Satellite Communication Market Industry Trends, Sales Revenue, Industry Growth, Development Status, Top Leaders, Future

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The global satellite communication market size is predicted to reach USD 41.33 billion by 2026, exhibiting a CAGR of 7.73% during the forecast period.

 

The global satellite communication market size is predicted to reach USD 41.33 billion by 2026, exhibiting a CAGR of 7.73% during the forecast period. The rising demand for small satellites in energy, oil gas, defense, and other sectors will boost the satellite communication (SATCOM) market trends during the forecast period. The growing utilization of small satellites in the defense sector for applications such as,  tactical communication, medium resolution imagery, and geospace atmospheric research will create sales opportunities for the satellite communication (SATCOM) market share in the forthcoming years, states Fortune Business Insights in a report, titled “Satellite Communication (SATCOM) Market Size, Share Industry Analysis, By Component (SATCOM Receiver, SATCOM Transmitter/Transponder, SATCOM Transceiver, SATCOM Antenna, SATCOM Modem/Router, and Others), By Technology (SATCOM Vsat, Satcom-On-The-Move (SOTM), Satcom-On-The-Pause (SOTP), SATCOM Telemetry, and SATCOM Automatic Identification System), By Platform (Commercial and Government Defense), By End Use (Portable SATCOM equipment, Land SATCOM equipment, Maritime SATCOM equipment, and Airborne SATCOM equipment), and Regional Forecast, 2019-2026” the market size stood at USD 22.61 billion in 2018.

 

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

 

 

The Report List the Key Players in the Satellite Communication (SATCOM) Market

  • Inmarsat plc
  • Honeywell International, Inc.
  • The Boeing Company
  • L3 Harris Technologies, Inc.
  • Indra Sistemas, S.A.
  • General Dynamics Corporation
  • Cobham plc
  • Viasat, Inc.
  • Iridium Communications Inc.
  • Qualcomm Technologies, Inc.

 

Competitive Landscape:

Contract for Satellite Ground Systems by Navy to Favor Growth

General Dynamics Corporation, an American aerospace and defense corporation received a contract from Navy to build the ground system for the Mobile User Objective System. The $732 million contract awarded by Navy can be an exponential factor in boosting the satellite communication (SATCOM) market growth during the forecast period owing to the Navy’s next generation narrowband satellite communications system, providing secure voice, video and data communications to military users all over the globe. According to General Dynamics, just one MUOS satellite can provide four times the capacity of the entire legacy system. Furthermore, the vice president and general manager for General Dynamics’ space and intelligence systems, Manny Mora, said in a statement, “MUOS will provide our warfighters with the ability to communicate securely, anywhere, anytime, with voice clarity and data transmission speed similar to using a civilian cell phone, this capability delivers a whole new level of connectivity for troops in the field.” In addition, the growing seaborne trade across countries will spur opportunities for the market in the forthcoming years. Nonetheless, the rising focus on autonomous and connected ships by numerous nations will fuel demand for satellite communication, which, in turn, will aid the market.

 

Regional Analysis:

Surge in Telecommunication Industry to Stimulate Growth in Asia Pacific

The market in North America stood at 13.11 billion in 2018 and is predicted to grow rapidly during the forecast period owing to the growing military expenditure. The presence of key manufacturers  such as General Dynamics Corporation, L3 Harris Corporation, Honeywell International, Inc., Hughes Network Systems LLC, and others will aid healthy growth of the market during the forecast period. Asia Pacific is likely to witness high demand for SATCOM owing to the surge in telecommunication, aviation, and defense sector. Europe is expected to accounted for a major share in the market due to the growing modernization in the region. Nonetheless, Latin America is expected to grow rapidly in the foreseeable future owing to the reinforcement of military communication infrastructure.

 

 

Key Questions Answered:

  • Why Choose Fortune Business Insights?
  • What are the key demands and trends shaping the market?
  • What are the key opportunities in the market?
  • What are the key companies operating in the market?
  • Which company accounted for the highest market share?
  • What is the market size and growth rate of the global and regional market by various segments?
  • What is the market size and growth rate of the market for selective countries?
  • Which region or sub-segment is expected to drive the market in the forecast period?
  • What Factors are estimated to drive and restrain the market growth

 

KEY INDUSTRY DEVELOPMENTS:

  • In March 2020- CACI International Inc.had a contract with the U.S. Navy worth USD 180.3 million. In this contract, the company will provide satellite communications systems and network support services for the Navy.
  • In March 2020-Peraton received a contract of value USD 218 million to provide commercial satellite communications services for the U.S. Africa Command. This contract will establish a strong partnership with the government of the U.S.

Browse Summary of This Research:

https://www.fortunebusinessinsights.com/satellite-communication-satcom-market-102679

 

 

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Read Press Release: 

https://www.marketwatch.com/press-release/satellite-communication-satcom-market-size-to-reach-usd-4133-billion-by-2026-rising-defense-budget-to-spur-sales-opportunities-states-fortune-business-insightstm-2021-04-11?tesla=y

 

Read Related News:

https://www.globenewswire.com/en/news-release/2020/04/27/2022284/0/en/Satellite-Communication-SATCOM-Market-Size-to-Reach-USD-41-33-Billion-by-2026-Rising-Defense-Budget-to-Spur-Sales-Opportunities-states-Fortune-Business-Insights.html