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SATCOM Equipment Market Projected to Reach Over $30B by 2022
April 18, 2018 | PRNewswireEstimated reading time: 2 minutes
Factors such as growing need for uninterrupted communication in various industries and increasing use of SATCOM equipment in space exploration, telecommunication, & telemetry will drive the SATCOM equipment market.
The SATCOM equipment market is estimated to be $20.20 billion in 2017 and is projected to reach $30.32 billion by 2022, at a CAGR of 8.46% during the forecast period. Factors such as growing need for uninterrupted communication in various industries; increasing use of SATCOM equipment in space exploration, telecommunication, & telemetry; growing fleet of autonomous and connected vehicles; rising demand for customized SATCOM solutions in the aviation and maritime industries, increasing use of the Internet of Things (IoT), and increasing need of high throughput satellite services have garnered the interest of satellite manufacturers and related players in the satellite industry, subsequently driving the growth of the SATCOM equipment market. However, the high development and maintenance costs of earth station infrastructures to support SATCOM devices restrain the growth of the SATCOM equipment market.
The land mobile SATCOM equipment end-use segment is projected to lead the SATCOM equipment market during the forecast period.
By end-use, the SATCOM equipment market has been segmented into portable SATCOM equipment, land mobile SATCOM equipment, maritime SATCOM equipment, airborne SATCOM equipment, and land fixed SATCOM equipment, among others. The portable SATCOM equipment segment has been further divided into handheld, manpack, and deployable/flyaway; the land mobile SATCOM equipment segment into commercial vehicles, military vehicles, emergency vehicles, and unmanned ground vehicles (UGVs); the maritime SATCOM equipment segment into commercial ships, military ships, and unmanned maritime vehicles (UMVs); the airborne SATCOM equipment segment into military aircraft, commercial aircraft, and unmanned aerial vehicles (UAVs); and the land fixed SATCOM equipment segment into command & control centers and earth stations/ground stations.
The primary reason for the projected high growth of the land mobile SATCOM equipment segment is attributed to the growing use of land mobile SATCOM terminals, predominantly by military forces across the globe. The main purpose of these terminals is to provide enhanced tactical radio network capabilities.
The commercial vertical segment is projected to lead the SATCOM equipment market during the forecast period.
SATCOM equipment is used for different applications, such as communications, earth observation, meteorology, scientific research, exploration, mapping, asset tracking, surveillance, security, and educational training.The miniaturization of SATCOM systems and equipment has made satellite communication economically and potentially more viable for widespread usage in the commercial, civil, government, and military sectors.
Continual reduction in the cost of SATCOM systems, their increasing demand, increase in the number of vertical areas, growth in investments from Silicon Valley, and superior mission launches are expected to fuel the growth of the SATCOM equipment market.Satellite communication has become essential for modern life.
Among the important commercial applications of satellite communication are video, voice, IP data, radio, Earth and space observation, global resource monitoring, positioning (GPS), and microgravity science. All these factors are promoting the growth of the commercial SATCOM equipment market at a rapid pace.
The Asia Pacific SATCOM equipment market is expected to grow at the highest CAGR during the forecast period.
Increase in digital TV and direct-to-home (DTH) entertainment services and rise in demand for mobile broadband are key factors contributing to the growth of the Asia Pacific SATCOM equipment market.Furthermore, technological advancements in the field of satellites have led to the development of advanced SATCOM equipment in terms of design, function, and integration.
Asia Pacific is considered to be a lucrative market for domestic and regional SATCOM equipment manufacturers.
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