Global Satellite Communication Market is projected to be valued at USD 41,860 Million by 2025, expanding at a CAGR of 8.40% between 2019 and 2025. The growing adoption of SATCOM equipment in telecommunication, space exploration, and telemetry has significantly contributed to the growth of the SATCOM market. High competition owing to the presence of a large number of players in this market is forcing manufacturers to continuously focus on product innovation and development. Furthermore, increasing adoption of autonomous and connected vehicles is also expected to drive the growth of the market.
Inmarsat plc (UK), Honeywell International, Inc. (US), L3 Harris Technologies, Inc. (US), Indra Sistemas, S.A. (Spain), General Dynamics Corporation (US), Cobham plc (UK), Viasat, Inc. (US), Iridium Communications Inc. (US), Qualcomm Technologies, Inc. (US) and GILAT SATELLITE NETWORKS (Israel)
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Growth Opportunities in the Market
Satcom antenna segment is expected to witness the highest growth rate in the market: The Satcom antenna segment is expected to grow at the highest CAGR during the forecast period from 2019 to 2025. The growth can be attributed to the benefits offered by Satcom antennas such as corrosion resistance and sturdiness.
Maritime SATCOM Equipment segment is expected to grow at the highest CAGR: The segment is expected to grow at the highest CAGR during the forecast period from 2019 to 2025. The segment includes commercial ships, military ships, and unmanned maritime vehicles. The rising concept of autonomous and connected ships and rising seaborne trade across the globe are driving the growth of the segment. Global Satellite Communication Market has witnessed high growth in recent years owing to the growing adoption of SATCOM equipment in telecommunication, space exploration, and telemetry.
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