Space-Based Broadband Internet Market Forecast to Reach $52.33B
The global space-based broadband internet market is estimated to reach $52.33 billion in 2031, at a compound annual growth rate (CAGR) of 20.64% during the 10-year forecast period.
According to a new report from Research and Markets, the major driving factors for the huge revenues generated by the companies are the increase in demand for worldwide broadband internet access for information, entertainment, and commerce, and technological advancements toward developing next-generation communication satellite constellations.
The product segment helps the reader in understanding the different types of frequencies used by the companies to deliver broadband internet utilizing space-based platforms and the components required to deliver and receive the signals to the end users for numerous applications.
Moreover, the study provides the reader a detailed understanding of space-based broadband internet solutions with respect to orbits (LEO, MEO, and GEO), application (agriculture, maritime, aviation, enterprise, data and telecommunication, logistics and transportation, and others) for the end users (defense and government end user, commercial end user, individual users). Additionally, comprehensive coverage of various key certifications of the companies has also been added to the study.
Space-based broadband internet is the internet service provided utilizing communication satellites. The latest consumer-grade satellite internet service is provided to individual users through low Earth orbit (LEO), medium Earth orbit (MEO), and geostationary Earth orbit (GEO) that offer relatively higher speeds with the help of new satellites using Ku and Ka bands. Moreover, satellite internet constellations are being developed and launched to the LEO to enable low-latency connections from space.
The aviation industry is estimated to dominate the global space-based broadband internet market due to the high penetration rate in various countries that use broadband internet services solutions for smooth operations and in-flight connectivity services.
The commercial end users segment is expected to be the front runner in the global space-based broadband internet market mainly due to the wide range of product offerings that are being used for maritime, aviation, enterprise, and agriculture, among others. North America is expected to account for the highest share of the global space-based broadband Internet market, owing to a significant number of companies operating in the region. The companies based in North America often supply international customers based in Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
The biggest challenge faced by the space-based broadband Internet market is the high initial investment cost of equipment needed to provide services to end users, according to the report.
(Source: Research and Markets news release. Image from file)