Maritime Satellite Communication Market Headed North of $10 Billion
CAGR Projected to be 10.75 Percent Through 2029
The maritime satellite communication market is anticipated to grow from $4.903 billion in 2022 to $10.017 billion by 2029 at a CAGR of 10.75 percent, according to a new report from Knowledge Sourcing Intelligence.
The maritime satellite communication system comprises a range of communication components, which offer communication delivery through Ku-band, L-band, and Ka-band frequencies. It provides ships, yachts, and other maritime transport vehicles with a connectivity system. The maritime communication system offers real time monitoring of the ships and other vessels, along with providing navigational and surveillance data. This communication system also ensures the safety of the crew and vessels during operations.
Various vessels and ships use various components to ensure safe and constant connectivity, like the maritime satellite terminal, which is specifically designed to ensure all-time connectivity of the vessels to the satellite. The maritime satellite communication system, with the use of satellite terminals, ensures constant connectivity of the vessels, also providing them with access to the internet, voice communication, remote monitoring, and other data transfer capabilities.
This market is expected to grow significantly, with the introduction of new technologies and major players in the market. In April 2024, Satcom Global announced its agreement with Intelsat, which focuses on the improvement of Satcom's AuraNow VSAT technology, along with the enhancements of its coverage area. Similarly, in April 2024, SES, a global communication provider, acquired Intelsat, which aims to improve the multi-orbit coverage of the operators. With this acquisition, SES aims to improve its resilience, along with improved network coverage. To further boost its maritime communication capability, Singapore Telecommunications Limited or Singtel, in January 2024, announced its addition of Starlink satellite broadband connectivity solution, which is better suited for maritime operators.
By type, the market is segmented into mobile satellite service (MSS) and very small aperture terminal (VSAT). The very small aperture terminal (VSAT) category of the type segment of the maritime satellite communication market is expected to attain a greater market share. VSAT is an important component of the maritime satellite communication module. The VAST modules are generally equipped in smaller vessels, like the yachts, that offer reliable, and high-speed communication connections while the vessels are offshore.
Based on geography, the market is expanding significantly in the North American region, as the region is among the biggest consumers of the maritime industry. The region has also witnessed significant growth in its passenger fleet industry, like cruise ships and yachts, which offer high-quality, high-speed, and reliable internet connectivity to its passengers. The increase of the maritime satellite communication market in the region can also be witnessed by the increase in various leisure activities, like marine tourism, and others.