Allied Market Research published a new report, titled, “VSAT Maritime Satellite Communication Market Size Reach USD 2.96 Billion by 2030.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain a thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global VSAT maritime satellite communication market size was valued at $1,347.72 million in 2020, and is projected to reach $2,962.65 million by 2030, registering a CAGR of 8.5% from 2021 to 2030.
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Driving Factors
Increase in import and export operations through the marine industry and increased technological advancements in the VSAT maritime satellite communications market drive growth of the market. In addition, increasing VSAT satellite applications in civil and military maritime sectors fuels growth of the market. However, lack of reliability in satellite services and lack of awareness among consumers to use VSAT maritime satellites is expected to impede the market growth. Furthermore, increasing demand for VSAT connectivity among shipowners is expected to provide lucrative opportunities for the VSAT maritime satellite communication market growth.
Market Segmentation
The global VSAT maritime satellite communication market is segmented based on component, band type, services, end user, and region. By component, it is divided into solution and service. By band type, it is fragmented into, ku-band, ka-band, and c-band. In terms of services, it is segregated into voice, tracking and monitoring services, video, and data. In terms of end user, the market is classified into merchant shipping, passenger ships, leisure vessel, offshore, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Players
The key players profiled in the VSAT maritime satellite communication market analysis include Marlink, Inmarsat Global Limited, Iridium Communication Inc., Thuraya Telecommunications Company, Hughes Network System, LLC, KVH Industries, Inc., Speedcast, NSSLGLOBAL, ORBCOMM, and GTMARITIME. These players have adopted various strategies to increase their market penetration and strengthen their position in the VSAT maritime satellite communication industry.
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Region wise, the VSAT maritime satellite communication market was dominated by Asia-Pacific in 2020, and is expected to witness growth at the highest rate, owing to higher government investment on maritime products and services, expanded security risks, and increased sea transportation and other tracking.
By services, the video segment dominated the VSAT maritime satellite communication market in 2020, and is expected to continue its dominance in the coming years as it allows customers and crew members to stream high quality videos on their smartphones for entertainment purposes. However, the tracking and monitoring services segment is expected to witness significant growth rate during the forecast period as it allows for rapid information transmission between head office, dispatch consoles, and ships.
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Key Findings of the Study
By component, the solution segment accounted for the largest VSAT maritime satellite communication market share in 2020.
By region, Asia-Pacific generated highest revenue in 2020.
By band type, the Ku-Band segment generated the highest revenue in 2020.
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