Market Overview:
The satellite communication (SATCOM) market industry is projected to grow from USD 16.8 Billion in 2023 to USD 27.3 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.44% during the forecast period (2023 - 2030).
Satellite launches, which further drives the SATCOM Market in the region. For instance, as of may 2021, SpaceX has launched over 1,730 star link satellites, which will go up to 12,000 satellites for its star link internet technology. It also broke the record for the highest number of satellites launched in one rocket in January 2021 by launching 143 small satellites with its falcon 9 rocket. The ongoing R&D activities in the field of satellite communication are expected to contribute to SATCOM market insight.
Market Segmentation:
The global SATCOM market industry has been segmented on the basis of Product, Technology, End-Use, Vertical, and Region.
On the basis of Product Type, the global SATCOM market has been segmented on the basis of SATCOM Transponder, SATCOM Transceiver, SATCOM Antenna, SATCOM Modem, and SATCOM Receiver.
Based on Technology the global Satellite Communication (SATCOM) market has been bifurcated into SATCOM VSAT, SATCOM Telemetry, SATCOM Automatic Identification System AIS, SATCOM-on-the-move, and SATCOM-on-the-pause.
The global Satellite Communication (SATCOM) market on the basis of End-Use of has been segmented into Commercial and Government and Defense.
On the basis of Vertical the global Satellite Communication (SATCOM) market has been segmented into Portable SATCOM Equipment, Land Mobile SATCOM Equipment, Maritime SATCOM Equipment, Airborne SATCOM Equipment and Land Fixed SATCOM Equipment.
Key Players:
SATCOM key market players operating in the global SATCOM Market include Inmarsat PLC (UK), Honeywell International Inc. (US), L3Harris Technologies, Inc. (US), L3Harris Technologies, Inc. (Spain), General Dynamics Mission Systems, Inc. (US), Cobham Plc (UK), Viasat Inc. (US), Iridium Satellite Communications Inc. (US), Qualcomm Technologies, Inc. (US), and Gilat Satellite Networks (Isreal).
Regional Analysis:
Europe is expected to register a considerable share in the global SATCOM Market due to factors such as extensive seaborne trade in the region and government initiatives to strengthen military communication technologies. For instance, in May 2020, Airbus (Netherlands) received a contract from the European Defence Agency (EDA) for establishing a new SATCOM framework for the military and civil tasks of the EU and member states whose value is estimated to be in tens of millions of euros. Furthermore, in November 2019, the French government awarded Thales Group (France) a contract to build the next-generation Syracuse 4 satellite communication system, which will improve the SATCOM communication systems for its Charles De Gaulle Aircraft Carrier and Rafale jets. Moreover, in February 2018, ING and the European Investment Bank signed an agreement to invest approximately USD 370 million in improving maritime transport vessels. This is expected to propel the adoption of satellite communication during the forecast period.
In Asia-Pacific, the increasing expenditure in defense also drives the market because of the various applications of SATCOM in the military. According to the Stockholm International Peace Research Institute (SIPRI), China increased its military expenditure by 5% to USD 250 billion in 2018, while the military spending in India rose by 3.1% to USD 66.5 billion. Moreover, the increasing use of surveillance and communication satellites in developing countries such as China and India to offer enhanced safety and communication supplements the growth of the SATCOM Market in Asia-Pacific.
In the Middle East & Africa, the presence of prominent defense companies such as Israel Aerospace Industries Ltd is driving the market growth. Defense companies headquartered in the UAE and collaborating with those in developed countries such as the US. For example, in 2018, Israel Aerospace Industries Ltd collaborated with XpressSAR, a synthetic aperture radar (SAR) data provider, to provide advanced radar-based surveillance satellites. In addition, the interest of Middle eastern counties in procuring UAVs is also fueling the growth of the satellite communication market in the region.
In Latin America, the increasing collaborations between the government of Brazil and the US government for launching US-based satellites in Brazil are expected to drive the SATCOM Market in Latin America. SATCOM systems are essential for monitoring and controlling satellites in space and ensuring their proper functioning.
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