Global Satellite Services Market Report 2023: Sector to Reach $160.57 Billion by 2028 at a CAGR of 3%

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Apr 12, 2023, 06:30 ET

DUBLIN, April 12, 2023 /PRNewswire/ -- The "Global Satellite Services Market: Analysis By Type, By End Use, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.

The global satellite services market in 2022 was valued at US$134.48 billion. The market is expected to reach US$160.57 billion by 2028.

Satellite services means mobile wireless voice and data services (other than multi-channel video services and data services reasonably ancillary thereto) provided, via fixed or non-geostationary satellite. Satellite services can fill in the gaps in areas where terrestrial systems are not viable and help realize the vision of communications services available everywhere in the nation.

Satellite services are used for various applications such as agriculture, maritime, defense & security, automotive & transportation, among others. The rising desire for high-speed uninterrupted internet connectivity, which is being supported by the global digitization of all private and government activities, is also a major reason behind the rising requirement of satellite services.

Therefore, expanding demand for uninterrupted internet is one of the main factors that would drive the demand for satellite services in the forthcoming years. The market is expected to grow at a CAGR of approx. 3% during the forecasted period of 2022-2028.

Market Dynamics:

Growth Drivers: The global satellite services market has been growing over the past few years, due to factors such as rising demand for earth observation services, expanding demand for uninterrupted internet, growing adoption of DTH subscriptions and HDTV channels, flourishing media and entertainment industry, increasing deployment of small satellites, increasing investment in military satellite communication solutions, and many other factors. Earth observation satellites enable environmental monitoring and protection, resource management, humanitarian response, and sustainable development (EO satellites). High need for disaster management, agriculture, mapping, and natural resources survey drives the need for earth observation services in numerous sectors such as oil & gas, civil engineering, agriculture, and others, which results in increasing demand for satellite services, thus driving the overall market growth.
Challenges: However, the market has been confronted with some challenges specifically, intensifying cyber-security concerns, lack of dedicated launch vehicles for small satellites, emerging issues regarding space debris, etc.
Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as rising implementation of IoT and autonomous systems, ongoing development of smart cities, deployment of 5G networks through satellites, etc. Additionally, the ongoing development of smart cities is one of the most significant drivers for satellite services, as it helps in the development of high degree of connectivity they need. Moreover, the emerging development of the 5G satellite to support 5G network deployment is expected to offer lucrative opportunities for the satellite services market in the future.

Impact Analysis of COVID-19 and Way Forward:

The COVID-19 pandemic has hampered mission deployments along with slowing down the new product deliveries due to disruption of the supply chain. The temporary lockdown of various design, development, and manufacturing facilities with limited operational launch stations has limited the market growth during pandemic. The satellite service operator has experienced difficulties with the COVID-19 pandemic, as customers and partners have had delays in completing projects and making payments.

Competitive Landscape:

The global satellite services market is fragmented, with key players operating on global and regional levels. The key players in the global satellite services market are:

SES S.A.
Viasat Inc.
EchoStar Corporation
Telesat
Eutelsat Communications S.A.
Al Yah Satellite Communications Company P.J.S.C. (Thuraya Telecommunications Company)
The Sky Perfect JSAT Group
Gilat Satellite Networks
Intelsat S.A.
L3Harris Technologies, Inc.
Globalstar Inc.
Inmarsat
Iridium Communications, Inc.

Some of the strategies among key players in the market for satellite servicess are platform development and strategic alliances to expand their respective portfolios and gain a robust footing in the global market. For instance, in February 2022, Intelsat, which is the world's largest integrated satellite operator, expanded its collaboration with SKY Perfect JSAT Corporation to employ its next-generation JCSAT-1C High-throughput Satellites (HTS) over Asia-Pacific.

The partnership helps airlines and customers promote a superior passenger experience onboard aircraft through faster Internet connection speeds. On the other hand, in January 2022, Intelsat and Gilat Satellite Networks expanded their strategic partnership in commercial aviation. Intelsat will use Gilat's SkyEdge II-c system to expand commercial and business aviation services in Asia-Pacific.

Key Topics Covered:

1. Executive Summary

2. Introduction
2.1 Satellite Services: An Overview
2.1.2 Major Services Provided by Satellites
2.2 Satellite Services Segmentation: An Overview
2.2.1 Satellite Services Segmentation

3. Global Market Analysis
3.1 Global Satellite Services Market: An Analysis
3.1.1 Global Satellite Services Market: An Overview
3.1.2 Global Satellite Services Market by Value
3.1.3 Global Satellite Services Market by Type
3.1.4 Global Satellite Services Market by End Use
3.1.5 Global Satellite Services Market by Region
3.2 Global Satellite Services Market: Type Analysis
3.2.1 Global Satellite Services Market by Type: An Overview
3.2.2 Global Consumer Satellite Services Market by Value
3.2.3 Global Fixed Satellite Services Market by Value
3.2.4 Global Mobile Satellite Services Market by Value
3.2.5 Global Mobile Satellite Service Market by Service Type
3.2.6 Global Mobile Satellite Service Type Market by Value
3.2.7 Global Remote Sensing Satellite Services Market by Value
3.2.8 Global Space Flight Management Satellite Services Market by Value
3.3 Global Satellite Services Market: End-Use Analysis
3.3.1 Global Satellite Services Market by End Use: An Overview
3.3.2 Global Media & Entertainment Satellite Services Market by Value
3.3.3 Global Defense Satellite Services Market by Value
3.3.4 Global Retail & Enterprise Satellite Services Market by Value
3.3.5 Global Government Satellite Services Market by Value
3.3.6 Global Aerospace Satellite Services Market by Value
3.3.7 Global Aviation Satellite Services Market by Value
3.3.8 Global Others Satellite Services Market by Value

4. Regional Market Analysis

5. Impact of COVID
5.1 Impact of COVID-19 on Global Satellite Services Market
5.2 Post-COVID-19 Impact

6. Market Dynamics
6.1 Growth Drivers
6.1.1 Rising Demand for Earth Observation Services
6.1.2 Expanding Demand for Uninterrupted Internet
6.1.3 Growing Adoption of DTH Subscriptions & HDTV Channels
6.1.4 Flourishing Media and Entertainment Industry
6.1.5 Increased Deployment of Small Satellites
6.1.6 Increasing Investment in Military Satellite Communication Solutions
6.1.7 Growing Applications in Mining & Construction
6.2 Challenges
6.2.1 Intensifying Cyber-Security Concerns
6.2.2 Lack of Dedicated Launch Vehicles for Small Satellites
6.2.3 Emerging Issues Regarding Space Debris
6.3 Market Trends
6.3.1 Rising Implementation of IoT and Autonomous Systems
6.3.2 Ongoing Development of Smart Cities
6.3.3 Surging Penetration of AI, ML and Cloud Computing in the Space Sector
6.3.4 Deployment of 5G Networks Through Satellites
6.3.5 Growing Relationship Between Space and Climate Change

7. Competitive Landscape
7.1 Global Satellite Services Market: Recent Satellite Transactions
7.2 Global Satellite Services Market: Satellite Launch Schedule

8. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/pg6ji1

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