Global Satellite Communication Market to Reach $83.25 Billion by 2028 at a CAGR of 11.45% - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Satellite Communication Market, By Components, By Application, By Verticals & By Region- Forecast and Analysis 2022-28" report has been added to ResearchAndMarkets.com's offering.

The Global Satellite Communication (SATCOM) Market was valued at USD 38.98 Billion in 2021, and it is expected to reach a value of USD 83.25 Billion by 2028, at a CAGR of 11.45% over the forecast period (2022 - 2028).

The use of man-made satellites to establish communication linkages between various locations on Earth is known as satellite communication. A communication satellite is a man-made satellite that connects and amplifies radio communications signals using a transponder. Between a source transmitter and a receiver that is dispersed throughout the world, a communication channel is established. Television, telephone, radio, internet, and military applications all make extensive use of satellite communication.

Drivers

Over time, more people around the world are using the internet. Furthermore, since OTT services are increasingly used, particularly by gen-x, the demand for material that is distributed through the internet has grown dramatically over time. Additionally, data obtained by navigation and observation satellites is transferred using satellite communication in sectors including agriculture and public safety. The data communication market is therefore anticipated to expand quickly in the upcoming years.

Restraints

Over the course of the forecast period, the global satellite communication (SATCOM) market is anticipated to be constrained by the high development and maintenance expenses in SATCOM. In the upcoming years, it is anticipated that more transportation networks, particularly logistics, would use satellite communication, creating new and varied growth prospects for the global market.

Market Trends

As more organisations adopt IoT, businesses from all over the world are concentrating on extending their IoT reach through satellite communication through strategic alliances, collaborations, and partnerships. For instance, Rakuten Mobile will use Low Earth Orbit (LEO) satellites in November 2021, in partnership with the University of Tokyo Graduate School of Engineering, to enable long-distance communications with current narrowband (NB) equipment.

Companies Mentioned

• Boeing (US)
• Cobham Limited (UK)
• General Dynamics Corporation (US)
• Honeywell International Inc. (US)
• Indra (Spain)
• Inmarsat Global Limited (UK)
• L3Harris Technologies, Inc. (US)
• Qualcomm Technologies, Inc. (US)
• Viasat, Inc. (US)
• Gilat Satellite Networks (Israel)

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