During the forecast period 2022-2032, the satellite communication market is expected to grow at a value of 9.4% CAGR, according to a report by Fact.MR.
In 2021, this market was predicted to have a global valuation of $59.32bn, and is expected to reach a sum of $192.09bn by 2032. The use of artificial satellites to offer communication linkages between various sites on Earth is known as satellite communication.
The APAC satellite communication market is expected to grow with an 8.5% CAGR during the forecast period.
A communication satellite is a man-made satellite that employs a transponder to enhance and connect radio signals. It provides a communication channel between a source transmitter and a receiver located all over the world. Satellite communication is utilised extensively in television, phone, radio, internet, and military applications.
As high-frequency radio waves being used for telecommunications lines move in a straight line, they are hindered by the curvature of the planet. Communication satellites play an important role in connecting signals around the earth’s curvature, allowing communication between geographically isolated areas. Satellite communication makes use of a diverse set of radio and microwave frequencies. To avoid signal interference, international organisations have standards dictating which frequency ranges or bands are given to individual organisations. As a result, the allocation of bands decreases the possibility of signal interference. As a result of these reasons, the global satellite communication market is expected to grow throughout the forecast period.
Region-wise, North America is emerging as the most volatile region for satellite communication. The growth is linked to the defence industry’s increasing desire for constant communication and the US defence department’s rising demands for SATCOM equipment. Furthermore, the presence of a high number of SATCOM providers is driving the expansion of the satellite communication market. Furthermore, as military communication facilities are upgraded, the North American market is expected to grow at a rapid pace in the coming years.
In 2022, the global satellite communication market is estimated to have a global market size of $78.22bn.
By component segment, the equipment segment will account for 28.5% of the global satellite communication market share in 2022. Meanwhile, by vertical type, the government and defence segment will acquire a market size of 42% in 2022.
By application, the broadcasting category is expected to gain a market share of 22.2 and forecast a CAGR of 8.9%.
“The growing need for mobile satellite services and tiny satellites for earth observation in the oil and gas, energy, defence, and agriculture industries is driving market expansion. Satellite communication, which uses an artificial satellite in a network, has become an essential component of modern communication infrastructure,” commented a Fact.MR analyst.