 billion in 2022 and is projected to reach a value of USD 169.70 billion in 2030 expanding at a CAGR of 9.8% over the forecast period of 2022-2030.
The primary factors that have fuelled the market growth are the escalating demand for small satellites for earth observation services in various industries that includes, oil and gas, energy, agriculture, and defence, across the globe.
Global Satellite Communication (Satcom) Market: Key Trends
Rise In Increase Of Things (Iot) And Autonomous System
One of the major factor that has fuelled the market growth is the rise in IoT and autonomous system over the forecast period. This is because, the merging applications and business models and falling device costs have been instrumental in driving IoT adoption, which has consequently increased the number of connected devices and endpoints globally. This has fuelled the market growth.
Cybersecurity Acts As A Major Concern
The major concern to the global satellite communication market is the cybersecurity. This is because the entire process of launching a satellite to transmit data is highly sensitive. The major challenge lies in the negative impact that the cybersecurity threats can potentially make as the vulnerabilities are mission-critical.
Global Satellite Communication (Satcom) Market: Segmental Analysis
Based On Component:
• Equipment
• SATCOM Transmitter/Transponder
• SATCOM Antenna
• SATCOM Transceiver
• SATCOM Receiver
• SATCOM Modem/Router
• Others
• Services
The equipment segment has dominated the market growth over the forecast period.
Based On Application:
• Asset Tracking/Monitoring
• Airtime
• M2M
• Voice
• Data
• Drones Connectivity
• Data Backup and Recovery
• Navigation and Monitoring
• Tele-medicine
• Broadcasting
• Others
https://wemarketresearch.com/reports/satellite-communication-(satcom)-market/197/
The $732 million contract awarded by Navy can be an exponential factor in boosting the satellite communication (SATCOM) market 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.Get Sample PDF Brochure with Impact of COVID19:https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/satellite-communication-satcom-market-102679“Satellite Communication (SATCOM) Market Size, Share & Industry Analysis, By Component (SATCOM Receiver, SATCOM Transmitter/Transponder, SATCOM Transceiver, SATCOM Antenna, SATCOM Modem/Router, and Others), By Technology (SATCOM Vsat, Satcom-On-The-Move (SOTM), Satcom-On-The-Pause (SOTP), SATCOM Telemetry, and SATCOM Automatic Identification System), By Platform (Commercial and Government & Defense), By End Use (Portable SATCOM equipment, Land SATCOM equipment, Maritime SATCOM equipment, and Airborne SATCOM equipment), and Regional Forecast, 2019-2026” the market size stood at USD 22.61 billion in 2018.
Overall, almost every sector is anticipated to be impacted by the pandemic.The Global Satellite Communication (SATCOM) Market Size is predicted to reach USD 41.33 billion by 2026, exhibiting a CAGR of 7.73% during the forecast period.
The growing utilization of small satellites in the defense sector for applications such as, tactical communication, medium resolution imagery, and geospace & atmospheric research will create sales opportunities for the satellite communication (SATCOM) market share in the forthcoming years.Browse Detailed Summary of Research Report With TOC:https://www.fortunebusinessinsights.com/satellite-communication-satcom-market-102679 An Outline of the Global Landscape:-Analyzing the size of the Global Satellite Communication (SATCOM) Market on the basis of value and volume.Technological Advancement and product developments.Deeply profiling future prospects and historical data base by complete industry research.Worldwide manufacturing analysis and supply chain.Extensive analysis of the market emerging trends and technology assessment.Exhaustive coverage of market drivers, restraints, opportunities, threats, limitations, and prospects.Detailed insights on the upcoming R product launches, sales, revenue, size, share and product consumption in 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.
SATCOM is employed for a wide range of mobile applications, including communication to aircraft, ships, vehicles, and hand-held terminals, as well as for TV and radio broadcasting.
The increasing deployment of small satellites, growing demand for high-speed Internet, and rising adoption of maritime VSAT are primarily driving the market's growth.
Globally, military spending has increased significantly in recent years.
Factors such as ongoing conflicts in the Middle East & Africa, long-standing tensions, territorial disputes between countries in Asia-Pacific, and a focus on counterterrorism activities are prompting governments to strengthen their defense capabilities.
Furthermore, the US Space Force is working with the UK on military space projects and looking into further areas of cooperation, including small satellites, space deterrence and reduction of on-orbit space debris, satellite communications, and launch.
The growth can be attributed to the several advantages that the SATCOM transponders have to offer, such as flexibility, complete control over a specific system, and the capability for sustaining new and developed applications.
