Optical Satellite Communication Market Size to Grow USD 791 Million by 2029 at a CAGR of 36.3% | Valuates Reports
BANGALORE, India, Dec. 12, 2023 /PRNewswire/ -- Optical Satellite Communication Market is Segmented by Type (Space Terminals, Air Terminals, Ground Terminals), by Application (Military Use, Civil Use): Global Opportunity Analysis and Industry Forecast, 2023-2029.
The global Optical Satellite Communication Market is projected to grow from USD 123.3 Million in 2023 to USD 791 Million by 2029, at a Compound Annual Growth Rate (CAGR) of 36.3% during the forecast period.
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Major Factors Driving the Growth of Optical Satellite Communication Market:
The market for optical satellite communication (OSC) is expanding rapidly thanks to developments in satellite technology, especially the use of free-space optics (FSO). Since FSO eliminates the restrictions of conventional radio frequency (RF) transmission, it is possible to transport data at greater speeds. The need for high-throughput satellites is growing, and optical communication is essential to improving data transfer speeds.
The market's growth is further accelerated by the growing requirement for secure communication, which is being pushed by security concerns in satellite broadcasts. The market's momentum is fueled by the growing commercialization of space operations, the expansion of satellite-based internet services, and the miniaturization of satellite components. Other motivators include the financial and environmental advantages provided by optical communication technologies, as well as government efforts and funding.
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TRENDS INFLUENCING THE GROWTH OF THE OPTICAL SATELLITE COMMUNICATION MARKET
The use of optical satellite communication technologies is being driven by security concerns. Sensitive information carried via satellites is in danger of interference and espionage due to the susceptibility of traditional radio frequency transmission. These issues are successfully addressed by optical communication because of its built-in security characteristics, which include narrow beams and a reduced chance of interception. The need for optical satellite communication systems is growing as secure communication becomes more and more important to governments, defense agencies, and businesses.
The market for optical satellite communication is expanding as a result of the commercialization of space operations, such as satellite launches and space exploration missions. In order to support their goals, private enterprises venturing into the space sector look for dependable and high-performing communication technologies.
Another key driver of the optical satellite communication industry is the growing need for high-throughput satellites (HTS). Because HTS are built to carry data at far faster speeds than traditional satellites, they play a key role in satisfying the increasing demand for data-intensive applications like earth observation and broadband access. Optical communication is essential for improving HTS performance, which in turn fuels the market's growth.
The growth of satellite-based internet services is being driven by the global need for improved connectivity and internet access in rural regions. Due to its capacity for dependable and fast data transport, optical satellite communication is a major factor in the provision of internet services to rural and underserved areas. The industry is growing as a result of the expansion of satellite-based internet services, which also addresses the worldwide digital divide. One important development affecting the market for optical satellite communication is the shrinking of satellite components. Communication solutions that provide high data transfer rates within the limitations of limited space and power resources are needed as satellites get smaller and more affordable.
The rising usage of optical satellite communication technologies can be attributed to their cost and environmental benefits. Satellite operations have a smaller environmental effect since optical communication uses less power than conventional radio frequency communication technologies. Furthermore, as production and deployment costs are reduced by economies of scale and technological breakthroughs, the affordability of optical communication systems is becoming increasingly evident. The future of space communication is being shaped by the incorporation of optical communication into hybrid satellite networks. To maximize performance and dependability, hybrid networks integrate the advantages of several communication technologies, such as optical and radio frequency. When optical communication is smoothly incorporated into these networks, it improves communication capabilities overall and guarantees a strong and adaptable infrastructure that can accommodate the many requirements of contemporary space missions and applications.
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OPTICAL SATELLITE COMMUNICATION MARKET SHARE ANALYSIS
Tesat-Spacecom, Mynaric, SpaceX, and other major global makers of optical satellite communication are among them. The top three producers worldwide control almost 85% of the market.
With a market share of more than 50%, North America is the largest market for optical satellite communication.
With a share of more than 85%, Military Use is the application field with the greatest application.
Space Terminals has a more than 95% market share in terms of products.
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Key Players:
- Mitsubishi Electric
- Mynaric AG
- SpaceX
- Tesat-Spacecom GmbH & Co. KG
- Ball Corporation
- FIBERTEK
- NEC Corporation
- SA Photonics
- Xenesis
- LGS Innovations
- Optical Physics Company
- Hensoldt
- General Atomics
- Thales Alenia Space (Thales/Leonardo)
- Space Micro Inc.
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