Market overview:
Maritime VSAT industry Size is estimated to reach USD 2.78 Billion by 2030, registering a CAGR of 13.69% during 2020-2030
The growing demand for efficient data communication to improve operational efficiency is expected to be a significant factor that can boost the maritime VSAT market growth during the forecast period. The increasing need for passenger welfare and surveillance in the marine sector is likely to offer lucrative market opportunities that can develop the trade. In addition, the surging requirement for real-time navigation, fuel-saving, and better connectivity between land and sea operations are recognized to be other salient factors that can drive the market in the assessment period.
On the flip side, the outbreak of COVID-19 is anticipated to affect the market negatively owing to the limited staff at manufacturing facilities and the shutdown of the manufacturing units.
Key Players:
Eminent players of the global market for global Maritime VSAT industry are Viasat Inc. (US), EchoStar Corporation (US), EMC (US), Comtech Telecommunications Corp. (US), Inmarsat Group Limited (UK), OmniAccess SL (Spain), KVH Industries, Inc. (US), Raytheon Company (US), Speedcast International Limited (Australia), SageNet Inc. (US), Telespazio SpA (Italy), and VT iDirect, Inc. (the US).
Market Segmentation:
The segmental analysis of the global market for maritime VSAT is done by application and type.
The type-based segments of the global market for the Maritime VSAT industry are Ku-band, C-band, L-band, and high-throughput satellites (HTS) band. Among all, the Ku-band segment is anticipated to dominate the market with a CAGR of 14.01% during the forecast period. The KU band systems are less expensive and are easier to install. Therefore, they are likely to gain more traction than other segments.
The application-based segments of the global market for the Maritime VSAT industry are military & defense and civil & commercial. Between the two segments, the global civil & commercial segment is likely to dominate the market by acquiring a market value of USD 2,980.6 million by 2024. On the other hand, the military and defense segment is expected to expand at a CAGR of 14.78% during the assessment period.
Regional Analysis:
As per the Maritime VSAT market industry report prepared by MRFR, the global market for VSAT maritime is segmented into North America, Europe, Asia-Pacific, and the Middle East & Africa.
North America is anticipated to lead the global market owing to the increasing seaborne trade. The regional market is expected to acquire a market value of USD 2,337.5 million while expanding at a CAGR of 13.08% by 2024.
APAC is expected to be the fastest-growing market during the assessment period owing to the increasing demand for VSAT systems in the maritime sector. The regional market is likely to acquire the market value of USD 801.4 million while expanding at a CAGR of 15.05% by 2024. The increasing demand for a better lifestyle on board for crew members is expected to be another salient cause that can grow the regional market during the assessment period.
Europe is likely to acquire a significant market value during the review period owing to the increasing need for VSAT in the region. The region is anticipated to acquire a market value of USD 1,035.2 million while thriving at a CAGR of 14.35% by 2024. The UK, Spain, Poland, and Germany are projected to be leading countries in Europe's maritime satellite communication market.
MEA is projected to grow at a slow pace owing to the presence of underdeveloped countries. Besides, a lack of awareness can further hinder the market from growing. However, the presence of untapped market opportunities can aid in boosting the market during the review period.
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