The global maritime satellite communication market size is likely to project a CAGR of nearly 6.5% during the forecast years 2021-2028. The maritime satellite communication market is driven by the growing inclination of organizations to provide flexible work options and increasing demand for broadband connections and VSAT connectivity which acts as a driver as the demand for maritime satellite communication solution is increasing.
The present and future maritime satellite communication market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the maritime satellite communication market opportunities during the forecast year are factors such as high-throughput satellites to unlock cloud and IoT services. Unification of satellites and cellular communication technology is the key factor driving the market growth for maritime satellite communication market.
Also, the tremendous growth in bandwidth requirements and communication needs are another factors driving the market growth. Furthermore, the significant requirements of business organizations for greater flexibility/scalability and critical security and privacy issues is likely to provide lucrative development opportunities for the maritime satellite communication market in the forthcoming years.
The report also emphasizes several distinctiveness of the global maritime satellite communication industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the maritime satellite communication industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The maritime satellite communication market has tough competition among the new emerging and pre-established market vendors. Besides, the maritime satellite communication industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
Based on type, Maritime Satellite Communication Market is segmented into Mobile Satellite Service and Very Small Aperture Terminal. Currently, very small aperture terminal segment is holding largest share in maritime satellite communication market and it is expected to continue during forecast period. Factors that contributes to the highest market share are bandwidth and cost advantage that very small aperture terminal provides to the consumers.
The Europe is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the maritime satellite communication market in this region is mostly ascribed to the high demand in tracking and monitoring, transferring real-time information, and also access the internet for communication. However, the growth in Asia Pacific region is likely due to the increasing adoption of VSAT technologies in the merchant and cruise ships in the region. Large-scale modernization of legacy systems, such as close-in air defense systems, radar and communication systems in defense vessel, and rise in political tensions and border disputes in the countries, such as India and China is also driving the demand for new satellite communication technologies in the region.
The major players of the global maritime satellite communication market are Inmarsat, Iridium Communications, Thuraya, Hughes Network Systems, KVH Industries, Viasat, Speedcast, ST Engineering, NSSLGlobal, Marlink, ORBOCOMM, Navarino, Network Innovations, GTMaritime, AST Group. Renowned companies are offering new and modern maritime satellite communication software solutions. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of Global Maritime satellite communication Market
Component Overview, 2021-2028 (USD Million)
Type Overview, 2021-2028 (USD Million)
- Very Small Aperture Terminal (VSAT)
- Mobile Satellite Services (MSS)
End-Use Overview, 2021-2028 (USD Million)
- Merchant Shipping
- Passenger Ships
- Leisure Vessels
Regional Overview, 2021-2028 (USD Million)
- North America
- Asia Pacific
- Middle East and Africa (MEA)
- South America