Surge in demand for next-generation communication has been witnessed. The development of applications has boosted the expansion of the satellite communication sector. Moreover, rapid adoption of satellite communication in various applications such as web technologies, audio broadcast media and voice communication systems; broadcasting, such as Direct to Home (D2T is witnessed. Also, it is being used in various other applications such as data transmission, GPS applications, and Internet browsing; military surveillance and navigations; remote sensor applications; and meteorological conditions monitoring and forecasting.
Due to Covid-19 pandemic, supply chain was disrupted and this had a substantial influence on the global satellite communication business. Moreover, aviation, maritime, and communication were among the most badly hit businesses by the epidemic, with initial investment declines.
Moreover, high availability of new satellite communication technologies is expected to fuel the market’s growth over the forecast period. Furthermore, the growing need for IoT in the aviation industry for a variety of applications such as aircraft connection, airlines, air traffic control, and MRO management is expected to drive global Satellite Communication market growth during the forecast period. In the meanwhile, cyber security is expected to inhibit the growth of the market. Satellite systems are in charge of worldwide bandwidth communication and are vulnerable to cyber attackers.
Military applications are expected to be key growth vertical
Government and defense segment is expected to occupy the most substantial share of the market. Moreover, the defense segment is predicted to dominate the overall government and defense segment, occupying a majority share in 2022.
Satellite communication services are most commonly being used by the navy and military forces to establish or improve connectivity across a wide range of assets, including fighter planes. In addition to this, the expanding market for unmanned aircraft systems, as well as their rapidly growing non-military applications, has boosted the growth of satellite communication systems.
Broadcasting Category is expected to witness an impressive CAGR during the forecast period
The broadcasting category is expected to have the highest revenue share of around 20%. Moreover, it is expected to grow at an impressive CAGR. Surge in need for satellite communications for radio and pay-tv applications has had an impact on the growth of the broadcasting industry. Moreover, SATCOMS can provide seamless integration in remote places. In the meanwhile, the rapid usage of over-the-top (OTT) services may boost market expansion during the forecast period.
Asia Pacific is expected to increase steadily during the forecast period
Asia Pacific is expected to witness an impressive CAGR during the forecast period. This region’s expansion can be attributed mostly to countries such as Japan & China. Surge in use of satellite antennas in the communications, aerospace, automotive and IT industries are driving the regional market’s growth during the forecast period.
Moreover, in order to acquire a competitive edge across the globe, many start-ups and industry players are focusing on establishing their supply chains in several Asian countries. Moreover, these improvements are expected to drive the demand for satellite communication in the region.
Key players in the market are offering variety of connecting solutions
Key start-ups in the market are Astronaut, Swarm Technologies, O3b Networks, HawkEye 360, Kacific Broadband Satellites, Starlink, Myriota, Skyloom and Freefall Aerospace. These significant players are focusing on new innovations and offering a variety of connecting solutions. For instance,
- Astrocast offers IoT and M2M connectivity solutions based on nanosatellites. It runs a constellation of satellites in low-earth polar orbit, offering worldwide network coverage via a dedicated frequency band. This allowed safe sensor data transmission from any location on Earth and is linked with its terminal.