Global Satellite Telecommunications Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

Satellite telecommunications refers to the use of man-made satellites to establish communication linkages between various locations on Earth. It is used for videoconference systems, telemedicine, and tele-education.

Sizing and Forecast

The satellite telecommunications market size has grown steadily in recent years. It will grow from $41.37 billion in 2023 to $43.39 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to geopolitical considerations, market liberalization, disaster recovery and emergency communications, media and broadcasting needs, connectivity in remote areas..

The satellite telecommunications market size is expected to see strong growth in the next few years. It will grow to $53.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to rising demand for broadband connectivity, iot and m2m connectivity needs, emerging market opportunities, global 5g backhaul requirements, environmental and climate monitoring.. Major trends in the forecast period include use of satellites for earth observation, development of high-capacity optical communication payloads, rising interest in smallsat and cubesat deployments, global expansion of broadband services, increased focus on space situational awareness (ssa)..

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Segmentation & Regional Insights

The satellite telecommunications market covered in this report is segmented –

1) By Component: Receiver, Transmitter Or Transponder, Transceiver, Antenna, Other Components
2) By Platform: Portable SATCOM Equipment, Land SATCOM Equipment, Maritime SATCOM Equipment, Airborne SATCOM Equipment
3) By Application: Asset Tracking Or Monitoring, Airtime, Drones Connectivity, Data Backup And Recovery, Navigation And Monitoring, Tele-medicine, Broadcasting, Other Applications
4) By Vertical: Energy And Utility, Government And Defense, Transport And Cargo, Maritime, Mining And Oil And Gas, Agriculture, Communication Companies, Corporates Or Enterprises, Media And Broadcasting, Other Verticals

North America was the largest region in the satellite telecommunications market in 2023. The regions covered in the satellite telecommunications market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

The increase in the demand for small satellites for earth observation services is expected to boost the growth of the satellite telecommunication market going forward. Small satellites refer to satellites that weigh less than a kilo (2,204 pounds). Small satellites are used to advertise conventional satellite applications in data communications, earth exploration, space research, and many other fields, hence, the increase in the demand for small satellites for earth observation services is expected to boost the satellite telecommunication market. For instance, in 2021, according to a report published by Satellite Applications Catapult Limited, a UK-based technology and innovation center focused on space satellites, in 2021, 1,715 small satellites were launched, which is an increase compared to the total number of 1163 small satellites launched in 2020. This is the greatest figure from any quarter so far. Therefore, the increase in the demand for small satellites for earth observation services is driving the growth of the satellite telecommunication market.

Key Industry Players

Major companies operating in the satellite telecommunications market are focused on providing innovative networks by leveraging technology such as Release-17-based satellite technology to unlock new possibilities for connectivity. Release-17-based satellite technology is the implementation of the latest 3rd Generation Partnership Project (3GPP) standard in satellite communication systems. For instance, in November 2023, Viasat Inc, a US-based provider of advanced digital satellite communications with Skylo Technologies, a US-based provider of software solutions launched the world’s first global direct-to-device (D2D) network, utilizing Skylo’s Release-17-based satellite technology and Viasat’s L-band satellite constellation. This partnership allows Mobile Network Operators, device makers, and chipset manufacturers to bring 3GPP Release 17 compliant products to market within Viasat’s global network coverage. The network supports consumer smartphone services, the Internet of Things (IoT), automotive, and defense applications.

The satellite telecommunications market report table of contents includes:

1. Executive Summary

2. Satellite Telecommunications Market Characteristics

3. Satellite Telecommunications Market Trends And Strategies

4. Satellite Telecommunications Market – Macro Economic Scenario

5. Global Satellite Telecommunications Market Size and Growth

….

31. Global Satellite Telecommunications Market Competitive Benchmarking

32. Global Satellite Telecommunications Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Satellite Telecommunications Market

34. Satellite Telecommunications Market Future Outlook and Potential Analysis

35. Appendix

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