Satellite Communication Market Growth Forecast Through 2028

A new report from Verified Market Research indicates that the Global Satellite Communication Market was valued at $65.68 billion in 2020, and is projected to reach $131.68 billion by 2028, growing at a CAGR of 9.10% through the period.

The use of Satellite Communication is extensively in television, telephone, radio, internet, and military applications. A large range of radio and microwave frequencies are used for Satellite Communication. The purpose of communications satellites is to relay the signal across the curve of the Earth allowing communication among broadly separated geographical points. It covers a wide area of the earth, meaning that an entire country or location may be covered with a single satellite.

The growing applications and adoption of Artificial Intelligence (AI) and the Internet of Things (IoT) have paved the way for Intelligent Transport Systems (ITS). These systems permit customers to track cars or motors and permit freight operators to share and receive information promptly. Using satellite communication for transportation will permit seamless and non-stop transmission of data among the vehicle and the transport hub, filling the gaps of the terrestrial networks. Therefore, the usage of satellites for communication in transport networks, which includes logistics, will provide adequate growth opportunities for the satellite communication market.

The major players in the satellite communication market are EchoStar Corporation, SKY Perfect JSAT Group, L3 Technologies, Inc., SES S.A, Telesat, Intelsat, Viasat, Inc., Gilat Satellite Networks, and Thuraya Telecommunications Company.

According to the report, the increasing demand for IoT in the aviation industry for various purposes such as aircraft connectivity, airlines, air traffic management, and MRO management is anticipated to foster the market growth of global Satellite Communication by the forecast period. Interconnectivity in aviation applications for IoT-based devices and services requires the exchange of real-time data to the processing units, which is very crucial for the optimization of the various operations in the aviation industry.

This exchange of real-time data between the IoT systems and components is dependent on satellite connectivity. Thus Satellite Communication is going to play a vital role in IoT services along with the aviation industry which will foster market growth over the forecast period. Increasing demand for SATCOM equipment in telecommunication, space exploration, and telemetry will drive the market substantially by the forecast period.

The report indicates that military operations use Satellite Communication on a regular basis and are anticipated to have a positive impact on the global market growth by the forecast period. With the combination of military frequency bands with the commercial communications satellites, improvement in Satellite Communications is getting provided by military SATCOM such as personal communication service, global broadcast service, and bandwidth frequency.

However, the high costs of the development and maintenance in SATCOM are anticipated to act as a restraint for the global Satellite Communication Market by the forecast period. The use of Satellite Communication in transport networks including logistics will be increased in the coming years which is projected to offer new and various growth opportunities for the global market.

(Source: Verified Market Research news release. Image from file)