Satellite Modem Market Expected to Reach $1033.4 million by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “Satellite Modem Market by Channel Type, Technology, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The satellite modem market size was valued at $354.6 million in 2020, and is projected to reach at $1033.4 million by 2030, growing at a CAGR of 16.5% from 2021 to 2030.

Satellite Modem Market Outlook - 2030

A satellite modem is an enhanced device used to transmit and receive communication signals to and from a satellite. Satellite modems are designed to offer communication solutions across remote areas across the Earth. Satellite modems or satellite internet modem are used across various sectors such as military, defense, government, mining, oil & gas, telecommunication, transportation, and others for ensuring secured transmission in communication. It exhibits more potential and is beneficial over traditional network communication solutions in terms of reliability high performance and wireless networks.

The growth of the global satellite modem market is majorly driven by rise in numbers of high-throughput satellites (HTS) globally paired with growing need for enriched high-speed data communication. Further, growing demand for satellite communication in Internet of Things (IoT) is anticipated to drive the growth of satellite modem However, Ambiguity in regulatory framework pertaining to satellite communication protocols and standards are acting as a prime restraint of the global market. On the contrary, rise in development of satellite network to offer internet across in remote areas is anticipated to provide lucrative opportunities for the satellite modem industry during the forecast period.

According to satellite modem market research, the satcom-on-the-move segment was the highest contributor to the market in 2020. The military & defense segments collectively accounted for around 35.6% market share in 2020. Surge in deployment of satellite communication solutions across defense sector has led the growth of the satcom-on-the-move segment; thereby, enhancing the satellite modem market growth.

The outbreak of the COVID-19 has significantly impacted the growth of this market. Rise in demand for satellite communication solution across various sectors has significantly propelled the demand for this market during the pandemic. However, the emergence of third wave of COVID-19 across U.S. and UK is anticipated to affect the growth of satellite modem market in 2022. Moreover, the telecommunication sector globally started to deploy satellite modem solution, and thus is expected to drive the growth of the satellite modem market analysis post pandemic.

Region-wise, North America holds a significant share in the global satellite modem market, owing to the presence of prime players in this region. The adoption of automatic identification system is expected to propel the growth of the satellite modem industry in this region. Moreover, rise in launch of LEO satellites and constellations in North America is anticipated to drive the satellite modem market trends in this region.

Key Findings of The Study

• In 2020, the SCPC modem segment accounted for maximum revenue, and is projected to grow at a notable CAGR of XX% during the forecast period.
• The military & defense and marine segments together accounted for around 51.1% of the satellite modem market share in 2020.
• The transportation & logistics segment is projected to growth at a CAGR of 20.6% during the forecast period.
• North America contributed for the major share in the the market, accounting for more than 40.3% share in 2020.

The key players profiled in the report include Viasat Inc., ORBCOMM Inc., Novelsat, Datum System, Hughes Networks Systems, Contech Telecommunications Corp., ST Engineering, Teledyne Technologies, Gilat Satellite Networks Ltd., and Work Microwave GmbH. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in this market.