Satellite Communication (SATCOM) Market to Hit USD 56.74 Billion by 2029 | with Emerging CAGR of 9.54%

Companies Covered in Satellite Communication (SATCOM) Market are Qualcomm Technologies, Inc. (U.S.), Viasat, Inc. (U.S.), KVH Industries, Inc. (U.S.), Boeing (U.S.), Cobham Limited (U.K.), Communications and Power Technologies (U.S.), Honeywell International Inc. (U.S.), Inmarsat Global Limited (U.K), Iridium Communications Inc. (U.S.), L3Harris Technologies, Inc. (U.S.) and Other key players

/EIN News/ -- Pune, India, Oct. 14, 2022 (GLOBE NEWSWIRE) -- The global satellite communication (SATCOM) market size was valued at USD 27.56 billion in 2021. It is projected to grow from USD 29.98 billion in 2022 to USD 56.74 billion by 2029 at a CAGR of 9.54% during the forecast period. The market is anticipated to grow remarkably well due to the growing number of space exploration activities over the period. Fortune Business Insights™ stated this in a report titled, " Satellite Communication (SATCOM) Market, 2022-2029."

COVID-19 Impact:

A substantial impact has been observed on the aviation sector during the COVID-19 outbreak. Factors such as reduced procurement contracts and slow production rates from Original Equipment Manufacturers (OEMs) harm the market growth. Furthermore, limited export and import of essential raw materials and production challenges amid enforced border restrictions by governments in several countries have lowered the demand for the product.

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List of the Companies Profiled in the Report:

• Qualcomm Technologies, Inc. (U.S.)
• Viasat, Inc. (U.S.)
• KVH Industries, Inc. (U.S.)
• Boeing (U.S.)
• Cobham Limited (U.K.)
• Communications and Power Technologies (U.S.)
• Honeywell International Inc. (U.S.)
• Inmarsat Global Limited (U.K)
• Iridium Communications Inc. (U.S.)
• L3Harris Technologies, Inc. (U.S.)

Report Scope & Segmentation:

Report Coverage	Details
Forecast Period	2022-2029
Forecast CAGR	9.54%
2029 Value Projection	USD 56.74 Billion
Base Year	2021
Satellite Communication (SATCOM) Market Size in 2021	USD 27.56 Billion
Historical Data	2018-2020
No. of Pages	222
Segments Covered	By Component Analysis, By End-user Analysis, By Platform Analysis
Satellite Communication (SATCOM) Market Growth Drivers	Growing Adoption of IoT for the Optimization of Operation in the Aviation Sector

Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/satellite-communication-satcom-market-102679

Segments

Rising Adoption of Better Devices Drives the Transceiver Segment

Based on components, the market is categorized into transmitter/transponder, transceiver, antenna, receiver, and others. The transceiver segment will dominate due to the rising replacement of receivers and transmitters with better transceiver systems.

Surging Demand for DTH Services and Internet from End-users Will Favor Broadcasting Segment

In terms of application, the market is classified into remote sensing, military applications and navigations, weather monitoring, broadcasting, and others. The broadcasting segment is expected to rule the market due to the surging demand for DTH services and internet from end-users.

Rising Use of Satellite Communication in the Telecommunication Industry Spurs Product Demand

With regards to end-user, the market is bifurcated into commercial and government & defense. The commercial segment is expected to show higher growth due to the rising use of satellite communication in the telecommunication industry.

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Report Coverage

The report provides insights into the regional analysis covering different regions, contributing to the market's growth. The report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact the market. Adopting strategies by major players to introduce partnerships, collaboration, and new products will contribute to the market's growth.

Drivers and Restraints

Rising Technological Development of Small Satellites in the Aviation Industry to Fuel Product Demand

Due to technological developments of small satellites in a ground operation, the demand for the product rose. Furthermore, the rising demand for data analytics, cloud computing, and artificial intelligence will spur product demand. Meanwhile, security concerns related to the sustainability of satellite systems could impede the Satellite Communication (SATCOM) market growth.

Regional Insights

Rising Government Spending on Military Networks Nurtures Growth in North America

North America held a significant grip on the global Satellite Communication (SATCOM) market share during the projected period due to rising government spending on military and communication networks across the region.

Asia Pacific is projected to showcase exponential growth during the forecast period due to the expansion in use of satellite antennas in the telecommunication, aviation, and IT industries.

Europe is seen to have decent demand due to rapid improvement in infrastructure modernization projects and the growing number of space exploration activities.

Competitive Landscape

Several Giants are Investing in Space Exploration Activities to Strengthen their Position

The market's key players are continuously deploying acquisition strategies to strengthen their client base. For example, in June 2022, Viasat, a satellite communications firm, approved the proposed acquisition of Britain's Satellite communication with an aim to connect the world securely.

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Detailed Table of Content:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments –Mergers, Acquisitions and Partnerships
  • Latest technological Advancements
  • Porters Five Forces Analysis
  • Supply Chain Analysis
• Quantitative Insights- Impact of COVID-19 Pandemic on Satellite Communication (SATCOM) Market
  • Impact of COVID-19 on Global Satellite Communication (SATCOM) Market
  • Steps Taken by Industry/Companies/Governments to Overcome the Impact
  • Potential Opportunities Due to COVID-19 Outbreak

TOC Continued…!

Key Industry Development:

May 2022- UltiSat Inc. and Cobham Satcom announced the signing of a strategic distributor and integrator agreement to expand their market reach.  

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