Maritime Satellite Communication Market Size – USD 3.20 billion in 2018, Market Growth – CAGR of 11%, need for data communication & passenger welfare
NEW YORK, NY, UNITED STATES, December 18, 2021 /EINPresswire.com/ — The growth of the market is governed by various factors such as enhanced need in the growth of improved communications
The Maritime satellite Communication market is expected to grow from USD 3.20 billion in 2018 to USD 8.30 billion by 2026, at a CAGR of 11% during the forecast period. The driving factor for growth being the enhanced need in the growth of improved communication.
Due to the increase in need of trusted and cost-effective communication services, maritime satellite market is growing at a huge rate. MSS is mostly used in marine communication and to increase the fast and smooth sailing of ships and marine transportation. Various seaborne threats like piracy, maritime terrorism, gun-running are increasing rapidly. Security need is also increasing which is responsible for the growing market. Since maritime is connected with the nation’s economy, its security is also important.
Players will require increased investments to tackle these challenges and facilitate growth in the coming years. This report comprises drivers, restraints, opportunities, and challenges pertaining to the Maritime satellite market; and extensive value chain analysis, patent analysis, analysis of the current manufacturing capability and technology status, commercialization potential in different devices, along with market size forecasts till 2026.
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Further key findings from the report suggest
• The Maritime satellite Communication market is expected to grow from USD 3.20 billion in 2018 to USD 8.30 billion by 2026, at a CAGR of 11% during the forecast period. The driving factor for growth being the enhanced need in the growth of improved communication.
• On the basis product, the market is segmented as very small aperture (VSS) and Mobile satellite services (MSS). The VSAT is introduced in many markets. Because of the increasing implementation of the Ku-Band, it is expected to bring the highest growth. The market is expected to take a major move from the MSS to VSAT specifically using the C-BAND, KA-BAND, and KU_BAND, this is mainly due to the various advantage of the VSAT that is being provided to the marine user’s one being the cost-effective uses of technologies
• On the grounds of service type, the market is segmented as video, voice, data, tracking, and monitoring. The most common mode for communication in the maritime satellite market is done through data as it is being considered as the most affordable mode of communication in the maritime market. Penetration of video conferencing and other entertainment application, the video communication sector will see the highest growth of 11.1 % in the forecasted year.
• On the basis application, the market is segmented as merchant shipping, offshore, government, passenger ship, and fishing. The enhanced growth in the need for advanced communication among travelers along with the need for speed transformation of data, the market for maritime communication is growing at a rapid rate. The passenger ship type of application is believed to be responsible for the huge implementation of low-cost technologies.
• On the basis region, the market is being segmented to Europe, APAC, North America, and Row. The high adoption of the maritime satellite is being seen in the region of Europe due to the increased implementation. The growth factors being the affordable solutions and need for more enhanced maritime communication.
• The Key players in the Maritime satellite communication market include Inmarsat communications (London), Iridium Communications (US), Thuraya Telecommunications Company (UAE), Hughes Network System LLC. (USA), KVH Industries (US), VIASAT (US), Harris Caprock (Singapore), Royal Imetech N.V. (Netherlands) and Globecomm Systems(US).
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Maritime Satellite Communication Market Segmentation:
Service type (Revenue, USD Million; 2016–2026)
• Tracing & Monitoring
Product (Revenue, USD Million; 2016–2026)
• Very small aperture satellite (VSS)
• Mobile satellite services (MSS)
Application (Revenue, USD Million; 2016–2026)
• Merchant shipping
• Passenger shipping
The report offers a comprehensive analysis of the key geographical regions to provide insights into key factors influencing market growth in the regions. Production and consumption ratio, import/export analysis, supply and demand, consumer behavior and demands, current and emerging trends, regulatory framework, strategic alliances, technological advancements, economic growth, and robust presence of key players in each region. The report also covers an extensive country-wise analysis to provide better understanding of the market growth in each key region of the world and help investors, stakeholders, and clients to capitalize on lucrative growth opportunities.
Regional analysis covers:
• North America (U.S., Canada, Mexico)
• Europe (U.K., Italy, Germany, France, Rest of EU)
• Asia Pacific(India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America(Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa(Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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