Satellite Communication (SATCOM) Equipment Market Is Expected To Grow At a CAGR Of 1o.4% FROM 2018-2027
According to Stratistics MRC, the “GlobalSatellite Communication (SATCOM) Equipment Market” is accounted for $22.08 billion in 2018 and is expected to reach $53.79 billion by 2027 growing at a CAGR of 10.4% during the forecast period. Increasing use of the Internet of Things (IoT) and a growing fleet of autonomous and connected vehicles are the major key factors driving market growth. However, cybersecurity concerns and radio spectrum availability issues may hamper the market growth.
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SATCOM equipment or satellite communication equipment are extensively used in a wide range of applications, including weather monitoring, telecommunications, navigation, military surveillance, etc. SATCOM equipment is also used to gather real-time data amidst wars, integrate targets, trace movements, and locate undetected tunnels, among other uses. Satellite communication equipment serves varied beneficial purposes, such as distance learning, television broadcasting, and cellular backhaul, etc. The demand and popularity of the satellite communication (SATCOM) equipment market on a global scale can be attributed to the rising adoption rate of cloud-based services for ground mobility platform and growing requirement for high throughput satellite services.
By satellite type, the CubeSat segment is going to have a lucrative growth during the forecast period owing to its usage for a variety of applications, including testing new technologies for space missions and a majority of the CubeSats being used for Earth observation and remote sensing applications.
Based on the product, the Satcom transceiver segment is going to have a lucrative growth during the forecast period owing to the increasing use of satellites for navigational purposes as well as for surveillance by defense authorities worldwide.
Based on end-user, maritime Satcom equipment segment is going to have a lucrative growth during the forecast period owing to its healthy gains adding significant momentum to global growth.
By application, the commercial segment is projected to grow at the highest CAGR during the forecast period due to the increasing launch of satellites for communication, earth observation, and navigation.
By geography, Asia Pacific is going to have a lucrative growth during the forecast period owing to technological advancements in the field of satellites have led to the development of advanced SATCOM equipment in terms of design, function, and integration. The Asia Pacific is considered to be a lucrative market for domestic and regional SATCOM equipment manufacturers.
Some of the key players in Satellite Communication (SATCOM) Equipment Market include Aselsan, Avl Technologies, Campbell Scientific, Cobham, General Dynamics, Gilat Satellite Networks, Harris, Holkirk Communications, Hughes Network Systems, Intellian Technologies, Iridium, L3 Technologies, Nd Satcom, Network Innovations, Newtec, Satcom Global and Viasat.