Global Maritime Satellite Communication Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029

Global Maritime Satellite Communication Market Overview:

“The global Maritime Satellite Communication Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

Satellite communication technologies help to track ships and cargo around the world. Previously, satellite networks were used as a means of communication between ship-shore and/or with other marine vessels. These days, this form of communication has morphed from voice calling into additional user-oriented services such as tracking, monitoring, and entertainment services.

Present-day devices offer users a vast range of applications such as disaster management, weather forecasting, DTH broadcasting, voice calls, and navigation among others. They are an indispensable part of maritime transport, regardless if they are used on recreational or commercial vehicles.

Dynamics:

The increasing need for cost-effective equipment that is reliable at the same time, when at sea, is positively contributing to market growth. Substantial investments by prominent maritime communication equipment manufacturers to boost the production of quality equipment is anticipated to fuel market growth over the coming years.

Receivers, transponders, transmitters, transreceivers, antennas, modems/routers, and satellite phones are part of standard communication equipment for marine vessels. Communication solutions that work on land do not typically work the same at sea. As such, significant focus is placed on R&D to find innovations that will reduce lag and other hindrances in communication between two or more users.

In terms of type, the market is segmented into very small aperture terminal (VSAT) and Mobile Satellite Services (MSS). The VSAT segment accounted for the majority revenue share in 2018 and is expected to do so over the next 10 years. Broadband VSAT networks support crucial business applications, increases the ship’s access to information, and carries VOIP traffic.

With respect to the end-use aspect of the market, segmentation is as – naval vessel, commercial vessels, leisure vessels, and offshore oil rigs. The commercial vessel segment accounted for a majority revenue share of the market in 2018 due to increasing commercial trade activities, especially in emerging countries like Brazil, China, and India. The constant increase in global manufacturing and trade will allow the maritime satellite communication market to index a high CAGR and subsequently fuel positive growth in the foreseeable future.

The revenue segmentation of the market is as follows – hardware, software, and services. The hardware segment accounted for the majority revenue share in 2018 and is projected to maintain its dominant position for the next ten years. These hardware components are expensive and are utilized in high volumes, and this will probably impact revenue generation in the future.

Regional Analysis

Asia Pacific is expected to emerge as the dominant region over the next ten years due to its increasing acceptance and implementation of VSAT devices in both cruise ad merchant ships. Factors that are driving the demand for improved satellite communication systems are the large-scale modernization of legacy systems, defense purpose systems, as well as international territorial disputes.

Europe is anticipated to index the 2^nd fastest growth rate during the forecast tenure. Factors that are positively contributing to the demand for this market are – the rising popularity of maritime tourism, water sports, fishing as well as the increase in the number of high-net-worth individuals (HNWI).

Global Maritime Satellite Communication Market Segmentation:

Global Maritime Satellite Communication Market Segmentation, by Type:

• Very Small Aperture Terminal (VSAT)
  • Ka-Band
  • C-Band
  • Others
• Mobile Satellite Services (MSS)

Global Maritime Satellite Communication Market Segmentation, by Revenue:

• Hardware
• Software
• Services

Global Maritime Satellite Communication Market Segmentation, by End-Use:

• Naval Vessel
• Commercial Vessels
• Leisure Vessels
• Offshore Oil Rigs

Global Maritime Satellite Communication Market Segmentation, by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa