From GlobeNewswire: 2025-02-24 09:21:00

The Satellite Communication Market was valued at USD 84.47 Billion in 2023 and is expected to reach USD 194.55 Billion by 2032, growing at a CAGR of 9.72%. Demand for high-speed internet, satellite-based services, and advancements in technology are driving market growth.

Key industry players include SpaceX, Hughes Network Systems, and Viasat Inc., offering various satellite communication services. The market report covers market size, segmentation, competitive landscape, and key drivers for market growth.

C-band dominated the market in 2023 with a 34% share, while the Ka-band is expected to grow the fastest due to higher bandwidth and faster data transmission capabilities. Services led the market in 2023 with a 58% share, while equipment is projected to grow the fastest at a CAGR of 10.02%.

Broadcasting dominated the market in 2023 with a 25% share, while airtime is expected to grow the fastest due to increasing adoption of Mobile Satellite Services. LEO satellites led the market in 2023 with a 44% share and are expected to grow at the highest CAGR, driven by mega-constellations expansion.

Media & broadcasting led the market in 2023 with a 26% share, while government & defense sectors are expected to drive future growth in secure satellite communication. The market is expected to continue growing due to increasing demand for reliable global connectivity and advancements in satellite technology. Satellite communication for content distribution is driving growth, with government & defense projected to grow at 11.08% CAGR from 2024 to 2032. North America leads with 43% market share in 2023, while Asia Pacific is set to grow at 10.69% CAGR, driven by demand in emerging economies and government initiatives.

The Satellite Communication Market Report includes insights on market dynamics, statistical trends, competitive landscape, market segmentation, and regional analysis. The market is expected to see growth in frequency bands usage, customer adoption, industry applications, bandwidth capacity, and more. Access more research insights for the 2024-2032 outlook.

SNS Insider is a leading market research agency providing clients with accurate market data and consumer insights. Through surveys, video talks, and focus groups, we aim to equip clients with the knowledge needed to navigate changing market circumstances and make informed decisions. Contact us for more information or customization options.



Read more at GlobeNewswire: Satellite Communication Market to grow USD 194.55 Billion