IndustryARC, in its latest report, predicts that Satellite Communication Market is projected to reach $10.6 billion by 2026, progressing at CAGR of 9.4% from 2021 to 2026. 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 the communication in providing the subscribers with the high-quality content. Increase in 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 report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
This IndustryARC report on the Satellite Communication Market highlights the following areas –
1. Media and Entertainment is set to dominate the satellite communication market owing to the rising demand from a growing population. This is mainly attributed to the increasing demand for the internet and online streaming services such as Amazon Prime Video, Netflix and so on.
2. North America has dominated the market share in 2020, however APAC is analysed to grow at highest rate during the forecast period due to the high implementation of 5G in the mobile broadband technologies.
3. Deployment of 5G, requiring high bandwidth for communication is set to drive the market during the forecast period 2021-2026.
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1. Satellite services is segmented into fixed satellite services, broadcasting satellite services, mobile satellite services, radio navigation satellite services and others. Mobile satellite services is analysed to hold the highest share in satellite communication market in 2020 at 39.1% majorly attributed to the high number of subscribers.
2. Media and Entertainment segment is set to dominate the market in 2020 at 25.9%. The significant rise in usage of services like Netflix, Amazon Prime Video, YouTube and so on for entertainment is set to contribute to the growth of the market. Adding to this, the breakout of COVID-19 has led to the high traffic in entertainment applications due to lockdowns implemented in various countries.
3. North America is analyzed to be the dominant region in 2020 at 37.5%, followed by APAC and Europe. This is mainly attributed to the high adoption of the advanced technologies in the region alongside the large infrastructural development for the implementation of high broadband services.
The top 5 players in the Satellite Communication industry are –
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