Maritime Satellite Communication Global Market Report 2024

The maritime satellite communication market size has grown strongly in recent years. It will grow from $3.81 billion in 2023 to $4.18 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%.The expansion observed in the historical period can be ascribed to a rising demand for dependable and effective communication systems, coupled with an escalating threat of piracy and other security concerns encountered at sea.

The maritime satellite communication market size is expected to see strong growth in the next few years. It will grow to $5.68 billion in 2028 at a compound annual growth rate (CAGR) of 8%. The anticipated growth in the forecast period is driven by the increasing trend of digitalization, the advent of 5G technology in maritime communication, and the rise of autonomous vessels. Noteworthy trends expected in this period encompass the development of gyro-stabilized ground terminals, the integration of multi-frequency dish antennas, the introduction of all-plastic designs, and a notable preference for Ku-band in the shipping and maritime industry.

The anticipated expansion of marine trade operations is projected to drive the growth of the maritime satellite communication market. This surge is attributed to the increased interconnectedness of global economies, resulting in heightened international commerce activities, including shipping, buying, and selling of goods and services through sea routes. In April 2022, the United Nations Conference on Trade and Development reported a 3.2% growth in marine traffic volume, reaching 11 billion tons, a 4.7% increase from 2021. The rise is primarily linked to the intensified activity of container ships, dry bulk carriers, and general cargo vessels. The reliance of the marine industry on maritime satellite communication for real-time vessel tracking, weather updates, and efficient exchange of critical data further accentuates the significance of this technology in enhancing global trade operations.

Major players in the maritime satellite communication market are actively investing in advanced solutions to gain a competitive advantage. Notably, there is a focus on the development of push-to-talk technology, enabling on-demand communication in two-way radio systems. In March 2022, Thuraya Telecommunications Company introduced Thuraya PTT, an IP-based radio communication solution designed to seamlessly integrate various technologies, including 3G, LTE, and LMR, through Thuraya's satellite infrastructure. This solution ensures uninterrupted voice and data communication, enhancing ease of use and secure interoperability for diverse users on land and at sea.

In May 2023, Viasat Inc., a communications company based in the United States, successfully completed the acquisition of Inmarsat for an undisclosed sum. The amalgamated entity is poised to enhance its market standing by capitalizing on augmented scale, extended scope, and heightened innovation in the global satellite connectivity sector. This strategic maneuver is strategically aligned to address the escalating demands of customers, encompassing the need for improved speed, flexibility, reliability, coverage, and security. Notably, Inmarsat, headquartered in the United Kingdom, is a prominent satellite telecommunications company specializing in providing maritime communications services.

Major companies operating in the maritime satellite communication market report are Leonardo S.p.A, Saab AB, Space Exploration Technologies Corp. (SpaceX), Cobham SATCOM, Kongsberg Maritime AS, Viasat Inc., Advantech Wireless Inc., SES S.A., EchoStar Corporation, Hughes Network Systems LLC, Inmarsat plc, Iridium Communications Inc., Telespazio S.p.A., Comtech Telecommunications Corp., ORBCOMM Inc., Speedcast International Limited, ST Engineering iDirect, Marlink AS, Thuraya Telecommunications Company, RigNet Inc., Gilat Satellite Networks Ltd., Gogo Business Aviation LLC, Orbit Communication Systems, Newtec, KVH Industries Inc., Global Eagle Entertainment Inc., NSSL Global, Globecomm Systems Inc., RASCOM, Norsat International Inc.

North America was the largest region in the maritime satellite communication market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the maritime satellite communication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the maritime satellite communication market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Maritime satellite communication involves leveraging satellite technology to facilitate effective communication at sea. These advanced systems are designed to support seamless voice and data transmission, enabling real-time dialogues, messaging, and the exchange of crucial information such as navigation details, weather updates, and operational specifics. This integrated solution enhances operational efficiency, ensuring timely and reliable communication for maritime activities.

Primary categories of maritime satellite communication encompass mobile satellite communication and very small aperture terminals (VSAT). Mobile satellite communication pertains to the application of satellite technology in delivering communication services, encompassing voice and data, tailored for mobile users situated in remote or maritime settings. This comprehensive offering incorporates solutions and services designed for end-users, spanning merchant shipping, fishing, passenger ships, leisure vessels, offshore operations, government entities, and various other sectors.

The maritime satellite communication research report is one of a series of new reports that provides maritime satellite communication market statistics, including the maritime satellite communication industry's global market size, regional shares, competitors with an Maritime satellite communication market share, detailed maritime satellite communication market segments, market trends and opportunities, and any further data you may need to thrive in the maritime satellite communication industry. This maritime satellite communication market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The maritime satellite communication market consists of revenues earned by entities providing services such as voice services, tracking and monitoring, and very small aperture terminal(VSAT) services. The market value includes the value of related goods sold by the service provider or included within the service offering. The maritime satellite communication market also includes sales of TV and satellite phones, maritime antennas, VSAT systems, and navigation satellite systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.


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