Satellite Connectivity Market to Reach $22.12 Billion Globally by 2031 at a CAGR of 7.3%: Allied Market Research
Rising government investments in space exploration and increase in satellite launches are driving the global satellite connectivity market.
PORTLAND, Oregon., August 12, 2022 /PRNewswire/ — Allied Market Research recently released a report titled, “Satellite Connectivity Market By Component (Video, Fixed, Mobility), By Orbit (Elliptical, GEO, LEO, MEO), By End User (Civil & Earth Observation, Government & Military, Commercial): Analysis of Global Opportunities and industry forecast, 2021 -2031″. According to the report, the global satellite connectivity industry was pegged on $11.12 billion in 2021, and should reach $22.12 billion by 2030, growing at a CAGR of 7.3% from 2022 to 2031.
Key Drivers of Market Growth
Rising government investments in space exploration and increase in satellite launches have boosted the growth of the global satellite connectivity market. Also, increasing adoption of satellite constellation has complemented the growth of the market. However, high initial investment and strict government regulations regarding satellite launches are hampering the market growth. On the other hand, the increasing demand for satellite data and the increasing integration of artificial intelligence, machine learning and cloud computing are expected to open up new opportunities in the future. The report offers a detailed analysis of changing market trends, major segments, major investment pockets, value chain, regional landscape and competitive scenario.
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- The Covid-19 pandemic has had a negative impact on the market. The epidemic has forced governments to implement strict containment and ban the import and export activities of raw materials.
- The prolonged lockdown has led to a shortage of raw materials for manufacturing satellite connectivity components.
- The adverse effects of the Covid-19 pandemic have led to delays in initiatives and activities regarding the development of advanced satellite connectivity components.
Fixed Segment to Manifest Highest CAGR through 2031
By component, the fixed segment is estimated to show the highest CAGR of 8.9% during the forecast period, owing to the increase in demand for satellite connectivity for fixed services worldwide. However, the video segment held the largest share in 2021, accounting for around half of the global satellite connectivity market, and is expected to maintain its dominance throughout the forecast period. This is due to the high demand for satellite connectivity for video worldwide.
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The LEO segment dominated the market
By orbit, the LEO segment held the largest share in 2021, contributing nearly three-fifths of the global satellite connectivity market, and is expected to maintain its leading position during the forecast period. Furthermore, the segment is expected to show the highest CAGR of 8.1% during the forecast period, owing to the increase in LEO orbit satellite launches by several private players globally.
Commercial Segment to Show Highest CAGR Till 2031
By end-user, the commercial segment is expected to show the highest CAGR of 7.6% during the forecast period. Furthermore, the segment held the largest share in 2021, accounting for more than three quarters of the global satellite connectivity market, and is expected to maintain its dominance from 2022 to 2031. This is due to the fact that the majority of satellite connectivity is consumed for various commercial applications around the world.
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North America held the lion’s share
By region, the global satellite connectivity market across North America held the largest share in 2021, accounting for more than half of the market. This is due to increasing R&D activities, technological developments by major players and rapid adoption of innovative technologies in manufacturing advanced, reliable, accurate and efficient satellite connectivity systems. However, the market through Asia Pacific is expected to register the highest CAGR of 9.9% during the forecast period, owing to increased purchases and development of advanced satellite connectivity systems in several Asian countries, e.g., China, India, Japanand South Korea.
Main market players
- ASELSAN AS
- Honeywell International Inc.
- General Dynamics Society
- Israel Aerospace Industries Ltd.
- Leonardo SpA
- L3Harris Technologies, Inc.
- Norsat International Inc.
- Viasat Inc.
The report analyzes these key players in the global satellite connectivity market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of each market player.
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Similar reports we have on the satellite industry:
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LEO and GEO Satellite Market by Types (Low Earth Orbit (LEO) and Geostationary Earth Orbit (GEO)) and Application (Communication and Navigation, Remote Sensing, Surveillance and Others): Global Opportunities Analysis and Industry Forecast, 2020- 2030.
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