Satellite Communication System Market Surpass $61.5 Billion by 2031 | Growing at a CAGR of 9.5%

WILMINGTON, DELAWARE , UNITED STATES, March 13, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, the satellite communication system market was valued at $25.8 billion in 2021, and is estimated to reach $61.5 billion by 2031, growing at a CAGR of 9.5% from 2022 to 2031. The increase in Internet of Things (IoT) and autonomous systems, rise in demand for military and defense satellite communication solutions, and increase in adoption of satellite communication system in online streaming services, radio, and TV broadcast across the world drive the growth of the global satellite communication system market.

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A satellite communication system is a cutting-edge technology that allows the transmission of signals, data, and information across vast distances using communication satellites orbiting the Earth. These satellites act as intermediaries in space, facilitating long-distance communication even between continents. The system comprises ground stations, uplink facilities to send data to satellites, transponders on the satellites, and downlink facilities to receive data on Earth. The benefits of this system are its global coverage, high bandwidth capacity, and ability to reach remote and challenging locations.

The end users of satellite communication encompass governments, military organizations, private companies, research institutions, media and broadcasting companies, and even individual consumers seeking internet connectivity in rural or remote areas. Developing nations stand to gain substantially from satellite communication systems for their governmental and military needs. These countries often face obstacles in establishing conventional communication infrastructure due to limited resources, vast territories, and difficult terrain. Satellite communication offers satellite communication system market growth to bridge communication gaps, enhance governance, improve disaster response capabilities, and fortify national defense and security.

The future prospects for developing nations to utilize satellite communication systems are promising due to advancements in satellite technology, leading to the development of smaller, more affordable satellites like CubeSats and microsatellites. These satellites can be launched in constellations to provide enhanced coverage and redundancy. Developing nations can collaborate with established space agencies or private satellite operators to access satellite services without the burden of launching and maintaining their satellites. Furthermore, the ongoing progress in space technology opens doors for developing nations to exploit satellite-based applications in agriculture, resource management, telemedicine, and education, contributing to their socio-economic development and national growth. However, to fully seize these opportunities, governments of developing nations must invest in skilled workforce training, regulatory frameworks, and international cooperation for spectrum allocation and satellite sharing.

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The global market for satellite communication system industry is anticipated to expand significantly during the forecast period due to the spike in demand for internet of things (IoT) devices across a number of industries, including the automotive, defense, and healthcare sectors. In addition, the demand for military and defense satellite communication system solutions is anticipated to increase, as is the usage of satellite communication equipment in internet streaming services, radio broadcasts, and TV broadcasts, throughout the forecast period. However, one of the main factors limiting the growth of the global market for satellite communication systems is interference in satellite data transmission and reception. Contrarily, technological developments in satellite missions are anticipated to offer profitable potential for the expansion of the market for satellite communication system market (위성 통신 시스템 시장) size during the forecast period.

The satellite communication system market is segmented into Component, Satellite Orbit, End User and Region.
By component, the services segment accounted for highest market revenue in 2021, and is projected to retain the lion's share by 2031. The services segment includes a wide range of activities such as satellite-based communication, navigation, and remote sensing services, which are critical for a wide range of industries and applications. These services are essential for industries such as telecommunications, transportation, and agriculture, among others. The increasing demand for high-speed internet and streaming services is expected to drive growth in the services segment.

By satellite orbit, the Medium Earth Orbit (MEO) segment garnered the highest share during the forecast period. Medium Earth Orbit (MEO) satellites orbit at an altitude of around 8,000 to 12,000 kilometers, which is higher than Low Earth Orbit (LEO) satellites, but lower than Geostationary Earth Orbit (GEO) satellites. This orbital altitude provides a balance of coverage and capacity, making it well-suited for a wide range of applications, including telecommunications, navigation, and earth observation. Medium Earth Orbit (MEO) satellites have a relatively short signal delay, which is important for applications such as mobile communications and satellite-based navigation systems. They also have a large field of view, which is useful for earth observation and remote sensing applications.

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By end user, media and government segment accounted for highest market revenue in 2021 and is projected to retain its position by 2031. The media and government segment includes a wide range of activities such as satellite-based broadcasting, surveillance, and remote sensing services, which are critical for a wide range of applications. These services are essential for industries such as television and radio broadcasting, defense, and intelligence. The increasing demand for high-definition television and streaming services is expected to drive growth in the media and government segment.

By region, Europe contributed the highest share in 2021. Increase in cooperation among civil, defense, and space industries in the European region is set to boost the growth of the satellite communication system market. The rise in demand for high-speed internet across Europe also increases the adoption of satellite communication services. Asia-Pacific, on the other hand, would portray the fastest CAGR of 10.97% during the forecast period.

The key players profiled in the report include Advantech Wireless Technologies Inc. (Baylin Technologies), Al Yah Satellite Communications Company PJSC (Yahsat), Gilat Satellite Networks, Inmarsat Communications, Iridium Communications Inc., KVH Industries, Inc., L3Harris Technologies Inc., Orbcomm Inc., Thales Group, and ViaSat Inc. Market players have adopted various strategies such as product launch, collaboration, partnership, joint venture, and acquisition to expand their foothold in the satellite communication system market (衛星通信システム市場) trends. In addition, these companies are looking forward to invest in UAV satellite communication system and defense satellite communications system during the forecast period.

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KEY FINDINGS OF THE STUDY
• Satellite communication system market analysis includes satellite orbit, components, application and region.
• The Low Earth Orbit (LEO) segment was the highest revenue contributor to the market, with $9,144.9 million in 2021, and is estimated to reach $18,619.8 million by 2031, with a satellite communication system market share of 7.81%.
• The Services segment was the highest revenue contributor to the market, with $17,122.6 million in 2021.
• The Media and Government segments collectively accounted for around 44.3% market share in 2021.
• Europe and Asia-Pacific collectively accounted for around 64.2% share in 2021.

David Correa
Allied Market Research
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[email protected]
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