Global Satellite Modem Market Expected to Generate a Revenue of $1,004.4 million by 2028, Growing at a CAGR of 14.4% from 2021-2028 [232-Pages] | Research Dive
The global satellite modem market is expected to grow rapidly by 2028, owing to the need for better data transmission. The MCPC modem sub-segment is expected to be the most profitable. The Asia-Pacific region is expected to have the highest growth rate.
NEW YORK, June 24, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Satellite Modem Market by Channel Type (SCPC and MCPC), Technology (VSAT, Satcom-on-the-move, Satcom-on-the-pause, and Others), Application (Mobile & Backhaul, IP-trunking, Enterprise & Broadband, Media & Broadcast, and Others), End-user (Telecommunications, Marine, Military & Defense, Transportation & Logistics, Oil & Gas, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".
According to the report, the global satellite modem market is expected to register a revenue of $1,004.4 million by 2028, growing rapidly at a CAGR of 14.4% during the forecast period, 2021-2028.
Dynamics of the Satellite Modem Market
Growing demand for enhanced data transmission and data connectivity is expected to drive the growth of the satellite modem market during the forecast period. In addition, a significant surge in the demand for connected homes, healthcare devices, and connected automobiles is expected to create immense opportunities for the growth of the market during the forecast period. However, unforeseen regulations on satellite communications are expected to impede the growth of the satellite modem market during the forecast period.
COVID-19 Impact on the Satellite Modem Market
The outbreak of COVID-19 has had an adverse impact on the growth of the global satellite modem market, owing to the occurrence of lockdowns in numerous countries across the globe. Lockdowns affected almost every industry during the pandemic, creating serious disruptions in the supply chain and manufacturing units of various industries. In addition, numerous people across the globe lost their jobs, which considerably declined their expenditure to a bare minimum during the pandemic. But eased lockdown restrictions by the government are expected to recover the growth of the market.
Connect with an Expert Analyst to Get Post COVID-19 Impact on Satellite Modem Market
Segments of the Satellite Modem Market
The report has divided the market into various segments based on channel type, technology, application, end-user, and region.
- By channel type, the MCPC modem sub-segment is expected to be most profitable, and generate a revenue of $530.7 million during the forecast period. MCPC modem technology is capable of delivering broadband internet services for enterprise networks because of its high data rate capacity over satellite technology. This factor is expected to bolster the growth of the satellite modem market sub-segment during the forecast period.
- By technology, the Satcom-on-the-move sub-segment is expected to be most remunerative, growing exponentially at a CAGR of 14.7% during the forecast period. Increasing reliance on Satcom on-the-move (SOTM) terminals for tactical communication in military applications is expected to drive the growth of the sub-segment during the forecast period.
- By application, the IP-trunking sub-segment is expected to be most beneficial, and generate a revenue of $293.1 million during the forecast period. Impeccable benefits of IP-trunking like the reliability of phone service, a constructive end-to-end unified communications system, and infinite employee mobility are expected to stimulate the growth of the satellite modem market sub-segment during the forecast period.
- By end-user, the military & defense sub-segment is expected to be most lucrative, and generate a revenue of $269.0 million during the forecast period. Satellite modems facilitate high-speed satellite communications for missions that are point-to-point, point-to-multipoint, stationary, or on the go. This factor is expected to accelerate the growth of the sub-segment during the forecast period.
- By region, the Asia-Pacific region is expected to witness the highest growth rate, and grow at a CAGR of 15.3% during the forecast period. An increase in the number of satellite launches by developing countries in this region is expected to drive the growth of the market. In addition, the growing demand for high-speed uninterrupted data services in this region is further expected to accelerate the growth of the regional satellite modem market during the forecast period.
Key Players of the Satellite Modem Market
The major players of the market include
- Work Microwave GmbH
- Hughes Network Systems
- Novelsat
- Datum System
- ORBCOMM Inc.
- Gilat Satellite Networks Ltd.
- Teledyne Technologies
- Comtech Telecommunications Corp.
- ST Engineering
- Viasat, Inc., and many more.
These players are working on developing strategies such as product development, merger, and acquisition, partnerships, and collaborations to sustain the market growth. – Grab the Full Report here -$2999 (Read-Only)
For instance, in January 2020, Comtech Telecommunications Corp., an innovative company that develops, manufactures, and markets systems, services, and products for advanced communications solutions acquired Gilat Satellite Networks Ltd., an Israel-based public company that manufactures and sells VSAT satellite ground stations and related equipment, in order to strengthen Comtech's position in the global satellite modem market.
The report also summarizes many important aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
More about Satellite Modem Market:
- Strategic Acquisitions Like that of Swarm Technologies by SpaceX to Drive the Global Satellite Modem Market
- The Role of Satellite Modems in Military and Defense Communication Satellites
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