The global Satellite Communication (SATCOM) market size was valued at USD 27.56 billion in 2021. The market is projected to grow from USD 29.98 billion in 2022 to USD 56.74 billion by 2029, exhibiting a CAGR of 9.54 % during the forecast period. 

Satellite communication is described as the use of electromagnetic waves as a carrier signal to communicate between two earth stations via a satellite. It serves as a conduit for information between the earth and space. It refers to sending signals through satellite in the form of a beam of modulated waves between the sender and receiver antenna. It has a wide range of uses in radio transmission, the internet, voice communication, and weather monitoring.

Browse Summary:

https://www.fortunebusinessinsights.com/satellite-communication-satcom-market-102679

Application of Satellite Communication from Various Sectors:

The growth of the global market will be driven by the development of Internet of Things (IoT) and autonomous systems, increased demand for military and defense solutions, and increased adoption of SATCOM equipment for online streaming services, radio, and TV broadcast, according to researchers. High-end technological advancements in satellite missions and the deployment of 5G network via satellites are expected to create new opportunities for the sector while cyber security threats to satellite communication and interference in satellite data transmission are expected to limit growth.

In addition, the military and commercial satellite communication industries have seen a surge in small satellites, the launch of reusable rocket vehicles, and Low-Earth Orbit (LEO) satellites. For conducting military operations around the world, military satellite communication is becoming increasingly important. Military SATCOM providers are improving satellite communication capabilities, such as personal communication service, global broadcast service, and bandwidth frequency, by combining commercial communication satellites and military frequency bands to meet military operation requirements in the coming years.

Top Companies in the Market Listed by Fortune Business Insights™:

• Boeing (U.S.)

• Cobham Limited (U.K.)

• General Dynamics Corporation (U.S.)

• Honeywell International Inc. (U.S.)

• UIndra (Spain)

• Inmarsat Global Limited (U.K.)

• Iridium Communications Inc. (U.S.)

• L3 Harris Technologies, Inc. (U.S.)

• Qualcomm Technologies (U.S.)

• Viasat, Inc. (U.S.)

Technological Development and R&D Activities to Drive Growth

One of the smallest 2-way satellite communication devices is a transportable SATCOM station, often known as a satellite communicator or hotspot. The device collects location data using an inbuilt GPS chip. When the SEND is activated, this data is sent through commercial satellites to a commercial monitoring agency, which then passes it on to the relevant reacting agency. People involved in hiking, mountain biking, climbing, sailing, and flying are typical users/purchasers of these gadgets. It is also beneficial to individuals who operate in remote locations.