The global communication satellite market is expected to be worth 21.89 Billion USD in 2023. It is expected to grow at a CAGR of 8.40% during the forecast period and reach a value of 32.76 Billion USD by 2028.
MARKET DRIVERS:
An increase in small satellites and the launch of reusable rocket vehicles are major driving factors in the growth rate of the Communication Satellite market. The increasing need for uninterrupted communication in various industries is one of the major driving factors of the growth rate of the communication satellite market. A growing fleet of autonomous and connected vehicles, which have garnered the interest of satellite manufacturers and related key players in the industry, is one of the major driving factors that propel the growth of the communication satellite market revenue rate during the forecast period.
Another major driving factor of the Communication Satellite market was the increase of applications. Increasing adoption of artificial intelligence is one of the growth-supporting factors of the market of Communication Satellite revenue rate. A shorter development cycle and lesser cost of development are some of the major driving factors of the Communication Satellite market growth rate. Increasing investments by companies as well as government authorities from emerging economies such as India, Brazil, and China for new product innovation boosts the growth of the market of Communication Satellites.
MARKET RESTRAINTS:
Radio spectrum availability issues and cyber security concerns are some of the major restraints that hinder the growth of the communication satellite market. Another major restraint that is affecting the growth of the market of Communication Satellites is the high cost of satellite service. Fluctuations in the signal are one of the major restraints that hinder the growth of the communication satellite market. Another major restraint that is affecting the growth of the market of Communication Satellites is the stringent regulations from the government.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2022 to 2028 |
|
Base Year |
2022 |
|
Forecast Period |
2023 to 2028 |
|
CAGR |
8.4% |
|
Segments Covered |
By Product, End-user, Vertical, Technology & Region |
|
Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis; DROC, PESTLE Analysis; Porter’s Five Forces Analysis; Competitive Landscape; Analyst Overview of Investment Opportunities |
|
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global communication satellite market has been segmented and sub-segmented into the following categories.
Communication Satellite Market - By product:
Among these segments, the SATCOM transmitter segment holds the major share of the market among the others and is expected to hold dominance during the forecast period.
Communication Satellite Market - By End Users:
Among these segments, the maritime SATCOM equipment segment holds the major share of the market as the commercial and naval vessels are at sea for long periods since they require robust satellite communication systems to maintain contact with shore under any weather and sea conditions, and it is estimated that this segment will hold the major dominance of the market.
Communication Satellite Market - By Vertical:
Among these segments, the commercial segments hold the major share of the market.
Communication Satellite Market - By Technology:
Communication Satellite Market - By Region:
The Communication Satellite market is elaborated in various regions all around the world, such as North America (US, Mexico, Canada, and the rest of North America), Asia Pacific region (Japan, India, China, Australia, and the rest of Asia Pacific), and European region (UK, France, Italy, Germany, Spain and rest of Europe).
The Asia Pacific region holds the major share of the market owing to the increased use of satellite antennas in automobiles in some of the emerging economies, such as India and China, propelling the growth of the market of communication satellites in the Asia Pacific region. Furthermore, recent space exploration missions by space agencies such as the Indian Space Research Organization and the China National Space Administration are also major growth-supporting factors of the communication satellite market. This region is expected to hold dominance during the forecast period.
The North American region holds the second-largest share of the market for communication satellites owing to the increasing need for uninterrupted communication in various industries.
Europe region is expected to increase the market value of Communication Satellites owing to the growing fleet of autonomous and connected vehicles, which have garnered the interest of satellite manufacturers and related key players in the industry.
KEY MARKET PLAYERS:
Some of the key market players in the Communication Satellite market are L3 Technologies (US), Viasat (US), Harris Corporation (US), General Dynamics Corporation (US), and Cobham Plc. (UK).
Frequently Asked Questions
The Communication Satellite Market refers to the industry involved in the manufacturing, launching, and operating of satellites specifically designed for communication purposes.
The global communication satellite market will be worth USD 21.89 billion in 2023. It is expected to grow at a CAGR of 8.40% during the forecast period and reach USD 32.76 billion by 2028.
The segments covered in the Communication Satellite Market are Product, End users, Technology, Vertical, and Region.
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