The size of the world market for satellite communication services was estimated at USD 71.6 billion in 2021, and it is anticipated to increase at a CAGR of 9.5% from 2022 to 2027.
The market is expanding as a result of the rising demand for mobile satellite services and small satellites for earth observation services in the energy, oil & gas, defense, and agricultural sectors. Satellite communication refers to the use of an artificial satellite in a network as part of the current communication infrastructure (Satcom). The market is anticipated to develop as a result of this.
Due to the disruption in the supply chain of crucial raw materials, COVID-19's quick expansion had a substantial effect on the global satellite communication services sector in 2020. The COVID-19 epidemic caused the satellite industry to face many difficulties, including decreased output, material shortages, logistical difficulties, and others. One of the businesses that were most badly impacted by the pandemic and initially saw a reduction in investments was maritime, aviation, and communication. Although there are still numerous obstacles to overcome, the coronavirus has accelerated several promising market developments. For instance, many nations, including China, have deployed the use of satellite communication services to connect a database of local geographic information with COVID-19 infected individuals to identify the demographics of COVID-19 vulnerable and highly contagious locations.
Flexible, secure, and dependable communications networks are essential for military and defence units around the world to share information for crucial tasks. To create mission-specific satellite communication (SATCOM) solutions, military and defence users collaborate with private businesses. For instance, the Thales Alenia Space was chosen by the French defence procurement agency (DGA) in February 2021 to build the Syracuse IV satellite communications system for the French armed forces. Syracuse IV will be a very durable SATCOM system with the ability to function in situations with intense competition. Additionally, military and defence forces all over the world are modernising their current infrastructure to improve their effectiveness in conflict and defence.
The growth of the satellite communication industry has been spurred by the creation of new applications. There are many applications, including voice communication systems, audio broadcast media, broadcasting, such as Direct to Home (D2T), web technologies, such as data transmission, GPS applications, and internet browsing, military surveillance and navigation, remote sensor applications, and monitoring and forecasting of weather conditions. During the projected period, these applications will propel the worldwide satellite communication market.
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