Maritime Satellite Communication Market Worth 3.10 Billion USD by 2020
PUNE, India, January 15, 2016 /PRNewswire/ --
According to a new market research report "Maritime Satellite Communication Market by Type (VSAT, MSS), Service (Voice, Video, Data, Tracking & Monitoring), End User (Merchant Shipping, Fishing, Passenger Ship, Leisure Vessels, Offshore, Government, Others) and by Region - Global Forecast to 2020", published by MarketsandMarkets, the global market is expected to grow to USD 3.10 Billion by 2020, at a CAGR of 9.0% over the forecast period.
Browse 85 market Tables and 43 Figures spread through 153 Pages and in-depth TOC on "Maritime Satellite Communication Market"
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Escalating need of enriched data communication and expansive application of satellite communication in maritime industry is driving the global Maritime Satellite Communication Market. Furthermore, introduction of less expensive technology to attract end users which did not had the potential to use satellite communication earlier.
Increasing need for enriched data communication drives the market growth of Maritime Satellite Communication Market
With the increase in sophistication and need of reliable data communications across remote marine regions, the scope of maritime satellite communication systems has increased. The growing communication needs of ships, vessels, rigs, and navel sector to maintain operational efficiency, on-board security, and employee/passenger welfare has resulted in increasing demand for bandwidth and data communication terminals. Furthermore, maritime satellite communication has increasing applications in maritime assistance, medical assistance, emergency calling, employee welfare, passenger assistance and enhanced maritime security, vehicle telemetry, marine vessel tracking, fleet management, and remote field service.
VSAT technology to play a key role in the Maritime Satellite Communication Market
The very small aperture terminal (VSAT) technology is estimated to dominate the Maritime Satellite Communication Market during the forecast period. At present, VSAT holds more than 61% share of the overall market. The rapid shift from mobile satellite communication (MSS) to VSAT is attributed to bandwidth and cost advantages that VSAT offers to marine users. At present, the penetration of VSAT across Ka-Band is maximum and this trend is expected to continue till 2020. On the other hand, the Ku-Band segment is expected to register the highest CAGR during the forecast period owing to increasing deployment of maritime satellite communication services across Ku-Band. With a share of over 29% in 2015, data communication services are expected to register the highest market share during the forecast period and video communication service segment will register the highest growth due to increasing use of video conferencing and entertainment-based applications.
Europe has emerged as the leading region in terms of adoption and implementation of Maritime Satellite Communication services
Due to availability of cost-effective solutions, rapid adoption and deployment of maritime satellite communication is reported in North America and Asia-Pacific region. On the other hand, Latin America and Middle East & Africa regions are showing comparatively slow adoption. At present, North America has the second-largest share in the overall market, and is expected to dominate the global Maritime Satellite Communication Market by the end of 2020. Currently, merchant shipping end-user segment holds the highest market share due to its potential to rapidly adopt technological developments in communication technology.
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The major players in the Maritime Satellite Communication Market covered in the report include Inmarsat communications, Inc., Iridium communications, Inc., Thuraya Telecommunications Company, Hughes Network System LLC., KVH Industries, Inc., VIASAT, Harris Caprock, Royal Imetech N.V., Globecomm Systems Inc., and VT iDirect, Inc. Some of the other players in the market are Speedcast, Navarino, NSSL Global, MTN, and Network Innovation.
The report provides market trends, overall adoption scenarios, and competitive landscape as well as key drivers, restraints, and opportunities in this market. It aims to estimate the current size and future growth potential of this market across different types, service, end user, and regions. The scope of the report also covers analysis of strategies such as new product launches, mergers & acquisitions, partnerships, agreements, and collaborations among key vendors in the maritime satellite communication market.
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