The global SATCOM market size is predicted to reach USD 41.33 billion by 2026, exhibiting a CAGR of 7.73% during the forecast period. The rising demand for small satellites in energy, oil & gas, defense, and other sectors will boost the satellite communication (SATCOM) market trends during the forecast period. The growing utilization of small satellites in the defense sector for applications such as, tactical communication, medium resolution imagery, and geospace & atmospheric research will create sales opportunities for the satellite communication (SATCOM) market share in the forthcoming years, states Fortune Business Insights in a report, titled "Satellite Communication (SATCOM) Market Size, Share & Industry Analysis, By Component (Receiver, Transmitter/Transponder, Transceiver, Antenna, Modem/Router, and Others), By Technology (Very Small Aperture Terminal (VSAT), SATCOM-On-The-Move (SOTM), SATCOM-On-The-Pause (SOTP), SATCOM Telemetry, and SATCOM Automatic Identification System), By Platform (Commercial and Government & Defense), By End-Use (Portable equipment, Land equipment, Maritime equipment, and Airborne equipment), and Regional Forecast, 2019-2026" the market size stood at USD 22.61 billion in 2018.
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Contract for Satellite Ground Systems by Navy to Favor Growth
General Dynamics Corporation, an American aerospace and defense corporation received a contract from the Navy to build the ground system for the Mobile User Objective System. The $732 million contracts awarded by Navy can be an exponential factor in boosting the satellite communication market growth during the forecast period owing to the Navy's next-generation narrowband satellite communications system, providing secure voice, video and data communications to military users all over the globe.
According to General Dynamics, just one MUOS satellite can provide four times the capacity of the entire legacy system. Furthermore, the vice president and general manager for General Dynamics' space and intelligence systems, Manny Mora, said in a statement, "MUOS will provide our warfighters with the ability to communicate securely, anywhere, anytime, with voice clarity and data transmission speed similar to using a civilian cell phone, this capability delivers a whole new level of connectivity for troops in the field." In addition, the growing seaborne trade across countries will spur opportunities for the market in the forthcoming years. Nonetheless, the rising focus on autonomous and connected ships by numerous nations will fuel demand for satellite communication, which, in turn, will aid the market.
The Report List the Key Players in the SATCOM Market Research Report:
- Inmarsat plc
- Honeywell International, Inc.
- The Boeing Company
- L3 Harris Technologies, Inc.
- Indra Sistemas, S.A.
- General Dynamics Corporation
- Cobham plc
- Viasat, Inc.
- Iridium Communications Inc.
- Qualcomm Technologies, Inc.
Surge in Telecommunication Industry to Stimulate Growth in Asia Pacific
The market in North America stood at 13.11 billion in 2018 and is predicted to grow rapidly during the forecast period owing to the growing military expenditure. The presence of key manufacturers such as General Dynamics Corporation, L3 Harris Corporation, Honeywell International, Inc., Hughes Network Systems LLC, and others will aid the healthy growth of the market during the forecast period. Asia Pacific is likely to witness high demand for SATCOM owing to the surge in telecommunication, aviation, and defense sector. Europe is expected to account for a major share in the market due to the growing modernization in the region. Nonetheless, Latin America is expected to grow rapidly in the foreseeable future owing to the reinforcement of military communication infrastructure.
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