Optical Satellite Communication Market Report Released
Fortune Business Insights Predicts Double-Digit Growth
The global optical satellite communication market, which was valued at $1.51 billion in 2022, is projected to grow from $1.77 billion last year to $5.12 billion by 2030, representing a CAGR of 16.4% during the forecast period. The data was released as part of the 'Optical Satellite Communication Market, 2023-2030' report from Fortune Business Insights.
Data relay satellites prominently use optical communication, which drives market growth. For remote sensing, earth observation, and other data, countries such as China, Japan, Russia, and the U.S., have demonstrated inter satellite communication for transmission.
Based on laser type, the market is divided into YAG laser, CO2 laser, Silex laser, and others. Rising compliance of CO2 lasers in satellite communications by offering an efficient platform for data transmission dominates the market. By application, the market is categorized into telecommunication, tracking & monitoring, surveillance & security, space exploration, earth observation, and others. Increased demand for broadcasting services will contribute to the dominance of the telecommunication segment during the forecast period.
Based on component, the market is classified into receiver, transmitter, antenna, modular, and others. Due to its importance in electronic devices, the transmitter segment is expected to grow with a significant growth rate in the optical satellite communication industry during the forecast period. Geographically, the market is studied across North America, Europe, Asia Pacific, and Rest of the World.
Due to its several advantages, numerous companies are concentrated on developing projects in association with optical inter satellite communications. These projects are anticipated to increase the market share for optical satellite communication. For its Starlink internet service, SpaceX deployed 2,000 satellites and are prepared to advance to new heights.
On the contrary, clouds can cause signal attenuation as they are capable of absorbing and scattering laser beams, which may hamper the optical satellite communication market growth.
In 2022 North America dominated the market with a valuation of USD 0.71 billion. The region is expected to continue its dominance due to growing space exploration activities and high adoption of optical communication satellites.
Europe holds the second largest optical satellite communication market share due to its specialized application in military and scientific purposes.