Mobile Satellite Services Market to Reach $6.31 Billion in 2024, Driven by Growing Demand for Reliable Connectivity

Proliferation of IoT Applications in Remote Areas and Need for Reliable Communication in Disaster-Prone Regions Driving Demand for Mobile Satellite Services: Fact.MR Report

According to a recently updated industry analysis by Fact.MR, revenue from the global mobile satellite services market is estimated at US$ 6.31 billion in 2024 and has been projected to rise at a CAGR of 6.2% from 2024 to 2034.

Need for mobile satellite services is rising at an unprecedented rate as more and more industries begin to appreciate their dependability and adaptability. These services are shown to be essential in situations when terrestrial networks are inadequate, ranging from aviation and maritime operations to emergency response and remote research.

An increasing number of businesses and individuals are looking for satellite solutions to guarantee continuous communication as global connectivity has become an absolute requirement rather than a luxury. This need is being driven by the proliferation of IoT applications in remote places and the increasing requirement for dependable communication in areas vulnerable to disasters. In addition, new avenues have opened up due to the affordability and accessibility of these services driven by advancements in satellite technology. The reach and capabilities of satellite services are being further expanded through their integration with 5G networks.

Growing awareness of mobile satellite services' advantages in offering connection in difficult areas, catastrophe resilience, and worldwide coverage is causing them to quickly establish themselves as an essential part of the world's communication infrastructure, which is propelling further market expansion.

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Key Takeaways from the Market Study:

• The global mobile satellite services market is forecasted to reach a valuation of US$ 11.53 billion by 2034.
• The Canada market is forecasted to expand at a CAGR of 6% through 2034.
• The East Asia market is analyzed to expand at a CAGR of 7.3% from 2024 to 2034.
• In East Asia, China and Japan are evaluated to hold a combined market share of more than 70% by 2034-end.
• Based on different service types, the data services segment is estimated to hold a market share of 44% in 2024.

“In rural or isolated areas, mobile satellite services are enabling remote consultations and transmission of medical data, helping enhance access to treatment,” says a Fact.MR analyst.

Leading Players Driving Innovation in the Mobile Satellite Services Market:

Inmarsat; Iridium Communications; Thuraya Telecommunications; EchoStar; Telesat; Singtel; Avanti Communications; AI Yah Satellite Communications; Globalstar Inc.; Viasat Inc.

Need for Sophisticated Power Management Systems for LEO Satellite Constellations

More sophisticated power management systems are required when low Earth orbit (LEO) satellite constellations are being developed since they significantly lower latency and increase data transmission rates.

Necessity for small, effective inverters that can handle electricity in portable equipment is being driven by the miniaturization of satellite communication gear. Need for smart inverters with improved control capabilities is being driven by the integration of artificial intelligence and machine learning in satellite systems for predictive maintenance and efficient resource allocation.

Emerging hybrid satellite-terrestrial networks need inverters with smooth power source switching capabilities. The demand for increasingly energy-efficient satellite systems is propelling advancements in high-efficiency inverter technology.

Need for specialized inverters is rising as satellite services enter new markets like drone operations and driverless cars. Modern inverter technology is becoming more and more in demand worldwide as a result of these technical developments, which are also expanding new markets and enhancing already-existing satellite services.

Mobile Satellite Services Market News:

1. In May 2023 Australia and New Zealand signed a US$ 123 contract with Inmarsat for the new SouthPAN satellite service. One of Inmarsat's three new I-8 satellites will offer satellite positioning services from 2027.
2. Thuraya and eSAT Global reported that they have achieved a low-latency over-the-air demonstration, direct-to-satellite IoT texting system by sending low-power IoT messages on Thuraya's satellite network (Thuraya-2 Satellite "T2"). eSAT sent and received up to 320 character messages via the T2 satellite with less transmission power (<200 microwatts) than a standard car key fob, in May 2023.
3. Apple launched its groundbreaking safety feature, Emergency SOS over satellite, to users in the United States and Canada. Available on all iPhone 14 models, this innovative technology enables users to connect with emergency services even when they are outside cellular and Wi-Fi range, in November 2022.
4. Intellian opened its London office for a product innovation center to design next-generation L-band terminals for current and new market segments in both the commercial and maritime markets, in April 2022.

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the mobile satellite services market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on service (voice, data), application (land mobile satellite services, aeronautical mobile satellite services, maritime mobile satellite services), and industry (oil & gas, media & entertainment, transportation, aviation, defense, automotive, government),across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

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