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M2M Satellite Communication Market Trends

Report ID: GMI8519
Published Date: Mar 2024
Report Format: PDF

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M2M Satellite Communication Market Trends

The rising application scope in diverse fields, including the marine sector will accelerate the market growth. Satellite communication technology is increasingly utilized in maritime applications for enabling real-time monitoring and communication for vessels at sea. From tracking ship locations and navigating through remote waters to managing onboard systems and ensuring crew safety, satellite based M2M solutions plays a crucial role in enhancing efficiency and safety in the marine industry. Moreover, the growing demand for maritime connectivity solutions, driven by the expansion of global trade, offshore exploration, and maritime surveillance, is further fueling the adoption of M2M satellite communication systems among ship operators, maritime agencies, and fleet management companies. To cite an instance, in April 2023, Global Marine, a marine technology company based in New Zealand, teamed up with M2M One NZ to offer advanced marine connectivity solutions. This collaboration leveraged Global Marine's extensive maritime knowledge alongside M2M One's diverse range of IoT and communication hardware.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size for M2M satellite communication was valued at USD 15.7 billion in 2023 and is estimated to register a CAGR of over 13% between 2024 & 2032 due to the increasing number of partnerships among leading companies.

Hardware segment accounted for a market share of around 45% in 2023 and is expected to cross over USD 19 billion by 2032, driven by the emphasis of businesses and organizations on seeking robust communication solutions for their operations.

North America M2M satellite communication industry held a revenue share of around 37% in 2023 and is set to gain traction through 2032, driven by the continuous expansion of industries and technological advancements.

EchoStar Corporation, Gilat Satellite Networks, Globalstar, Honeywell International Inc., Marlink , Orange S.A., ORBCOMM, Rogers Communication, Thales Group are some of the major industry contenders.