5G SatCom Market Will Grow to $29.06 Billion by 2030: Report
5G SatCom Market Will Grow to $29.06 Billion by 2030: Report
Small Satellites and Aviation Sector Demand Among Primary Drivers
The global 5G satellite communication market size, valued at $2.75 billion in 2021, is projected to reach $29.06 billion by 2030, growing at a CAGR of 29.09% during the forecast period (2022–2030).
The increasing adoption of small satellites in the defense industry for applications such as geospace and atmospheric research, tactical communication, and medium resolution imagery is expected to drive market growth.
According to a new report from Straits Research, the primary factor driving the growth of the global 5G satellite communication market is the expanding demand for catering to various applications and eliminating existing technological challenges. The market performance parameters are high bandwidth, low latency, high system spectral efficiency, and reduced energy consumption. In order to meet the technological requirements of 5G satellite communication networks, there will likely be an increase in efforts to upgrade the current infrastructure during the forecast period due to the strong demand for the 5G network across various applications.
Increasing demand for satellite communication in the maritime industry is anticipated to contribute to market growth significantly. Growing concern for the security of people at the borders has directly led to the development of a desperate need for communication. This is likely to affect the growth of the market for maritime communication satellites.
North America is anticipated to rule the 5G satellite communication market during the forecast period. The significant presence of key companies highly engaged in developing and providing 5G telecom services and satellite connectivity is a significant factor contributing to the region's growth.