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Maritime Satellite Communication Market Trends

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

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Maritime Satellite Communication Market Trends

The increasing demand for managed connectivity services that seamlessly integrate Low Earth Orbit (LEO) and Geostationary Earth Orbit (GEO) satellites is fostering lucrative growth in the market. This hybrid approach combines the low latency of LEO satellites with the extensive coverage of GEO satellites, ensuring reliable and high-performance communication for maritime applications. For instance, in September 2023, Eutelsat, a satellite operator, collaborated with Can Marine Systems to jointly provide satellite communication services to the maritime industry in Asia. The partnership aims to deliver connectivity packages tailored for the cargo shipping, passenger ferry, and offshore sectors in the region.

The trend of digitalization in vessel operations involves the widespread adoption of satellite communication for e-navigation, electronic charts, and other digital tools, optimizing maritime processes. Vessel operators are leveraging advanced technologies to enhance navigation, communication, and operational efficiency. This digital transformation encompasses the integration of satellite-based systems to streamline navigation, automate reporting, and enable real-time data exchange, contributing to safer & more efficient vessel operations in the modern maritime landscape.

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.