Home > Semiconductors & Electronics > Telecom and Networking > Communication > Maritime Satellite Communication Market

Maritime Satellite Communication Market Size

Report ID: GMI7812
Published Date: Jan 2024
Report Format: PDF

Download Free Sample

Maritime Satellite Communication Market Size

Maritime Satellite Communication Market size was valued at USD 5.9 billion in 2023 and is estimated to register a CAGR of over 8.5% between 2024 and 2032. The substantial surge in investments directed toward the research and development of satellite communication technologies is driving advancements in the market.

To get key market trends

Download Free Sample

These investments contribute to the evolution of more sophisticated and efficient communication solutions for maritime applications, enhancing connectivity, safety & operational capabilities. For instance, in April 2023, Intellian Technologies, a supplier of pioneering satellite user terminals and satellite communication solutions designed for multi-constellation use, invested USD 100 million in the research and development of satellite communication technologies.

The globalization of maritime activities plays a pivotal role in propelling the maritime satellite communication market. As international trade and shipping operations expand across diverse regions, there is a heightened need for seamless and reliable communication solutions. Maritime vessels must stay connected for navigation, safety, and operational coordination purposes. The demand for global connectivity, driven by the interconnected nature of present maritime trade, underscores the importance of advanced satellite communication technologies in facilitating efficient and secure communication for vessels navigating international waters.

Maritime Satellite Communication Market Report Attributes
Report Attribute	Details
Base Year:	2023
Maritime Satellite Communication Market Size in 2023:	USD 5.9 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	8.5%
2032 Value Projection:	USD 12.4 Billion
Historical Data for:	2018 - 2023
No. of Pages:	200
Tables, Charts & Figures:	323
Segments covered:	Type, Offering, Application, End-user
Growth Drivers:	Increasing investments in the research and development of satellite communication technologies The increasing globalization of trade and maritime activities Rising demand to track cargo and ships Growing need for higher data transfer rates in maritime applications
Pitfalls & Challenges:	High initial setup and ongoing operational costs

Learn more about the key segments shaping this market

Download Free Sample

The maritime satellite communication market is impeded by cost constraints, particularly impacting smaller enterprises with limited financial resources. The high upfront costs associated with acquiring and maintaining advanced testing tools may deter some businesses from investing in state-of-the-art equipment. Striking a balance between technological capabilities and affordability is essential for market expansion as cost-effective solutions become crucial for broader industry adoption and sustained market progression.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Maritime satellite communication industry was valued at USD 5.9 billion in 2023 and is estimated to register a CAGR of over 8.5% between 2024 and 2032, driven by a surge in investments directed toward the R&D of satellite communication technologies.

The VSAT type segment accounted for over 55% market share in 2023 and is expected to grow rapidly till 2032, driven by a reduced antenna size and enhanced flexibility in coverage & throughput.

North America maritime satellite communication industry held a major revenue share of over 35% in 2023 and is poised to witness steady growth during 2023-2032, driven by the widespread adoption of advanced maritime antenna solutions.

Cobham Satcom, EchoStar Corporation, Inmarsat Group Limited, Iridium Communications Inc., KVH Industries Inc., Marlink SAS, NSSL Global Limited, SES Satellite, Thuraya Telecommunications Company, Viasat Inc. are major industry contenders.