The Business Research Company’s Global Market Reports Are Now Updated With The Latest Market Sizing Information For The Year 2023 And Forecasted To 2032
LONDON, March 8, 2023 /PRNewswire/ — As per The Business Research Company’s Satellite Communication Global Market Report 2023, the global satellite communication market size grew from $54.6 billion in 2022 to $61 billion in 2023 at a compound annual growth rate (CAGR) of more than 11%. The satellite communication market size is then expected to grow to $91.02 billion in 2027 at a CAGR of more than 10%. Going forward, increasing investment in the space sector, robust government support, and growing demand for telecommunication will drive the satellite communication market growth.
The global satellite communication market is highly fragmented, with a large number of small players. The top ten competitors in the market made up 5% of the total satellite communication market. The competition in the market is increasing as more governments and companies explore the potential of satellite communication for various applications. In addition to this, innovation through research and competitive pricing will help the satellite manufacturers tap into this high-potential market in the future.
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Thales Group was the largest competitor with 1.4% share of the satellite communication market, followed by Honeywell International Inc., L3 Harris Technologies, Inc., Viasat, Inc., Cobham Limited, Gilat Satellite Networks Ltd., Baylin Technologies, and others.
Thales is headquartered in Courbevoie, France, and is engaged in the design of electrical systems and offering services for the aeronautics, space, defense, security, and ground transportation markets. It offers various communication systems, command and control systems, mission services, and other support services in the satellite communication market.
Thales’ growth strategy focuses on strengthening its business operations through the launch of new products and solutions, such as very high-throughput satellites (VHTS), to provide broadband services to end users with bit rates in excess of terabits per second.
In September 2022, Thales Alenia Space, a joint venture between Thales Group, a France-based IT company, and Leonardo S.p.A., an Italy-based aerospace, defense, and security company, launched the EUTELSAT KONNECT VHTS communications satellite using an Ariane 5 rocket from the Guiana Space Center, Europe’s spaceport in Kourou, French Guiana. EUTELSAT KONNECT VHTS, a very high-throughput satellite, provides high-speed internet and mobile communication throughout Europe, North Africa, and the Middle East.
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According to the satellite communication market analysis, players can take up market-trend-based strategies such as innovating newer technologically advanced products, using artificial intelligence in radio frequencies (RF), and focusing on strategic partnerships and collaborations.
Communication satellite companies should focus on the North American region since it was the largest region in the satellite communication market, accounting for 31.3% of the total in 2022. It was followed by Asia Pacific, Western Europe, and then the other regions.
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