The SATCOM market is set to grow at an 8% CAGR from 2021-2026, driven by aerospace, IoT integration, and cloud services.
According to the latest report by IMARC Group, titled “Satellite Communication (SATCOM) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global satellite communication (SATCOM) market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the global satellite communication (SATCOM) market to grow at a CAGR of around 8% during 2021-2026.
Satellite communication (SATCOM) represents an artificial satellite-based communication system that supports data link channels. It includes a data unit, antenna, high power amplifier, and steerable beam. SATCOM facilitates the exchange of signals in the form of modulated waves between the sender and receiver antenna via a satellite. As a result, it finds extensive applications across numerous industries for voice communications, radio broadcasting, navigation, water and weather monitoring, remote sensing, etc.
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The expanding aerospace and aviation industries across the globe are primarily driving the SATCOM market. Moreover, the widespread adoption of SATCOM for cellular backhaul, wide area network (WAN) communications, internet trunking, television broadcasting, rural telephony, etc., is further catalyzing the market growth. In addition to this, the elevating utilization of these systems for facilitating video on demand (VoD), voice over Internet Protocol (VoIP), telemedicine services, etc., is acting as another significant growth-inducing factor. Furthermore, the growing integration of connected devices with the Internet of Things (IoT), which is assisting in enabling the smooth functioning of connected and autonomous vehicles, is also augmenting the global market. Besides this, the increasing improvements in the telecommunication infrastructures across countries are positively influencing the market growth. Moreover, the rising usage of cloud-based services for ground mobility platforms is anticipated to fuel the SATCOM market over the forecasted period.
Read More: Top Players in the Satellite Communication (SATCOM) Market
Some of Top Players in the Satellite Communication (SATCOM) Market Key Players are:
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The article discusses the global trends and growth forecast for the Satellite Communication (SATCOM) market from 2021 to 2026.
What industries are driving the SATCOM market growth? The aerospace and aviation industries are primary drivers.
How is IoT impacting the SATCOM market? IoT integration is enhancing SATCOM applications, particularly in connected vehicles.
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