Market Overview
The global Satellite Communication Systems Market Size is registered to hold USD 10,617.5 Million during the review period. However, it is estimated to create an 8.8% CAGR during the assessment period of 2014 to 2024.
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The increasing adoption of VSAT systems among the BFSI sector and maritime industry is driving the market growth in the forecast period. Additionally, the increasing number of LEO-HTS constellations across the world is bringing lucrative opportunities for vendors and market players.
However, the sea connectivity issues might hinder the Satellite Communication Systems Market Growth during the forecast period. The global market players might experience challenges due to the radio spectrum availability issues and cyber security issues.
Market Segmentation:
The global Satellite Communication Systems Market Analysis explains that the present market is generating higher market revenue from different market segments. This market segment includes type and organization size.
As per the Satellite Communication Systems Market Forecast report, the global market has been classified into SMEs (small & medium enterprises) and large enterprises on the basis of organization size segment. Out of all, the small & medium enterprises segment is estimated to account for 9.8% CAGR in the research timeframe. On the other hand, the large enterprise segment is anticipated to lead the worldwide market during the review period. This segment is growing on a large scale due to the rising application of enterprise VSAT in large enterprises such as data security and integrity, drive-aways for TV broadcast systems, and private intranet services.
Based on the type segments, the current market has been segregated into hardware and services. Of these, the services segment is anticipated to dominate the global market during the assessment period. Further, this segment is projected to account for a 9.1% CAGR during the review timeframe. Moreover, this segment has witnessed rapid growth due to the enhancement in DVB S2X technology.
Regional Analysis:
Geographically, North America, Asia Pacific, Middle East, and Africa, South America, Latin America, Europe, and other regions have been covered in the global market report to analyze the recent trends and opportunities.
Among all, the North American regional market is projected to register the largest Satellite Communication Systems Market Share during the analysis period. This region is expanding due to the presence of leading market players like Gigasat, Skycaster LLC, Hughes Network Systems LLC, and VT iDirect. Moreover, the increasing penetration of mobile broadband, rising adoption in aerospace and defense, and technological advances in the region are fueling the market growth during the research period. In addition, the global market is boosting up the market growth because of the high adoption of satellite services for various applications like inspection of historical monuments, vegetation identification, and volcano monitoring and disaster management during storms and hurricanes.
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Industry News:
In December 2020, the leading market player Marlink provided connectivity solutions for Manta Shipping across Turkey. In addition, this company has provided L-Band backup services along with the Ka-band VSAT of high-throughput that is beneficial for the company. Moreover, the developed tool is helpful for the ship staff and shore staff to prioritize downloads and analyze the usages.
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