Satellite Connectivity Market is Expected to Reach $22.12 Billion by 2031

According to a new report published by Allied Market Research, titled, “Satellite Connectivity Market," The satellite connectivity market was valued at $11.12 billion in 2021, and is estimated to reach $22.12 billion by 2031, growing at a CAGR of 7.3% from 2022 to 2031.

North America was the highest revenue contributor. The U.S. dominated the global satellite connectivity market share in North America in 2021, owing to increase in R&D activities; technological developments by key players; and rapid adoption of innovative technologies in making advanced, reliable, precise, and efficient satellite connectivity systems. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to rise in procurement and development of advanced satellite connectivity systems across several Asian nations, for instance, China, India, Japan, and South Korea.

By component, the satellite connectivity market has been categorized into video, fixed, and mobility. The video segment accounted for the highest revenue in 2020, owing to high demand for direct to home (DTH) and other distribution services globally.

On the basis of orbit, the satellite connectivity market is bifurcated into Elliptical, GEO, LEO, and MEO. The LEO garnered the highest revenue in 2020, owing to rise in satellite launches in the LEO orbit by several private players globally.

Depending on end user, the missile defense system market is fragmented into Civil and earth observation, government and military, and commercial. The commercial segment was the highest revenue contributor in 2021, owing to a majority of the satellite connectivity being consumed for various commercial applications throughout the world.

COVID-19 Impact Analysis

• The COVID-19 impact on the satellite connectivity market is unpredictable, and is expected to remain in force for a few years.
• The COVID-19 outbreak forced governments across the globe to implement stringent lockdown and ban import–export of raw material items for most of 2020 & few months in 2021. This led to sudden fall in the availability of important raw materials for manufacturing satellite connectivity components.
• Moreover, nationwide lockdown forced satellite systems manufacturing facilities to partially or completely shut their operations.
• Adverse impacts of the COVID-19 pandemic resulted in delays in activities and initiatives regarding development of advanced satellite connectivity components globally.

KEY FINDINGS OF THE STUDY

• By component, the fixed segment is expected to register a significant growth during the forecast period.
• On the basis of orbit, the LEO segment is anticipated to exhibit significant growth in future.
• According to end user, the commercial segment is projected to lead the global satellite connectivity market.
• Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

The key players profiled in this satellite connectivity market report include Aselsan AS, General Dynamics Corporation, Honeywell International Inc., Indra, Israel Aerospace Industries Ltd., L3Harris Technologies Inc., Leonardo SpA, Norsat International Inc., Thales Group, and ViaSat Inc.