Categories: Market Research

Satellite Internet Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Satellite Internet Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

Learn More On The Satellite Internet Market:

https://www.thebusinessresearchcompany.com/report/satellite-internet-global-market-report

According to The Business Research Company’s Satellite Internet Global Market Report 2024, The satellite Internet market size has grown rapidly in recent years. It will grow from $5.33 billion in 2023 to $5.99 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The growth in the historic period can be attributed to rural and remote connectivity needs, global Internet access, disaster recovery and emergency services, maritime and aviation connectivity, military and defense applications.

The satellite Internet market size is expected to see rapid growth in the next few years. It will grow to $9.79 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to growing demand for broadband services, expansion of low earth orbit (LEO) satellite constellations, connected vehicles and Internet of things (IoT), commercial and residential broadband solutions, government initiatives and subsidies. Major trends in the forecast period include integration with 5G networks, emergence of affordable consumer terminals, focus on rural connectivity solutions, government initiatives for space-based connectivity, advanced satellite technologies.

The rise in the need for satellite internet in rural areas is contributing to the growth of the satellite internet market. People residing in rural areas have struggled to gain access to reliable internet services. The internet service in rural areas is often slow and unreliable. Satellite internet service is less expensive than constructing millions of kilometers of fiber optic cable, and it’s perfect for rural and hard-to-reach places. For instance, in July 2021, according to the American Association of Retired Persons, a US-based non-profit organization, the Federal Communications Commission’s (FCC) nationwide broadband access map shows that as of November 2023, over 7.2 million homes and businesses lack access to high-speed internet service. Furthermore, in August 2022, according to Viasat, a US-based communications company, only 75% of homes in rural areas have access to broadband internet. Therefore, the unmet demand for fast and reliable internet in rural areas is increasing and is driving the satellite internet market growth.

Get A Free Sample Of The Report (Includes Graphs And Tables):

https://www.thebusinessresearchcompany.com/sample.aspx?id=5817&type=smp

The satellite internet market covered in this report is segmented –

1) By Product: Two-Way Satellite-Only Communication, One-Way Receive, One-Way Broadcast

2) By Band Type: C-Band, X-Band, L-Band, K-Band , Other Band Types

3) By End User: Commercial, Residential, Military, Industrial, Other End Users

Major companies operating in the satellite internet market are forming partnerships to develop new products and strengthen their positions in the market. Collaborations and partnerships in the satellite internet market foster innovation, leverage complementary expertise and accelerate the development and commercialization of advanced therapies by combining resources and capabilities. For instance, in July 2023, Astrocast SA, a Switzerland-based company that specializes in providing satellite Internet of Things (IoT) communication services partnered with Airbus Defense and Space SAS, a Germany-based manufacturer of defense and space products. This partnership is to further advance satellite IoT (SatIoT) technology, which serves as a commitment to Airbus’s technology roadmap and its leadership in the SatIoT market. Airbus will keep offering Astrocast a lot of support through this renewal of the collaboration, with an emphasis on improving the bandwidth and service quality. Through this collaboration, clients will be able to tailor their operating efficiency to meet their specific needs and enjoy increased data transfer capacity, efficiency, latency, and security.

The satellite internet market report table of contents includes: