Kenneth Research, in its repository of market research reports, have recently added a report on the Maritime Satellite Communication Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Maritime Satellite Communication products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
Global Maritime Satellite Communication Market is valued approximately USD 2.21 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 7.72 % over the forecast period 2020-2027. Maritime Satellite communication denotes a communication channel operating through satellites which relays and amplifies radio telecommunication signals using transponder. The key features served by maritime communications are Wifi, Voice Calling, internet and emails. Further these systems enable two-way communication for users in remote locations such as between ships and coast stations and also offer distress signaling, PINs, and GPS based solutions. The major benefits offered by these systems namely, monitoring of ships, cargo and vessels and also their security and surveillance creates a potential demand for these systems in the Maritime business.
The boost in the Maritime business owing to the increasing trade through sea routes and recreational activities such as cruises necessitate a strong telecommunication system in these ships driving the market growth. According to the UNCTAD Maritime Transport outlook 2018, maritime trade expanded by 4% in 2017. Moreover, escalating need for enriched data communication to improve operation efficiency, on-board security and surveillance, and employee/passenger welfare in the maritime industry is driving the market. Further, the established players, such as, Intelsat, , ViaSat, Inmarsat, Eutelsat, SES and Telesat, has been active in driving the satellite capacity supply with ongoing deployment of high-throughput satellite (HTS) systems which is projected to be around 15 times more over maritime regions, over the next three years. For Instance: In July 2020, Elbit systems was awarded a contract to supply and integrate intelligence suites onboard vessels of the navy of a country in Southeast Asia. The contract is valued at approximately USD 53 million and includes supply for NATTACS naval tactical communication intelligence systems. Thus, increased technological advancements and less expensive technology solutions fuel the market growth. However, lack of awareness about advanced maritime satellite services impedes the growth of the market over the forecast period of 2020-2027. Although, increased demand for broadband connections and VSAT connectivity presents a lucrative opportunity for the market.
The regional analysis of global Maritime Satellite Communication market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the well-established marine trade and increasing penetration of marine tourism, water sports and fishing. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2022-2031. Factors such as rising adoption of VSAT technologies in merchant and cruise ships along with large scale modernization of legacy systems would create lucrative growth prospects for the Maritime Satellite Communication market across Asia-Pacific region.
Major market player included in this report are:
Inmarsat
Iridium Communications
Thuraya
Hughes Network Systems
KVH Industries
Viasat
Speedcast
ST Engineering
NSSL Global
Marlink
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Solution:
VSAT
MSS
By Service:
Tracking and Monitoring
Voice
Video
Data
By End User:
Merchant Shipping
Offshore
Government
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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