According to a new market research report published by Credence Research “Satellite Communication Equipment Market (Product Type – SATCOM Receiver, SATCOM Transmitter, SATCOM Transceiver, SATCOM Antenna and SATCOM Modem; End-use – Land SATCOM Equipment, Maritime SATCOM Equipment, Air & Space SATCOM Equipment) Market – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global satellite communication equipment market set to expand with a CAGR of 8.88% throughout the forecast period to cross US$ 47.0 Bn by 2026.
[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]
The overall market for satellite communications equipment is set to show promising growth over the forecast period, mainly due to a significant increase in the global IT & telecommunications sector. Global telecommunications traffic accounted for 290 terabits per second in 2017 along with the introduction of 196 terabits per second of international Internet bandwidth between 2013 and 2017. Advancement of Internet capacity has been credited to the worldwide need for uninterrupted communication across almost all industries. Satellite Communication (SATCOM) equipment enables real-time communication across geographies. It concludes the strong market for SATCOM equipment to enable the transmission of high traffic signals for national or global purposes.
The overall market for SATCOM equipment was segmented on the basis of product type and end-use. Based on the product type, SATCOM transceiver is leading the global market for SATCOM equipment, accounting for more than 1/4 of the total market value. This is primarily due to the increasing use of satellite navigation equipment and the increasing number of defense authorities for surveillance applications. By region, the market for SATCOM equipment dominated by North America represented more than 35.0 per cent of the overall market value generated worldwide. The Asia-Pacific region is expected to account for the highest growth during the forecast period, mainly due to rapidly growing research and development activities in the SATCOM sector in China, India, Japan and South Korea, among others.
The growth of the SATCOM equipment market was further supported by the increasing use of Internet of Things (IoT) applications, television, real-time communication and others. According to Ericsson AB, more than 2 Bn items (excluding smartphones) are projected to be connected using cellular technology by 2023. These include robots, agriculture and machinery, and logistics, among others. SATCOM equipment penetration into IoT applications is projected to dramatically improve overall real-time communication, boost technical viability and significantly reduce operating costs. With the Internet of Things (IoT) gaining considerable momentum across almost all government and commercial industries, the IT & telecommunications industry is set to continue the trend as the largest market application.
Similarly, the emerging trend of connected cars, as well as the penetration of the navigation system, is further driving the growth of the SATCOM industry. Another motivating factor for the global growth of the SATCOM market is the increasing adoption of satellite communications services in the media sector. The growing demand for live broadcasts of sports, entertainment and other events, commercial advertising, news and live broadcasts of various on-going events is set to drive more growth in the SATCOM equipment industry.
Further, exposure of SATCOM technology by private organizations is inflating with promising rate. The consumers are getting more technological advances with affordable services due to growing penetration of such players. For instance, in June 2018, Phasor Solutions Ltd., the developer of leading antenna systems for mobiles, broadband announced a milestone commercial alliance with Astronics AeroSat Corporation. New partnership will produce scalable aeronautical terminals which will enhance the passenger experience with superior inflight connectivity and comfortable affordability.