Maritime Satellite Communication Market Expansion Predicted
By 2030, the global Maritime Satellite Communication Market is expected to be worth $4.74 billion and to grow at a CAGR of 8.9 percent during the forecast period. The expansion is fueled by the rising demand for dependable and inexpensive communication services at sea. Additionally, more individuals will use it for navigation, which is anticipated to boost income. Key manufacturers of ship communication equipment, such as iridium Communications Inc. and Inmarsat Global Limited, are investing heavily in the production of new, inexpensive equipment. This is also anticipated to contribute to growth.
According to a new report from Contrive Datum Insights, communication equipment on ships is becoming a must for both short and long voyages. Reliable communication is now an essential component of all sorts of maritime transportation, including pleasure boats, super yachts, commercial fishing, and navy transport. Cellular services are restricted to the offshore regions and operate only within a specific range. A satellite network is utilized to resolve communication issues and provide more competitive services than land-based communications.
Maritime Satellite Communication Market Segmentation Analysis:
Very Small Aperture Terminal (VSAT) captured a larger market share in 2018 and is anticipated to experience rapid expansion over the next few years. This rise is due to the fact that VSAT is superior to Mobile Satellite Services (MSS) in numerous respects, including less time lag and the ability to cover the entire globe. A Broadband VSAT network is utilized to establish VPN networks on ships that span whole fleets and connect ships to land. This connection facilitates the operation of essential business applications, transports VoIP traffic, and improves ship access to information. VSAT provides consistent Internet connectivity that can be used for email, file sharing, and instant chat.
In 2018, the commercial vessel segment generated revenue in excess of $1.3 billion. This was a result of the increasing number of trade activities involving commercial vessels in China, Brazil, India, and other important emerging nations.
In 2018, the hardware category contributed more than 30% of the maritime satellite communication market revenue, and this trend is anticipated to continue in the coming years. Numerous hardware components are utilized, and their prices are extremely high. During the projected year, this high cost is anticipated to generate additional revenue. As more VSAT broadband technology is deployed to both new and existing marine vessel fleets, the market is anticipated to expand. The need for installing new VSAT services as opposed to MSS services is likely to be driven by technological advancements, such as the reduced size of the dish and the decreased cost of data usage.
Many countries in the APAC region are projected to embrace maritime satellite communication solutions due to significant demand, particularly in the oil and gas, merchant shipping, mining, and passenger shipping industries. The APAC area makes extensive use of maritime satellite communication technology. In this field, maritime satellite technology has been employed to establish advanced communication networks so that employees, such as offshore crews, may communicate with one another. End-users such as offshore vessels, merchant shipping, and the government are currently utilizing a significant amount of modern maritime satellite communication services.
The expansion of the maritime market is being propelled by the development of new technology. Ku-band High-Throughput Satellites (HTS) are now available for purchase. Technology is advancing at an accelerated rate.
Numerous types of communication services comprise the maritime satellite communication market. The majority of these services are offered by frequency-based satellite communication services in the L-band, Ku-band, and Ka-band bands, which enable global communication. Satellite services allow for voice and data communications to occur at sea. Route and operation area are among the most essential factors to consider while selecting the type of communication band and services for a ship.
(Source: Contrive Datum Insights news release. Images from file)