SAN FRANCISCO, December 22, 2022 /PRNewswire/ — The global satellite internet market size is expected to reach USD 19.71 trillion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.6% from 2022 to 2030. Satellite internet is a wireless network that provides access to satellite dishes both in space and on earth. It connects people in remote regions worldwide and provides access to a global information network.
Key Industry Insights & Findings from the report:
The key factors driving the growth of the satellite internet market globally include a surge in the adoption of satellite services in government and military and growing adoption of satellite internet for connectivity in rural areas.
The frequency band comprises L-band, C-band, K-band, and X-band. The K-band segment dominates the satellite internet market, gaining a share of 40.3% in 2021 and witnessing a CAGR of 13.9% during the forecast period. The K-band frequency is used in defence, broadcasting and security radar systems. K-band monolithic microwave integrated circuit (MMIC) is an emerging technology that enables the implementation of K-band low-noise and amplifiers with reduced costs, ease of large-scale production, and high durability which further drives its adoption in the forecasted period .
The government and public segment is expected to dominate in 2021, gaining a market share of 19.8%. It is expected to grow at 10.5% CAGR throughout the forecast period owing to increasing government initiatives across the globe to provide internet connectivity in remote locations.
North America led the overall market in 2021, with the highest market share of 32.5%. It is expected to witness a CAGR of 11.0% throughout the forecast period. The growth is due to the rise in government initiatives to deploy satellite technology in various parts of North America. The population of developed countries such as the US and Canada is highly tech-savvy and requires fast & better internet connectivity. This elevates the demand for high-speed internet, which should foster regional market growth.
To increase their product offering, companies utilize a variety of inorganic growth tactics, such as partnerships, mergers, and acquisitions. For instance, In October 2022, Axess announced a partnership with Viasat. Viasat’s maritime operations will be able to reach a wider global audience owing to its strategic relationship with AXESS Maritime, which will provide a variety of solutions and services. AXESS Maritime offers regional and international networks and provides the complete rotation from network infrastructure, deployment, implementation, ship monitoring, and round-the-clock global NOC support.
Read 150-page full market research report for more latest insights, “Satellite Internet Market Size, Share & Trends Analysis Report By Frequency Band (L-band, C-band, K-band, and X-band), By Industry, By Region (North America, Europe, Asia Pacific, Latin AmericaMEA), And Segment Forecasts, 2022 – 2030“, published by Grand View Research.
Satellite Internet Market Growth & Trends
Satellite internet is accessed through high-speed network connectivity supplied by Earth-circling satellites. It is faster than a regular internet connection and distinguishes itself from land-based internet services such as digital subscriber line (DSL) and cable. Satellite communication provides a land-based interface for accessing audio, video, and information from anywhere on Earth.
One of the significant advantages of satellite internet for businesses is the ability to transmit a link at many megabits per second over a remote location. However, a private and secure connection can join many remote locations spread over a wide area. In rural areas, demand for satellite internet is rising due to the lack of other broadband internet choices. Additionally, satellite internet can provide access to the web in remote areas where it is challenging to get broadband, such as deserts and mountains, which increases the demand for satellite internet in these areas. Furthermore, internet users can now get better speed and bandwidth owing to advancements in satellite internet technology. As a result, these services are quickly adopted in emerging economies such as India, Brazil, the Philippines, Malaysiaand more fueling the market’s expansion.
The rise in government programs for the uptake of advanced satellite internet services to develop a digitized economy and to provide enhanced public safety & security drives the market’s growth. Furthermore, several governments are significantly funding satellite internet companies to provide broadband services to rural populations across emerging countries, boosting market growth. For instance, In October 2022 UK government invested USD 14.62 million in UK businesses to enhance satellite communications technology. Advanced Research in Telecommunications Services (ARTES) and European Space Agency (ESA) fund this investment. This investment is focused on developing new satellite configurations and terrestrial infrastructure or providing internet services to customers.
Satellite Internet Market Segmentation
Grand View Research has segmented the global satellite internet market based on frequency band, industry, and region:
Satellite Internet Market – Frequency Band Outlook (Revenue, USD Million, 2017 – 2030)
Satellite Internet Market – Industry Outlook (Revenue, USD Million, 2017 – 2030)
Satellite Internet Market – Regional Outlook (Revenue, USD Million, 2017 – 2030)
Middle East & Africa
List of Key Players in the Satellite Internet Market
Check out more related studies published by Grand View Research:
Satellite Communication Market – The global satellite communication market size is projected to reach USD 159.6 trillion in 2030, registering a CAGR of 9.5% from 2022 to 2030, as per a new report by Grand View Research, Inc. The rising proliferation of small satellites for tactical communication, geospace & atmospheric research, and medium resolution imagery in military & defense applications has propelled the growth of the market. The increasing demand for satellite communication (Satcom) solutions from the aviation industry to improve airline operations and air traffic management is anticipated to boost market expansion during the forecast period.
Industrial Internet Of Things Market – The global industrial internet of things market size is anticipated to reach USD 1.69 trillion by 2030, according to the latest report by Grand View Research, Inc. The market is expected to grow at a CAGR of 23.1% from 2022 to 2030. A strong emphasis on automation, predictive maintenance, and effective supply chain management across several industrial verticals such as manufacturing is driving the industry’s growth.
Satellite Data Services Market – The global satellite data services market size is anticipated to reach USD 36.9 trillion by 2027, exhibiting a CAGR of 27.9% over the forecast period, according to a new report published by Grand View Research, Inc. Rising trend of privatizing the space among companies is expected to drive the growth. Extensive privatization is expected to offer satellite imagery adopters with much deeper and valuable spatial imagery insights, thus facilitating more intelligent decision making.
Browse through Grand View Research’s Communication Services Industry Research Reports.
About Grand View Research
Grand View Research, US-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter
View original content: https://www.prnewswire.com/news-releases/satellite-internet-market-to-be-worth-19-71-billion-by-2030-grand-view-research-inc-301708215. html
SOURCE Grand View Research, Inc.