Satellite communication market to garner $99.58 billion by 2027

According to the report published by Allied Market Research, the global satellite communication market was estimated at $56.01 billion in 2019 and is expected to hit $99.58 billion by 2027, registering a CAGR of 9.2% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.

Increase in Internet of Things (IoT) and autonomous systems, surge in demand for military and defense satellite communication solutions, and rise in adoption of SATCOM equipment in online streaming services, radio and TV broadcast fuel the growth of the global satellite communication market. On the other hand, cyber security threats to satellite communication and interference in satellite data transmission impede the growth to some extent. However, technological advancements in satellite missions and deployment of 5G network through satellites are expected to create lucrative opportunities in the industry.

Covid-19 scenario-

• The outbreak of Covid-19 has given a mixed impact on the global satellite communication market. When the sudden increase in demand for internet services promoted the call for satellite communication, the nationwide lockdown, on the other hand, forced the satellite manufacturing facilities to partially or completely close their operations.
• Also, the adverse sways of the pandemic have given way to delays in the affairs associated with the development of innovative satellite communication solutions.
• Nevertheless, several government bodies have initiated vaccination drives, and with this drift on board, the market is projected to revive soon.

The global satellite communication market is analyzed across application, component, end-user industry, and region. Based on application, the broadcasting segment contributed to more than two-fifths of the total market share in 2019, and is anticipated to lead the trail by 2027. The data communication segment, on the other hand, would register the fastest CAGR of 10.7% from 2020 to 2027.

Based on component, the services segment accounted for around two-thirds of the total market revenue in 2019, and is expected to dominate by 2027. Simultaneously, the equipment segment would exhibit the fastest CAGR of 9.9% from 2020 to 2027.

Based on region, Europe held the major share in 2019, holding around one-third of the global market. At the same time, the market across Asia-Pacific would cite the fastest CAGR of 10.1% from 2020 to 2027. The other provinces studied through the report include North America and LAMEA.  Allied Market Research