Global Maritime Satellite Communication Market Size Projected to Surge USD 8.35 Billion By 2032, at 8.0% CAGR Growth: Polaris Market Research

NEW YORK, Oct. 9, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Maritime Satellite Communication Market Share, Size, Trends, Industry Analysis Report, By Type (VSAT, MSS), By Revenue Source (Hardware, Software, Services), By End Use, By Region, And Segment Forecasts, 2023- 2032" published by Polaris Market Research in its research repository.

"According to research report, the global maritime satellite communication market size/share was valued at USD 3.98 Billion in 2022 and is expected to touch USD 8.35 Billion By 2032, growing at a CAGR of 8.0% during the forecast period."

What is Maritime Satellite Communication? How Big is global maritime satellite communication market?

• Report Overview

Maritime satellite communication systems are utilized to circulate and obtain signals in times when the ship is outside the coverage area of shore stations. The functionality of such systems relies on geostationary satellites. The rapidly rising demand for the maritime satellite communication market can be attributed to the fact that commercial firms such as INMARSAT and government agency COSPAS-SARSAT provide two-way communication to acquire emergency signals when there is no provision for two-way marine communication.

The rising requirement for reliable and economical communication services at sea is propelling the growth. Additionally, growing acquisition for aquatic purposes is also anticipated to push revenue growth. Also, massive funding by principal maritime communication instrument manufacturers, such as Iridium Communications Inc. and Inmarsat Global Limited, to launch contemporary and low-cost equipment is anticipated to push the growth.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Our Sample Report May Includes:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Players Covered Are:

• EchoStar
• Inmarsat Global
• Iridium Communications
• Kongsberg Maritime
• KVH Industries
• Leonardo
• Orbcomm
• Singapore Technologies Engineering
• Saab ABRohde.
• Thuraya Telecommunications
• ViaSat

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Maritime Satellite Communication Market: Report Scope

Key Growth Driving Factors

• Dependable communication: Maritime telecommunication equipment has become the norm for compact as well as abiding voyaging. The maritime satellite communication market size is expanding as dependable communication has become a crucial part of maritime transport, whether it's enjoyable boats, gigantic yachts, commercial fishing, or alternate naval transport. Cellular services are only obtainable within the offshore region and have a restricted range wherein they operate appropriately.
• Escalating usage in DTH broadcasting: At present, the function of satellite communication has changed from voice calls to supplementary user-oriented data services such as amusement, tracing, and observing services. The maritime satellite communication market sales are soaring as the instruments are present everywhere due to manifold applications such as DTH broadcasting, disaster management, voice calls, weather forecasting, and navigation, among others.
• Growing R&D: Growing funding in reforming legacy systems within naval fleets covering several regions is anticipated to push the demand for these communication solutions. In the defense and security zone, sustaining uninterrupted communication with zero-time delay is of prime importance to productively address provocations such as pirate activities, inter-country disputes, and border diffusion.
• Eminent communication instruments: Receiver, transmitter, transceiver, antenna, modem, and satellite phone are eminent communication instruments installed on marine vessels. These instruments also discover requisition in air and marine navigation and meteorological observation. Albeit marine satellite communication is becoming perpetually important, the solutions that operate on land do not normally function at sea.

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Recent Trends Influencing the Market

• Reliable communication solutions: Advancement in the market is being pushed by the growing demand for reliable and economical communication solutions at sea. Further, the growing acquisition of these services for navigational reasons additionally aids in revenue growth. Important players in the maritime communication instrument manufacturing sector, such as Iridium Communications & Inmarsat Global, are rendering substantial funding in initiating contemporary and economical instruments. These endeavors are anticipated to notably push market growth in the coming years.
• Growing voice communication: The growing requirement for applications such as voice communication in the industry, such as passenger ships, fishing, and marine shipping, is anticipated to push the satellite communication industry's proliferation. Maritime satellite communication system assists in constructive functions of these industries together with that it also improvises the security and surveillance systems.

Segmental Analysis

Very Small Aperture Terminal (VSAT) segment dominated the market

Based on type, the Very Small Aperture Terminal (VSAT) segment dominated the market. The maritime satellite communication market demand is on the rise as this growth can be credited to several benefits that VSAT provides over Mobile Satellite Services (MSS), involving lessened time delay and global coverage, amongst others. The usage of broadband VSAT frameworks has become widespread for creating consigned VPN frameworks authorizing flawless association covering fleets and linking ships to shore. This association reinforces crucial business applications, makes possible VoIP traffic, and improves ship's eruption to important information.

The commercial vessels segment is anticipated to hold a substantial market share

Based on end use, the commercial vessels segment is anticipated to hold a substantial market share. The maritime satellite communication market trends include the international shipping industry performing a vital role in conveying roughly 90% of global trade, and maritime trade persists in proliferating and profiting consumers globally by providing aggressive logistics prices. As manufacturing and global trade persist to surge, there has been a congruous escalation in the aggregate of marine vessels being expanded to the prevailing fleet. This augmentation in fleet size involving both commercial ships and naval vessels is anticipated to push the market's growth in the course of the forecast period.

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Geographical Overview

Asia Pacific: This region held the largest maritime satellite communication market share due to the acquisition of VSAT technologies in merchant and cruise ships covering the region. Further, there is a notable upgradation drive for legacy systems in defense vessels in the region, which includes air defense systems, radar, and communication systems. The region's geopolitical topography, portrayed by escalating political pressure and border conflicts in nations such as India and China, is additionally pushing the demand for progressive satellite communication technologies.

Europe: This region is disposed to surface as a speediest growing region. The demand surge can be credited to elements such as a growing aggregate of High-Net-Worth Individuals (HNWI) and increasing approval of marine tourism propelled by growing attentiveness in water sports and fishing activities. As the region becomes more appealing to tourists, passenger traffic in marine and coastal tourism is anticipated to observe notable growth in the approaching years.

Browse the Detail Report "Maritime Satellite Communication Market Share, Size, Trends, Industry Analysis Report, By Type (VSAT, MSS), By Revenue Source (Hardware, Software, Services), By End Use, By Region, And Segment Forecasts, 2023- 2032" with in-depth TOC: https://polarismarketresearch.com/industry-analysis/maritime-satellite-communication-market         

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Recent Developments

• In June 2023, Inmarsat Maritime partnered with the Atlantic Offshore to deploy Fleet LTE technology in the Norwegian offshore region. This strategic agreement aims to deliver seamless and reliable high-speed, low-latency maritime satellite communication services in the North Sea area.
• In October 2022, AXESS Networks Maritime entered into a strategic partnership agreement with the Viasat. This collaboration aims to facilitate the global expansion of maritime satellite communication services, offering a diverse array of solutions and services to meet the needs of the maritime industry.

Polaris Market Research has segmented the maritime satellite communication market report based on communication type, revenue source, end use, and region:

By Type Outlook

• Very Small Aperture Terminal (VSAT)
  • Ka-Band
  • C-Band
  • Others
• Mobile Satellite Services (MSS)

By Revenue Source Outlook

• Hardware
• Software
• Services

By End Use Outlook

• Naval Vessel
• Commercial Vessels
• Leisure Vessels
• Offshore Oil Rigs

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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SOURCE Polaris Market Research