The Rise of Satellite Communication Market: A $33.2 billion Industry Dominated by Tech Giants - Intelsat (US) and Viasat Inc, (US)| MarketsandMarkets™

/EIN News/ -- Delray Beach, FL, Oct. 22, 2024 (GLOBE NEWSWIRE) -- The global Satellite Communication Market size is projected to grow from USD 16.9 billion in 2024 to USD 33.2 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 14.5% during the forecast period, according to a new report by MarketsandMarkets™.

Military and government agencies rely heavily on satellite communication to ensure secure, reliable, and uninterrupted communication in varied operational scenarios, particularly across remote or hostile environments where terrestrial infrastructure is inadequate or nonexistent. Satellite communication provides real-time coordination of military missions, intelligence gathering, and secure transmission of sensitive information across vast distances. It also supports disaster response, border security, and peacekeeping efforts where rapid and dependable communication is critical. The growing complexity of modern warfare and the requirement for global surveillance and reconnaissance fosters further investment in advanced satellite communication services. It makes it an essential factor in national security and defense strategies.

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Satellite Communication Market Dynamics:

Drivers:

• Increased demand for connectivity in remote areas
• Expansion of IoT and M2M communications
• Rising adoption of satellite-based broadcasting and streaming
• Advancements in satellite technology and deployment of LEO satellites

Restraints:

• High initial investment and operational costs
• Regulatory and spectrum allocation challenges
• Competition from terrestrial networks
• Risk of space debris and satellite failures

Opportunities:

• Rising demand for satellite-based connectivity in maritime and aviation industries
• Expanding role of satellite communication in disaster management and emergency services
• Growing demand for satellite internet for consumers and enterprises
• Partnerships and collaborations for 5G integration

List of Key Companies in Satellite Communication Market:

• SES S.A. (Luxembourg)
• Starlink (US)
• Globalstar Inc (US)
• Hughes Networks Systems (US)
• Intelsat (US)
• Viasat Inc, (US)
• Telesat (Canada)
• Amazon (US)
• Eutelsat (France)
• Singtel (Singapore)
• Gilat Satellite Networks (Israel)
• Avanti (UK)
• Arabsat (Saudi Arabia)
• Yahsat (UAE)
• Navarino (Greece).

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By type, the broadcasting services segment is expected to have the largest market size during the forecast period. 

The broadcasting services segment has been particularly impacted by its convergence with technology, as an increasing number of channels and content are offered to draw in new audiences and opportunities for satellite companies through greater vertical integration. Demand in this area is further supported by the many new compression technology solutions that have emerged. Increased resolutions, coupled with the more efficient use of satellite transponders, bring advantages to the viewer and can reduce the impact on satellite system resources, generating some benefits for the media and satellite operator. In parallel, there is an unprecedented and necessary growth of diverse programming options, both international networks and niche content.

By application, the IoT segment is expected to hold a higher growth rate during the forecast period.

As IoT deployments scale up and increase in complexity, vast influxes of data from countless connected devices become too hard to handle. For example, in sectors like smart agriculture, smart cities, and disaster management, the bandwidth and coverage provided by traditional terrestrial networks may need to be improved when thousands or even millions of sensors and devices have to talk simultaneously. Satellite networks offer a scalable solution capable of sustaining such large-scale IoT ecosystems with wide-coverage, high-capacity connectivity that is sometimes unattainable by terrestrial networks. In this scalability, efficient gathering, processing, and transmission of data in real-time from IoT devices deployed at remote or dispersed locations will be realized, hence attaining more effective monitoring, control, and decision-making. Whether optimizing crop management through precision farming, urban infrastructure management in smart cities, or coordinating disaster response efforts, satellite communications form a core part of ensuring that large-scale IoT applications run smoothly and are reliable globally.

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Based on region, North America is expected to hold the largest market share during the forecast period.

The demand for satellite communication services in North America is relatively high, driven mainly by government initiatives to bridge the digital divide and increase internet access to unserved and underserved areas. Through various agencies such as the State Department and USAID, the US government is committing significant funds, approximately USD 100 million in 2023, toward increasing internet freedom and connectivity. It encompasses exploiting new satellite technologies—most notably, launching mega-constellations of LEO satellites that will be essential to covering remote and rural areas. Besides, funding programs like the FCC's Rural Digital Opportunity Fund and the Universal Broadband Fund in Canada continue to push more investments into satellite communication infrastructure. These result in cost reduction, enhancement of technology, and access to high-speed internet for even the region's most remote areas, strengthening North America's lead in the Satellite Communication Market.

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