The satellite services market accounted for revenue of $126.5bn in 2018 and is anticipated to generate $144.5bn by 2026. The market is projected to experience a growth at a CAGR of 2.2% from 2019 to 2026, according to a new report published by Trends Market Research titled, Satellite Services Market by Type, and End-User Industry: Global Opportunity Analysis and Industry Forecast, 2019–2026.
The major factors that propel the satellite services market include an increase in demand for earth-observing applications from developed regions such as North America and Europe. Furthermore, there is high demand for satellite services from the commercial aviation sector for air traffic management. However, there is a decrease in demand for the satellite television services segment in the US, which hinders the growth of the market. Some of the countries in the Middle East and Asia have less penetration of high definition channels, which is anticipated to increase in the future. Owing to this, the consumer services segment is anticipated to witness considerable growth in the coming years.
The satellite services market is segmented based on type, end-user industry, and region. By type, the market is classified into consumer services, fixed satellite services, mobile satellite services, remote sensing, and space flight management services. On the basis of end-user industry, the market is categorised into media & entertainment, government, aviation, defence, aerospace, retail & enterprise, and others. Based on region, the global market is analysed across North America, Europe, Asia-Pacific, and LAMEA. Satellite services market share is analysed across all the regions.
Based on type, the consumer services segment dominated the market in 2018. This is attributed to the presence of a huge consumer base in Europe and in some of the countries of Asia-Pacific such as India. Based on the end-user industry, the media & entertainment segment garnered the highest market share in 2018.
Based on the region, Asia-Pacific is expected to experience the fastest growth rate. The major countries in Asia-Pacific are aiming to improve their connectivity during the coming years. Owing to these factors, there is a rise in demand for satellite broadband and fixed satellite services in the communication sector. Countries with a dominant share in the Asia-Pacific market are China, Japan, South Korea, and India.
The analysis covers in-depth information of the major industry participants. The key players operating and profiled in the market include Inmarsat plc, Intersputnik, MEASAT, PCCW Global, Intelsat, SES S.A., Eutelsat Communications SA, Viasat, Inc., Echostar Corporation, China Satellite Communications Co., Ltd. (China Satcom), Thuraya Telecommunications Company, and Asia Satellite Telecommunications Co. Ltd.