Satellite Communication Market to Reach $99.58 Billion, Globally, by 2027 at 9.2% CAGR: Allied Market Research

Significant development of Internet of Things (IoT) and autonomous systems is the major factor fueling the growth of the global satellite communication market.

PORTLAND, Ore., Jan. 12, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Satellite Communication Market by Application (Voice Communication, Broadcasting, and Data Communication), Component (Equipment and Services), and End-Use Industry (Maritime, Aerospace & Defense, Industrial, Government, Transportation & Logistics, Media, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global satellite communication industry was pegged at $56.01 billion in 2019, and is expected to hit $99.58 billion by 2027, registering a CAGR of 9.2% from 2020 to 2027.

Drivers, restraints, and opportunities-

Development of Internet of Things (IoT) and autonomous systems, increase in demand for military and defense satellite communication solutions, and rise in adoption of SATCOM equipment in online streaming services, radio, and TV broadcast drive the growth of the global satellite communication market. On the other hand, cyber security threats to satellite communication and interference in satellite data transmission restrain the growth. Nevertheless, high-end technological advancements in satellite missions and deployment of 5G network through satellites are projected to pave the way for lucrative opportunities in the industry.

Download Report (319 Pages PDF with Insights, Charts, Tables, Figures) at https://www.alliedmarketresearch.com/request-sample/10884

Covid-19 scenario-

• The outbreak of the pandemic led to steep increase in demand for internet services. This, in turn, accelerated the call for satellite communication.
• However, on the other hand, extended lockdowns across the world compelled the satellite manufacturing facilities to partially or completely close their operations. Also, delays in the affairs associated with the development of innovative satellite communication solutions impacted the market negatively.

The broadcasting segment to dominate by 2027-

By application, the broadcasting segment contributed to more than two-fifths of the total market share in 2019, and is anticipated to lead the trail by 2027, due to rise in demand for direct-to-home satellite broadcasting services.  However, the data communication segment would grow at the fastest CAGR of 10.7% from 2020 to 2027. This is because it is used for real-time data conveyance for applications such as meteorological, hydrological, and marine among others.

Request for Customization at https://www.alliedmarketresearch.com/request-for-customization/10884

The services segment to maintain the dominant share-

By component, the services segment contributed to around two-thirds of the total market revenue in 2019, and is expected to dominate by 2027, due to rising need for high-speed and reliable internet connectivity. The equipment segment, on the other hand, would manifest the fastest CAGR of 9.9% from 2020 to 2027. The fact that advanced equipment are utilized in scientific research, earth observation, automotive, and telecommunication industries for efficient performance drives the growth of the segment.

Europe, followed by Asia-Pacific and North America, garnered the major share in 2019-

By region, Europe, followed by Asia-pacific and North America, contributed to the major share in 2019, garnering around one-third of the global market, due to increase in adoption of the technology among industries such as civil and defense in the European region. At the same time, the market across Asia-Pacific would cite the fastest CAGR of 10.1% during the forecast period, due to increased investment in deploying satellite communication in countries such as China and India.

Interested to Procure the Data? Inquire here at https://www.alliedmarketresearch.com/purchase-enquiry/10884

Frontrunners in the industry-

• Cobham Ltd.
• General Dynamics Corporation
• Gilat Satellite Networks Ltd.
• Al Yah Satellite Communication Company PJSC (Yahsat)
• Inmarsat Global Limited
• L3Harris Technologies, Inc.
• SES S.A.
• SKY Perfect JSAT Holdings Inc.
• EchoStar Corporation
• Telesat Canada
• Viasat, Inc.

Schedule a FREE Consultation Call with Our Analysts to Find Solution for Your Business at https://www.alliedmarketresearch.com/request-for-customization/10884

Similar Reports We Have on Satellite Industry:

Satellite Services Market by Type (Consumer Services, Fixed Satellite Services, Mobile Satellite Services, Remote Sensing, and Space Flight Management Services) and End-User Industry (Media & Entertainment, Government, Aviation, Defense, Aerospace, Retail & Enterprise, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2030.

Satellite Market by Type (Large Satellite, Mini Satellite, Micro Satellite, and Nano Satellite), End User (Commercial, Civil, Government, and Others) and by Applications (Scientific Research, Technology Demonstration and Verification, Earth Observation and Remote Sensing, Scientific Research, Communication, Others) - Opportunity and Forecast, 2017-2030.

Satellite Manufacturing and Launch Systems Market by Technology (Satellite Manufacturing, and Satellite Launch Systems), By End User (Commercial, and Military), By Application (Communication Satellite, Military Surveillance, Navigation Satellite, Earth Observation Satellite, and Others), By Satellite Type (LEO Satellites, MEO Satellites and GEO Satellites): Global Opportunity Analysis and Industry Forecast (2021–2030).

Satellite Data Analytics Services Market by Service (Data Analytics and Image Data), and Vertical (Forestry, Agriculture, Environmental, Defense & Security, Environmental, Energy & Power, Maritime, Engineering & Infrastructure and Others): Global Opportunity Analysis and Industry Forecast, 2020–2030.

Satellite Image Data Services Market by Service (Data Analytics and Image Data), and Vertical (Forestry, Agriculture, Environmental, Defense & Security, Environmental, Energy & Power, Maritime, Engineering & Infrastructure and Others): Global Opportunity Analysis and Industry Forecast, 2020–2030.

Satellite Data Services Market by Vertical (Energy & Power, Defense & Intelligence, Engineering & Infrastructure, Environmental, Agriculture, Maritime, Insurance and Transportation & Logistics), Service (Data Analytics and Image Data), End-Use (Commercial and Government & Military): Global Opportunity Analysis and Industry Forecast, 2020–2030.

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com 
Follow Us on | Facebook | Twitter | LinkedIn |

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg