Satellite Communication Market: Global Opportunity Analysis and Industry Forecast, 2020-2027

Allied Market Research has published a report on the satellite communication market, providing insights into its application, component, and end-use industry. The global satellite communication industry was valued at $56.01 billion in 2019 and is projected to reach $99.58 billion by 2027, with a CAGR of 9.2% from 2020 to 2027.

Driving factors for market growth include the development of Internet of Things (IoT) and autonomous systems, increased demand for military and defense satellite communication solutions, and the adoption of SATCOM equipment in online streaming services, radio, and TV broadcasting. However, cyber security threats and interference in satellite data transmission pose challenges to market growth. Nevertheless, technological advancements in satellite missions and the deployment of 5G networks through satellites are expected to create lucrative opportunities in the industry.

The COVID-19 pandemic has led to an increased demand for internet services, thereby accelerating the need for satellite communication. However, extended lockdowns have negatively impacted satellite manufacturing facilities and caused delays in the development of innovative solutions.

In terms of application, the broadcasting segment accounted for more than two-fifths of the market share in 2019 and is expected to maintain its dominance by 2027, driven by the rising demand for direct-to-home satellite broadcasting services. The data communication segment is projected to grow at the fastest CAGR of 10.7% from 2020 to 2027, as it is essential for real-time data conveyance in applications such as meteorology, hydrology, and marine.

By component, the services segment contributed to about two-thirds of the market revenue in 2019 and is expected to maintain its dominant share by 2027 due to the increasing need for high-speed and reliable internet connectivity. The equipment segment is anticipated to exhibit the fastest growth with a CAGR of 9.9% during the forecast period, driven by the utilization of advanced equipment in scientific research, earth observation, automotive, and telecommunication industries.

In terms of region, Europe led the market in 2019, followed by Asia-Pacific and North America. Europe accounted for around one-third of the global market due to the adoption of satellite communication technology in industries such as civil and defense. The Asia-Pacific region is expected to witness the fastest CAGR of 10.1% during the forecast period, attributed to increased investment in satellite communication deployment in countries like China and India.

The report does not include author information, contact information, sources of information, and quotes.