The global SATCOM market size is predicted to reach USD 41.33 billion by 2026, exhibiting a CAGR of 7.73% during the forecast period. The rising demand for small satellites in energy, oil & gas, defense, and other sectors will boost the satellite communication (SATCOM) market trends during the forecast period. The growing utilization of small satellites in the defense sector for applications such as, tactical communication, medium resolution imagery, and geospace & atmospheric research will create sales opportunities for the satellite communication (SATCOM) market share in the forthcoming years, states Fortune Business Insights in a report, titled “Satellite Communication (SATCOM) Market Size, Share & Industry Analysis, By Component (Receiver, Transmitter/Transponder, Transceiver, Antenna, Modem/Router, and Others), By Technology (Very Small Aperture Terminal (VSAT), SATCOM-On-The-Move (SOTM), SATCOM-On-The-Pause (SOTP), SATCOM Telemetry, and SATCOM Automatic Identification System), By Platform (Commercial and Government & Defense), By End-Use (Portable equipment, Land equipment, Maritime equipment, and Airborne equipment), and Regional Forecast, 2019-2026” the market size stood at USD 22.61 billion in 2018.
Global COVID-19 Impact Analysis:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Get Sample PDF Brochure with Impact of COVID-19: https://www.fortunebusinessinsights.com/satellite-communication-satcom-market-102679
Contract for Satellite Ground Systems by Navy to Favor Growth
General Dynamics Corporation, an American aerospace and defense corporation received a contract from the Navy to build the ground system for the Mobile User Objective System. The $732 million contracts awarded by Navy can be an exponential factor in boosting the satellite communication market growth during the forecast period owing to the Navy’s next-generation narrowband satellite communications system, providing secure voice, video and data communications to military users all over the globe.
According to General Dynamics, just one MUOS satellite can provide four times the capacity of the entire legacy system. Furthermore, the vice president and general manager for General Dynamics’ space and intelligence systems, Manny Mora, said in a statement, “MUOS will provide our warfighters with the ability to communicate securely, anywhere, anytime, with voice clarity and data transmission speed similar to using a civilian cell phone, this capability delivers a whole new level of connectivity for troops in the field.” In addition, the growing seaborne trade across countries will spur opportunities for the market in the forthcoming years. Nonetheless, the rising focus on autonomous and connected ships by numerous nations will fuel demand for satellite communication, which, in turn, will aid the market.
The Report List the Key Players in the SATCOM Market Research Report:
Surge in Telecommunication Industry to Stimulate Growth in Asia Pacific
The market in North America stood at 13.11 billion in 2018 and is predicted to grow rapidly during the forecast period owing to the growing military expenditure. The presence of key manufacturers such as General Dynamics Corporation, L3 Harris Corporation, Honeywell International, Inc., Hughes Network Systems LLC, and others will aid the healthy growth of the market during the forecast period. Asia Pacific is likely to witness high demand for SATCOM owing to the surge in telecommunication, aviation, and defense sector. Europe is expected to account for a major share in the market due to the growing modernization in the region. Nonetheless, Latin America is expected to grow rapidly in the foreseeable future owing to the reinforcement of military communication infrastructure.
Browse Detailed Summary of This Research Report with TOC:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune – 411045, Maharashtra, India.
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Read Press Release: