Global Mobile Satellite Phone Market Report Released
The global mobile satellite phone market is expected to gain significant momentum in the forecast period of 2019-2027, according to a new report from Research Dive. The GEO sub-segment is set to gain the highest market share. The maritime sub-segment is predicted to dominate the market, and the North American region is expected to further add to the market growth in the coming years.
According to the report, the global mobile satellite phone market is expected to experience a rise in revenue from $3.82 billion in 2019 to over $5.26 billion by 2027 at steady revenue of 4.0% during the forecast period.
Mobile satellite phones are the most advanced technological advancements that are able to function in the most severe scenarios. These phones work using a direct signal link for communication satellites and can be easily used for military purposes, such as to connect with troops over longer distances. They have also been useful during natural calamities such as earthquakes, tsunamis, floods, hurricanes, and more to ensure efficiency in search and rescue operations. These factors are expected to help in the growth of the market.
On the flip side, many countries have regulations in place to control the usage of satellite phones while many others have completely banned them. There are also some standards that are fixed by the governments in the different brands of these phones which could further hamper the growth of the market.
Furthermore, the global mobile satellite phone market has observed the introduction of satellite phones that are as compact as the normal cellphones. Additionally, many key players are further working to add more features to the phones. These factors are predicted to help the market grow further in the forecast period.
By type, the GEO sub-segment is predicted to experience a rise in revenue from $2.58 billion in 2019 to over $3.45 billion by 2027. The GEO satellites play a dominant role in sending and receiving signals due to their higher altitude. This assists in providing a larger area for the satellite to scan and send the results back to the earth. It doesn’t need any adjustments in terms of direction but can still cover larger areas. This is expected to help in the growth of the segment.
By end use, the maritime sub-segment is set to witness an increase in the revenue from $952.9 million in 2019 and expected to reach up to $1.28 billion by 2027 at a steady CAGR of 3.7%. The maritime sector constantly faces challenges due to their geographical location under water. This lack of network connectivity pushed the production and use of the mobile satellite phones in critical moments such as rescue operations. This has ensured the rapid growth of the segment.
The North America region is predicted to witness a significant rise in revenue from $1.25 billion in 2019 to over $1.62 billion by 2027. This growth is primarily due to the constant investment on behalf of the key players to ensure further developments of the phones. The innovations will provide better connectivity to multi-orbit satellite fleets which will be beneficial for the regional market growth.
(Source: Research Dive news release)