Mobile Satellite Services (MSS) Market Size to Reach USD 14.25 Billion in 2030 | Increasing Demand for More Advanced and Effective Navigation Solutions is a Key Factor Driving Industry Demand, says Emergen Research
VANCOUVER, BC, April 1, 2022 /PRNewswire/ -- The global Mobile Satellite Services market size reached USD 6.31 Billion in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing need for connectivity and communications in disaster and emergency situations is a major factor expected to drive market revenue growth.
Drivers:
Navigation and tracking are becoming vital as the technologies help to reduce traffic congestion, fuel costs, and potential road accidents, as well as top save time and money. Mobile Satellite Services (MSS) provides real-time images of routes, road information, and predictive element data, providing near-future predictions about route, traffic conditions, weather conditions, and overall time required to travel from point to point.
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However, improper use of MSS could raise concerns regarding the security and safety of users. Therefore, Mobile Satellite Services (MSS) should be used with knowledge of the automobile applications that integrate all kinds of information related to the location and emergency features such as voice service in case of an emergency. In addition, Mobile Satellite Services improves user efficiency, resulting in increased productivity, which is expected to drive market revenue growth during the forecast period.
Restraints:
However, high initial costs and more time-consuming for manufacture and deployment of satellites and systems are major factors expected to hamper revenue growth. Mobile satellite services work with the help of satellites, Earth stations, and various other components such as sensors, and transmitters, among others. Developing and launching a satellite requires high overall capital, expert team, and time. In addition, satellites once launched into space or orbit cannot be fixed and this results in major losses.
Growth Projections:
The global Mobile Satellite Services (MSS) market is expected to register a CAGR of 9.5% over the forecast period, and revenue is projected to increase from USD 6.31 Billion in 2021 to USD 14.25 Billion in 2030. Increasing demand for mobility and more advanced communications and related services is a major factor driving revenue growth of the market.
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COVID-19 Impact Analysis:
COVID-19 pandemic has had a negative impact on the Mobile Satellite Services market. The COVID-19 pandemic impacted various industries, resulting in factory shutdowns and disruption of supply chains. However, the MSS providers are focusing on efforts to mitigate the impacts of the pandemic. In March 2021 for instance, Iridium Communications, Inc. announced that the company had surpassed 152,000 total users with 13% subscriber growth in 2020. In addition, in October 2020, Iridium Communications, Inc. reported a 26% hike in subscription rates during the pandemic. These factors are expected to drive market revenue growth post the Covid-19.
Current Trends and Innovations:
Cellular network systems are mostly damaged in the event of disasters such as hurricanes, earthquakes, floods, and wildfires, among others, which can affect communication systems by compromising infrastructure. Hence, Mobile Satellite Services is an ideal alternative in any disaster or emergency situation. One of the primary objectives of Mobile Satellite Services (MSS) is to broadcast warning information about what is happening and prompt people to take action accordingly. In addition, MSS allows essential communication services to keep local and government services such as disaster response, policing, reporting, and health care operating. Furthermore, increasing need for people to connect to important resources and report on their safety via emergency calls, text messages, or social media updates are expected to drive market revenue growth during the forecast period.
Geographical Outlook:
Europe market is expected to register a significantly robust revenue growth rate over the forecast period owing to increasing government support supporting adoption of mobile satellite services and rising penetration of major mobile satellite service providers, such as Telefonaktiebolaget LM Ericsson (Ericsson, Inc.), EchoStar Mobile Limited, and Intelsat S.A., among others, in countries in the region.
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Strategic Initiatives:
Some major companies included in the global market report are Telefonaktiebolaget LM Ericsson (Ericsson, Inc.), Telstra Corporation, Ltd., ViaSat, Inc., EchoStar Corporation, Iridium Communications, Inc., Intelsat S.A., Globalstar, Inc., Thuraya Telecommunications Company, TerreStar Corporation, and SpaceQuest, Ltd.
- In August 2020, Intelsat S.A. launched Galaxy 30, which is a geosynchronous communications satellite that will deliver high-performance television distribution to Intelsat's North American customers. Galaxy 30 is the first satellite in Intelsat's Galaxy fleet refresh plan. It will replace the existing Galaxy 14 fleet once it goes live in early 2021. The launch aims to transform and safeguard low-band media services for 5G wireless services.
Emergen Research has segmented global Mobile Satellite Services (MSS) market on the basis of access type, service type, end-use, and region:
- Access Type Outlook (Revenue, USD Billion; 2019–2030)
- Land
- Maritime
- Aeronautical
- Service Type Outlook (Revenue, USD Billion; 2019–2030)
- Video Service
- Voice Service
- Data Service
- Tracking & Monitoring Service
- End-use Outlook (Revenue, USD Billion; 2019–2030)
- Banking, Financial Services and Insurance (BFSI)
- Aerospace & Defense
- Healthcare
- Public Sector
- IT & Telecom
- Retail
- Others
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- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- a. U.S.
- b. Canada
- c. Mexico
- Europe
- a. Germany
- b. France
- c. U.K.
- d. Italy
- e. Spain
- f. Benelux
- g. Rest of Europe
- Asia Pacific
- a. China
- b. India
- c. Japan
- d. South Korea
- e. Rest of APAC
- Latin America
- a. Brazil
- b. Rest of LATAM
- Middle East & Africa
- a. Saudi Arabia
- b. UAE
- c. South Africa
- d. Turkey
- e. Rest of MEA
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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