Global Satellite as a Service Market is Anticipated to Witness High Growth Owing to Growing Demand for Seamless Connectivity
The global satellite as a service market involves deployment of various services including connectivity, managed services, professional services by satellite operators. The satellite connectivity services provide seamless broadband connectivity for organizations operating in remote locations lacking terrestrial connectivity infrastructure. There has been rise in demand for broadband connectivity from enterprises operating in oil & gas, mining, maritime, aviation and terrestrial backhaul industries.
The global satellite as a service market is estimated to be valued at US$ 2.82 Billion in 2024 and is expected to exhibit a CAGR of 34% over the forecast period of 2024-2031.
Key Takeaways
Key players operating in the global satellite as a service market are SES, Intelsat, Eutelsat, Telesat, SKY Perfect JSAT, SingTel, Optus, Star One, Arabsat, Hispasat. These players are focusing on partnerships, collaborations and new service launches to expand their satellite connectivity service offerings.
There is growth opportunity in markets lacking adequate terrestrial infrastructure. Organizations operating in remote areas across oceans, poles can leverage Satellite as a Service connectivity for their broadband requirements. Satellite connectivity is playing vital role in development of 5G networks by providing backhaul connectivity in regions with low terrestrial connectivity.
The satellite operators are expanding globally by strengthening their presence across Asia Pacific, Middle East, Latin America and Africa. SES expanded its enterprise network across APAC and EMEA. Intelsat partnered with Hughes to provide broadband satellite services across Sub-Saharan Africa and Middle East.
Market Drivers:
The key driver for the global satellite as a service market is the growing demand for broadband connectivity from enterprises operating in remote areas lacking terrestrial connectivity infrastructure. Organizations across energy, mining, shipping, aviation, defense sectors require high-speed seamless connectivity for their operations. This demand is driving satellite operators to offer managed connectivity services.
Market Restraints:
One of the key restraint for the satellite as a service market is the high cost of satellite connectivity as compared to terrestrial fiber connectivity. The installation and operational cost of satellite equipment is higher. Also, there are delays in satellite connectivity due to speed of signal transmission through space. This challenges widespread adoption of satellite services for real-time applications.
Segment Analysis
The global satellite as a service market has witnessed growth in the commercial satellite segment in the recent past. This segment dominates the market currently owing to growing demand for satellite connectivity from various industries like media and entertainment, transportation, aerospace, government etc. The commercial satellite segment provides services like broadcasting, communication, earth observation which has augmented its dominance. The rising adoption of satellite-based communication for mobility applications like in-flight connectivity, maritime communication is expected to drive the commercial satellite segment growth in the forecast period.
Global Analysis
North America region holds the major share in the global satellite as a service market currently on account of advanced satellite infrastructure and early technology adoption. The presence of leading satellite operators and service providers in the US is supporting the market growth. However, Asia Pacific region is anticipated to witness the highest growth rate over the coming years. This can be attributed to rising investment in satellite technology by China and India coupled with growing demand from developing countries for satellite data and communication services. The regional players are focusing on capacity expansion to tap the market potential arising from industries like agriculture, energy and utilities in Asia Pacific region.
What Are The Key Data Covered In This Global Satellite as a Service Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Global Satellite as a Service's growth between 2024 and 2031.
:- Accurate calculation of the size of the Global Satellite as a Service and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Global Satellite as a Service Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Global Satellite as a Service vendors
FAQ’s
Q.1 What are the main factors influencing the Global Satellite as a Service?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Global Satellite as a Service companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Global Satellite as a Service’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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