Mobile Satellite Services (MSS) Market Size to Reach $14.25 Billion by 2030
The global Mobile Satellite Services market size reached $6.31 billion in 2021 and is expected to register a significantly rapid revenue CAGR over the next 10 years, according to the latest analysis by Emergen Research. Increasing need for connectivity and communications in disaster and emergency situations is a major factor expected to drive market revenue growth.
The global Mobile Satellite Services (MSS) market is expected to register a CAGR of 9.5% over the forecast period, and revenue is projected to increase to $14.25 billion by 2030. Navigation and tracking are becoming vital as the technologies help to reduce traffic congestion, fuel costs, and potential road accidents, as well as top save time and money. Mobile Satellite Services (MSS) provides real-time images of routes, road information, and predictive element data, providing near-future predictions about route, traffic conditions, weather conditions, and overall time required to travel from point to point.
However, improper use of MSS could raise concerns regarding the security and safety of users. Therefore, Mobile Satellite Services (MSS) should be used with knowledge of the automobile applications that integrate all kinds of information related to the location and emergency features such as voice service in case of an emergency, according to the report. In addition, Mobile Satellite Services improves user efficiency, resulting in increased productivity, which is expected to drive market revenue growth during the forecast period.
Cellular network systems are mostly damaged in the event of disasters such as hurricanes, earthquakes, floods, and wildfires, among others, which can affect communication systems by compromising infrastructure. Hence, MSS is an ideal alternative in any disaster or emergency situation. One of the primary objectives of Mobile Satellite Services is to broadcast warning information about what is happening and prompt people to take action accordingly. In addition, MSS allows essential communication services to keep local and government services such as disaster response, policing, reporting, and health care operating. Furthermore, increasing need for people to connect to important resources and report on their safety via emergency calls, text messages, or social media updates are expected to drive market revenue growth during the forecast period.
Europe market is expected to register a significantly robust revenue growth rate over the forecast period owing to increasing government support supporting adoption of mobile satellite services and rising penetration of major mobile satellite service providers, such as Telefonaktiebolaget LM Ericsson (Ericsson, Inc.), EchoStar Mobile Limited, and Intelsat S.A., among others, in countries in the region.
(Source: Emergen Research news release. Image from file)