The global satellite communication system market was valued at $25.8 billion in 2021, and is projected to reach $61.5 billion by 2031, growing at a CAGR of 9.5%
PORTLAND, OREGON, UNITED STATES, August 31, 2023/EINPresswire.com/ — Allied Market Research published a report on the Global Satellite Communications Systems Market. The research provides a clear picture of the market’s current needs and future prospects. The research study gives a 360-degree overview of the overall market environment by supplying details on the Satellite Communications Systems Market size and share analysis, market dynamics, segmental & regional analysis, top investment pockets, competition landscape and other factors for the projected forecast period.
The Research report presents a complete judgment of the Satellite Communications Systems Market trends, growth factors, consumption, production volume, CAGR value, attentive opinions, profit margin, price, and industry-validated market data. The report is a useful resource for businesses, investors, shareholders and new entrants to gain an in-depth understanding of the market and make informed decisions and settle on educated business choices based on their business goals. The analysis sheds insight on the global Satellite Communications Systems Market drivers, restraints, and opportunities. Businesses can evaluate the Porter’s Five Forces Analysis to determine the structure, level of competition, and industry’s strengths and weaknesses. The report also contains information and statistics, tables and figures that are used in strategic planning for the company’s success. The report will be remarkable in its ability to provide worldwide investors with the information they need to make informed judgments about the market. Also, these research report provides accurate economic, global, and country-level predictions and analysis.
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The research uses both primary and secondary research to assemble data on the various facets of the international Satellite Communications Systems Market. Using interviews or surveys, primary market research has been used to collect highly authenticated data from direct sources, such as consumers in a particular market. Secondary market research is a method for gathering information from previously released data that has been produced by international organizations, business groups, government and research institutions, and so on. The global Satellite Communications Systems Market report demonstrates information about the current and historical data of the market.
The competitive environment of the global Satellite Communications Systems Market is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Satellite Communications Systems market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Some of the prominent players of the global Satellite Communications Systems Industry include Advantech Wireless Technologies Inc. (Baylin Technologies), Al Yah Satellite Communications Company PJSC (Yahsat), Gilat Satellite Networks, Inmarsat Communications, Iridium Communications Inc., KVH Industries, Inc., L3Harris Technologies Inc., Orbcomm Inc., Thales Group, and ViaSat Inc..
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The satellite communication system market is segmented into Component, Satellite Orbit and End User.
Based on component, the market is segregated into equipment and service. The services segment acquired the largest share in 2021 and is expected to grow at a significant CAGR from 2022 to 2031.
On the basis of satellite orbit, the market is divided into Low Earth Orbit (LEO), Medium Earth Orbit (MEO), and Geostationary Orbit (GEO). In 2021, the Low Earth Orbit (LEO) segment dominated the market, in terms of revenue, and Medium Earth Orbit (MEO) segment will acquire major market share till 2031.
On the basis of end user, the market is divided into maritime, aerospace and defense, industrial, government, transportation and logistics, media, and others.
1) North America (Canada, Mexico, and the United States)
2) Europe (France, Italy, Germany, Spain, the United Kingdom, and rest of Europe)
3) Asia-Pacific (Australia, Japan, South Korea, China, India, and rest of Asia-Pacific)
4) LAMEA (Africa, the Middle East, and Latin America)
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KEY FINDINGS OF THE STUDY
Satellite communication system market analysis includes satellite orbit, components, application and region.
The Low Earth Orbit (LEO) segment was the highest revenue contributor to the market, with $9,144.9 million in 2021, and is estimated to reach $18,619.8 million by 2031, with a satellite communication system market share of 7.81%.
The Services segment was the highest revenue contributor to the market, with $17,122.6 million in 2021.
The Media and Government segments collectively accounted for around 44.3% market share in 2021.
Europe and Asia-Pacific collectively accounted for around 64.2% share in 2021.
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