The global satellite communications market will reach $159,60-billion by 2030 – growing at a CAGR of 10% from 2024 to 2030 – according to new research from Grand View Research.
The rising demand for small satellites for tactical communication, geospace and atmospheric research, and medium-resolution imagery in military and defence applications is driving this growth. The growing demand for satellite communication (Satcom) solutions across the aviation industry to improve air traffic management and airline operations is also expected to drive the market.
The advent of 5G networks and several scheduled Medium Earth Orbit (MEO) and Low Earth Orbit (LEO) satellite launches are likely to favour the expansion of the Satcom market. In addition, the evolution of Satcom in the connectivity sector has prompted operators to offer solutions that can be integrated with IoT devices to enable seamless data exchange and connectivity.
Satcom providers have been shifting their focus on providing high bandwidth SATCOM transponders with higher throughput and a lower price point. The adoption of Satcom transponders has significantly increased owing to the growing demand for high-speed broadband from domestic users as well as corporates – and the expansion of Ka-band and Ku-band services.
Moreover, ambitious space development missions by space organisations including the China National Space Administration and the Indian Space Research Organisation are likely to drive the market over the forecast period.
Additional highlights of the report include:
* Based on component, the services segment dominated the market in 2023. Satcom services are highly used by DTH operators and telecommunication companies among various other end users. In addition, these services also find extensive usage in the defence and marine sectors for enabling resilient and reliable communications.
* Based on application, the broadcasting segment dominated the market in 2023. The segment is also anticipated to retain its dominance in the overall market over the forecast period. The high share and growth of this segment can be attributed to the increased use of satellite broadcast services including radio and television, primarily for media applications.
* Based on vertical markets, the Media & Broadcasting segment accounted for the maximum market share in 2023. The high share of this segment can be attributed to the high use of satellites for providing broadcasting services, particularly in remote areas.
* North America accounted for the largest revenue share of the global market in 2023. The region’s growth can be attributed to the continuous demand for communication and Satcom equipment from the government and defence industry – especially agencies such as the US Department of Defense.
* In May 2023 Arabsat, an international supplier of broadcasting and telecommunication satellites, effectively sent Arabsat Badr-8 into orbit via a SpaceX Falcon 9 rocket from Cape Canaveral. Badr-8 is designed to provide cutting-edge services for satellites to clients and collaborators across the Middle East, Africa, Central Asia, and beyond.