It’s being expected that by 2028, the Maritime Satellite Communication market cap will hit USD 5.14 billion at a CAGR growth of about 6.9%.
.jpg "The Global Maritime Satellite Communication Market 2018-2028 (USD Billion)")
The rising demand for applications such as audio broadcasting and voice communications in end-user industries is analyzed to propel the growth of the satellite communication industry. The significant adoption of Direct to home(DTH) in media and entertainment applications is set to positively impact the growth of the market as satellite communication plays a crucial role in communication in providing the subscribers with high-quality content. The growing number of IoT connected machine and sensing devices, such as autonomous shipping, fleet management, high performance computing, and cybersecurity applications is driving the demand for satellite communication. Furthermore, regulatory incentives for safety communications, crew, and passengers want expanded media material, and newly developed concepts related to smart shipping are driving maritime operators to embrace the most recent generations of satellite communication systems. An increase in the use of High Throughput Satellite (HTR) and Low Earth Orbit Satellite for high speed broadcasting satellite services, cellular backhaul, and other value added services such as video conferencing, VOIP is set to be the major driver for the growth of the market. The rising adoption of satellite telemetry, automatic identification system, and Very Small Aperture Terminal markets with improved uplink frequency will drive the market growth.
This can be ascribed to the increased technology advancements and less expensive technology solutions It offers new opportunities for key players operating in the global maritime satellite communication market. Besides, the rising availability of satellite services offering Ku-band or Ka-band for VSAT is affecting the market in a positive manner.
However, lack of awareness about advanced maritime satellite services and reliance on high-cost satellite equipment is hampering the market growth. Furthermore, high-throughput satellites to unlock cloud and IoT services and unification of satellites and cellular communication technology is likely to provide lucrative development opportunities for the maritime satellite communication market in the forthcoming years.
Maritime Satellite Communication Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2028 |
| Study Period | 2018-2028 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2028 | USD 5.14 billion |
| Growth Rate | CAGR of 6.9 % during 2018-2028 |
| Segment Covered | By Type, Service, End-User, Regions |
| Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Key Players Profiled | Inmarsat Global Limited, Iridium Communications Inc, Thuraya Telecommunications Company, Hughes Network Systems, LLC, MTN Group Management Services (Pty) Ltd, Leonardo S.p.A, Viasat, Inc, ORBCOMM, KVH Industries, Inc, ST Engineering, EchoStar Corporation, Kongsberg Maritime, Saab AB, Rohde & Schwarz, RASCOM Company and Globecomm Systems Inc |
Key Segments of the Global Maritime Satellite Communication Market
Component Overview (USD Billion)
- Solution
- Service
Type Overview, (USD Billion)
- Very Small Aperture Terminal (VSAT)
- Mobile Satellite Services (MSS)
End-Use Overview, (USD Billion)
- Merchant Shipping
- Fishing
- Passenger Ships
- Leisure Vessels
- Government
- Others
Regional Overview, (USD Billion)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- Middle East and Africa (MEA)
- South America
- Brazil
- Mexico
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global maritime satellite communication market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global maritime satellite communication market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the maritime satellite communication market industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on Components, Type and End User. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global maritime satellite communication market. The report will benefit Every stakeholder involved in the maritime satellite communication market.
- Managers within the maritime satellite communication market industry looking to publish recent and forecasted statistics about the global Maritime Satellite Communication market market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global maritime satellite communication market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
The global maritime satellite communication market CAGR of 6.9 % to reach USD 5.14 billion by 2028.
The maritime satellite communication market is being driven by the growing requirement for richer data communication in the marine industry to improve operational efficiency, on-board security and monitoring, and employee/passenger welfare.
Inmarsat Global Limited, Iridium Communications Inc, Thuraya Telecommunications Company, Hughes Network Systems, LLC, MTN Group Management Services (Pty) Ltd, Leonardo S.p.A, Viasat, Inc, ORBCOMM, KVH Industries, Inc, ST Engineering, EchoStar Corporation, Kongsberg Maritime, Saab AB, Rohde & Schwarz, RASCOM Company and Globecomm Systems Inc
The Asia-Pacific region is investing heavily in maritime satellite communication technologies.
Maritime Communications is a communication platform by which two way voice communication is made viable for users who are in remote locations or frequent travelers such as those between ship and coast stations. The Mobile satellite communications can offer several different ways of communications such as GPS, distress signaling and PIN based solutions. There is a rising demand for immediate data communication as it helps in the monitoring of ships, vessels, and cargo as well as to ensures surveillance and security. Ongoing developments by key players and the introduction of advancement in technology such as high-speed broadband modems, multi frequency dish antennas, gyro-stabilized ground terminals and popular applications such as GMDSS services and satellite emergency notification devices are driving the market growth.
However, certain concerns towards security and privacy, high infrastructure costs, and lack of knowledge are restraining the market growth. The major factor driving the maritime satellite communication market is the need to attain improved connectivity between the land and sea operations and realizing benefits in faster repair times, preventative maintenance, fuel-saving, and real-time navigation.
Marine satellite communication equipment used for naval defense forces help deal with aerial monitoring, sending and receiving distress call, and navigational requirements. Moreover, growing investment across various regions to upgrade legacy systems in the naval fleet is likely to propel demand over the forecast period. Defense and security sector has to maintain communications with zero time lag to evade challenges, such as pirate activities, inter-country conflicts, and border infiltrations among others. Thereby, marine satellite communication is gaining attention among coast guard, naval forces, and other security organization.
However, the market is expected to become fragmented in the forthcoming years as several new market players are emerging from developing countries such as India, Japan, China, and other countries.
Component Segment
Based on the component segment, the market is bifurcated into services and solutions. In 2020, the services and solutions gathered the largest market revenue and it is anticipated to govern the market throughout the forecast period.
Type Segment
Based on type, maritime satellite communication market is segmented into mobile satellite service and very small aperture terminal. Currently, very small aperture terminal segment is holding largest share in maritime satellite communication market and it is expected to continue during forecast period. Factors that contributes to the highest market share are bandwidth and cost advantage that very small aperture terminal provides to the consumers.
End User Segment
Based on the end user, the market is segmented into merchant shipping, fishing, passenger ships, leisure vessels, retail & consumer goods, energy & utilities, and others. Shipping segment is expected to hold large market share due to rising manufacturing and growing international shipping industry. Also, increase in ships and naval vessels are expected to propel shipping sector.
The Europe is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the maritime satellite communication market in this region is mostly ascribed to the high demand in tracking and monitoring, transferring real-time information, and also access the internet for communication. However, the growth in Asia Pacific region is likely due to the increasing adoption of VSAT technologies in the merchant and cruise ships in the region. Large-scale modernization of legacy systems, such as close-in air defense systems, radar and communication systems in defense vessel, and rise in political tensions and border disputes in the countries, such as India and China is also driving the demand for new satellite communication technologies in the region.
_1.png "Europe Maritime Satellite Communication Market, 2021-2028 (USD Million)")
The major players of the global Maritime Satellite Communication market are Inmarsat, Iridium Communications, Thuraya, Hughes Network Systems, KVH Industries, Viasat, Speedcast, ST Engineering, NSSLGlobal, Marlink, ORBOCOMM, Navarino, Network Innovations, GTMaritime, AST Group. Renowned companies are offering new and modern maritime satellite communication solutions. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.