The global satellite communication (satcom) market size is predicted to reach USD 41.33 billion by 2026. The increasing integration of IoT for various application in the aviation industry such as aircraft connectivity, airlines, air traffic management, and MRO management will boost the market growth in the forthcoming years. Moreover, the growing application of SATCOM in radio broadcasting & voice communications, internet application & navigations, remote sensing, water monitoring, and weather monitoring applications will create growth opportunities for the market in the forthcoming years, mentioned in a report, titled “Satellite Communication (SATCOM) Market Size, Share & Industry Analysis, By Component (Receiver, Transmitter/Transponder, Transceiver, Antenna, Modem/Router, and Others), By Technology (Very Small Aperture Terminal (VSAT), SATCOM-On-The-Move (SOTM), SATCOM-On-The-Pause (SOTP), SATCOM Telemetry, and SATCOM Automatic Identification System), By Platform (Commercial and Government & Defense), By End Use (Portable equipment, Land equipment, Maritime equipment, and Airborne equipment), and Regional Forecast, 2019-2026” the market size stood at USD 22.61 billion and is predicted to exhibit a CAGR of 7.73% between 2019 to 2026.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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The current pandemic of Covid-19 has made a catastrophic impact on the world. Most businesses are shut as a result of the increasing COVID-19 cases. The healthcare industry is facing shortage of medical aid as there are not enough beds to suffice the needs of the increasing number of patients. The world economy is fluctuating as most businesses are at a halt and the ones running from the vicinity of their homes are barely able to manage revenue.
Special reports on various markets affected by the coronavirus pandemic are provided by Fortune Business Insights. These reports will help visualize the current situation and what strategies can be adopted to help the market gain momentum in the coming years.
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The Report List the Key Players in the Satellite Communication (SATCOM) Market
- Inmarsat plc
- Honeywell International, Inc.
- The Boeing Company
- L3 Harris Technologies, Inc.
- Indra Sistemas, S.A.
- General Dynamics Corporation
- Cobham plc
- Viasat, Inc.
- Iridium Communications Inc.
- Qualcomm Technologies, Inc.
US Army Milsatcom Contract Awarded to Comtech will Enable Speedy Expansion
Comtech Telecommunications Corp., a global leader in innovative products, systems, services, and solutions received a contract to deliver global field support services for military satellite communication terminals around the world. The deal involves an initial transaction of $22.2 million with a $98.6 million ceiling, which will be fulfilled in twelve months. The contract can be an essential influence in accelerating the satellite communication market growth in the foreseeable future owing to the capabilities of the mission critical ground communicate with satellite terminals, which offers inter and intra-theater network communications with worldwide reach back capability.
In addition, the contract comprises of engineering and technical skills to support these terminals, including logisticians, help desk, network engineering, security engineering, Radio Frequency (RF) and satellite system engineering and support.
In addition, the growing contracts and deals among companies and defense organizations will promote the SATCOM market trends in the forthcoming years. CACI International Inc., an American multinational professional services and information technology company headquartered in Arlington, Virginia bagged a contract worth USD 180.3 million from the U.S. Navy. The contract covers global satellite communications systems and network support services for the Navy
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Contract for Satellite Ground Systems by Navy to Favor Growth
General Dynamics Corporation, an American aerospace and defense corporation received a contract from Navy to build the ground system for the Mobile User Objective System. The $732 million contract awarded by Navy can be an exponential factor in boosting the satellite communication (SATCOM) market growth during the forecast period owing to the Navy’s next generation narrowband satellite communications system, providing secure voice, video and data communications to military users all over the globe. According to General Dynamics, just one MUOS satellite can provide four times the capacity of the entire legacy system. Furthermore, the vice president and general manager for General Dynamics’ space and intelligence systems, Manny Mora, said in a statement, “MUOS will provide our warfighters with the ability to communicate securely, anywhere, anytime, with voice clarity and data transmission speed similar to using a civilian cell phone, this capability delivers a whole new level of connectivity for troops in the field.” In addition, the growing seaborne trade across countries will spur opportunities for the market in the forthcoming years. Nonetheless, the rising focus on autonomous and connected ships by numerous nations will fuel demand for satellite communication, which, in turn, will aid the global satellite communications market.
Surge in Telecommunication Industry to Stimulate Growth in Asia Pacific
The market in North America stood at 13.11 billion in 2018 and is predicted to grow rapidly during the forecast period owing to the growing military expenditure. The presence of key manufacturers such as General Dynamics Corporation, L3 Harris Corporation, Honeywell International, Inc., Hughes Network Systems LLC, and others will aid healthy growth of the market during the forecast period. Asia Pacific is likely to witness high demand for SATCOM owing to the surge in telecommunication, aviation, and defense sector. Europe is expected to accounted for a major share in the market due to the growing modernization in the region. Nonetheless, Latin America is expected to grow rapidly in the foreseeable future owing to the reinforcement of military communication infrastructure.
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Implementation of Advanced Technologies to Boost Market Prospects
The rising implementation of artificial intelligence, data analytics, and the cloud computing in satellite communication will augur well for the market. For instance, These technologies assist in improving flight operations and play a major role in military for combat operations and battlefield management.
Furthermore, the utilization of these technologies for real-time data in tracking and monitoring purposes will support healthy growth of the market in the forthcoming years. However, the cyber-security threats and concerns will pose as a damaging factor for the market growth. The vulnerabilities in launch systems, communications, tracking and command, telemetry, and mission completion will restrict the expansion of the market in the foreseeable future.
Rising R&D Investments by Key Players to Stimulate Sales Openings
The satellite communication industry trends is dominated by Inmarsat plc., Honeywell International, Inc., and The Boeing Company among others. The major players in market are focused on expanding their product portfolio of SATCOM. The increasing R&D for the development of SATCOM solutions will enable healthy business in the foreseeable future. The adoption of strategic acquisition and mergers by eminent layers will boost the antenna for satellite communication market prospects during the forecast period.In addition, the rising technological advancement and product launches will spur market competition in the forthcoming year.
KEY INDUSTRY DEVELOPMENTS:
- In March 2020- CACI International Inc.had a contract with the U.S. Navy worth USD 180.3 million. In this contract, the company will provide satellite communications systems and network support services for the Navy.
- In March 2020-Peraton received a contract of value USD 218 million to provide commercial satellite communications services for the U.S. Africa Command. This contract will establish a strong partnership with the government of the U.S.
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