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Satellite Modem Market to be Worth $420.4M by 2023
September 15, 2017 | MarketsandMarketsEstimated reading time: 1 minute
The satellite modem market is expected to grow from $296.4 million in 2017 to $420.4 million by 2023, at a CAGR of 6% between 2017 and 2023, according to a new report by market analyst MarketsandMarkets.
The major factors driving the growth of the satellite modem market include continuous innovation by satellite modem manufacturers to ensure the growth of the market, rising need for enriched high-speed data communication, and growing demand for satellite communication from various verticals.
The multiple channel per carrier (MCPC) modem held the largest size of the satellite modem market in 2016, mainly attributed to their unparalleled channel efficiency, which is the core requirement of high-data-traffic industries such as mobile communication, and internet and broadband services. MCPC satellite modems support internet and IP applications for its multimedia applications. Considering the advantages of MCPC satellite modems, this market is expected to register higher growth during the forecast period.
The mid-range data rate modems are expected to find widespread use, especially among telecom and mobile operators. All these sectors such as telecommunication and mobile networks are growing as connectivity is becoming a critical need. Apart from the telecom industry, mid-range data rate satellite modems are also used in enterprises, and the broadcast and news industry, among others. Thus, owing to the rising adoption rate in all these fields, this market is expected to grow at the highest CAGR between 2017 and 2023.
In North America, the US, Canada, and Mexico are major oil producers, and oil & gas companies in this region are continuously increasing their exploration activities. As the operations of oil & gas industries are often conducted in remote locations, there is a growing demand for satellite communication to make critical decisions based on data, voice, and video communications.
Satellite communication provides continuous connectivity and delivers very high performance, and is, therefore, essential for the oil & gas industry. Thus, the satellite modem market has a good opportunity to achieve growth in different applications (such as tracking & monitoring and offshore communication) in various North American industries.
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