Satellite Communication (SATCOM) Market Demand, Recent Trends, Size and Share Estimation by 2028 with Top Players
The global satellite communication (SATCOM) market is set to gain impetus from the high demand for small satellites in a wide range of sectors, such as oil & gas, energy, agriculture, and civil engineering for the purpose of earth observation. In April 2021, for instance, China Great Wall Industry Corp. delivered nine small satellites through the Long March 6 rocket in space for verifying technologies for inter-satellite laser communications and autonomous mission planning, as well as getting weather remote sensing images. This information is given by Fortune Business Insights™ in a published report, titled, “Satellite Communication (SATCOM) Market, 2021-2028.” As per the report, the SATCOM market size was USD 23.44 billion in 2020. It is projected to grow from USD 25.33 billion in 2021 to USD 46.50 billion in 2028 at a CAGR of 9.07% in the forecast period.
A list of renowned satellite communication providers operating in
the global market:
- Boeing (The
U.S.)
- Cobham Limited (The
U.K)
- General Dynamics
Corporation (The U.S.)
- Honeywell
International Inc. (The U.S.)
- Indra (Spain)
- Inmarsat Global
Limited (The U.K)
- Iridium
Communications Inc. (The U.S.)
- L3Harris
Technologies, Inc. (The U.S.)
- Qualcomm
Technologies, Inc. (The U.S.)
- Viasat, Inc.
(The U.S.)
Segments-
Land Equipment Segment Held 42.86% Share in
2020: Fortune Business Insights™
By platform, the market is fragmented into portable, land,
maritime, and airborne. Out of these, the land equipment procured 42.86% in
2020 in terms of the SATCOM market share. This growth is attributable to the
surging usage of armored vehicles for military and commercial applications
worldwide.
Browse In-depth Summary of This Research Insight@
https://www.fortunebusinessinsights.com/satellite-communication-satcom-market-102679
Report Coverage-
The research report offers a comprehensive analysis of
pre-existing companies that can affect the outlook throughout the forthcoming
years. Besides, it provides an accurate assessment by highlighting information
on several aspects that may include growth drivers, opportunities, trends, and
hindrances. It also represents the market size from a global perspective by
analyzing qualitative insights and historical data.
Drivers & Restraints-
Increasing Usage of IoT-enabled Devices in Satellites to Bolster
Growth
The aviation industry is nowadays adopting IoT-enabled systems and
devices for exchanging real-time data with the processing units. This is
helping companies to optimize their operations. At the same time, IoT-enabled
devices utilize satellite connectivity for exchanging and transmitting
real-time data between components and IoT systems. It helps in lowering the
overall time of the process. In the olden days, the exchange of data between
the production and machine control systems was conducted through terrestrial
GSM networks. Today, these networks are rapidly being replaced by satellite
connectivity. These factors are anticipated to propel the SATCOM market growth
in the upcoming years. However, satellite communication can often fall prey to
various cyber-security issues, which, in turn, may hamper growth.
Regional Insights-
Presence of L3Harris and General Dynamics to Help North America
Remain at Forefront
Geographically, North America stood at USD 9.03 billion in 2020 in
terms of revenue and dominated. The presence of renowned satellite
communication providers, such as Honeywell International, Inc., General
Dynamics Corporation, and L3Harris Technologies Corporation would drive
regional growth. On the other hand, Asia Pacific is anticipated to grow
remarkably backed by the extensive usage of satellite antennas in a wide range
of industries, such as aviation, IT, and telecommunication.
COVID-19 Pandemic: Production Halt and Postponement of Satellite
Launches to Hinder Growth
The COVID-19 pandemic has severely affected the space industry
across the globe. Most of the companies present in the SATCOM industry are
facing numerous challenges because of the halt of production and postponement
of contracts and new satellite launches. NASA, for instance, stopped its work
on the James Webb Telescope project, the development of a deep-space
exploration spacecraft, and the Artemis program. We are providing elaborate
research reports to help you find a unique solution for overcoming this grave
situation.
Competitive Landscape-
Key Players Focus on Winning New Agreements & Orders to
Compete in Market
The market contains several prominent companies that are mainly
aiming to gain a competitive edge through bagging new orders and signing
agreements with government agencies. Some of the others are also participating
in the partnership strategy to generate more sales. Below are the two
significant industry developments:
- November 2020: The European
Space Agency (ESA) awarded a three-year contract worth USD 26 million to
It would enable the latter to develop a new SATCOM services platform for
helping governments to procure, plan, monitor, and manage these services.
The platform will be named International Virtual Satellite Operators
Network (INVISION).
- May 2020: The European
Defense Agency (EDA) provided a contract worth tens of millions of euros
to Airbus. It will allow EU members to gain access to satellite services
and solutions through EDA. The company will provide satellite
communication through L, Ka, Ku, and C-bands.
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