January 08, 2021
As cited by the business intelligence report titled ‘Global Maritime Satellite Communication Market Size study, by Solution (VSAT and MSS), Service (Tracking and Monitoring, Voice, Video, Data), End User (Merchant Shipping, Offshore, Government) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global maritime satellite communication market was worth USD 2.21 billion in 2019 and is estimated to register a healthy CAGR of 7.72% during 2020-2027.
Factors such as rising adoption of the technology by vessels and ships for enhanced security and surveillance, escalating trade through sea routes, and importance of robust telecommunication systems in cruises are augmenting the growth of global maritime satellite communication market.
For the record, maritime satellite communication refers to a channel operating through satellite connectivity to amplify and relay radio telecom signals using a transponder. The primary features offered by the technology include emails, internet, voice calling, and Wi-Fi, and is used for facilitating a two-way communication among ships and coast stations.
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Industry experts claim that growing efforts of industry players towards deployment of HTS (high-throughput satellite) systems, surging demand for robust data communication to improve passenger welfare as well as operational efficiency, and technological advancements in the business sphere are positively swaying the global maritime satellite communication market dynamics. On the contrary, lack of awareness regarding advanced maritime satellite services is a major restraining factor for the business development.
Based on solution type, the overall market is bifurcated into MSS, and VSAT. With regards to service terrain, the industry is split into data, video, voice, and tracking & monitoring. The end-user terrain of worldwide maritime satellite communication market is fragmented into government, offshore, and merchant shipping.
From a regional point of view, North America accounted for a majority of the global maritime satellite communication market share in the recent past, on account of flourishing marine trade along with increasing popularity of recreational marine activities such as fishing and water sports.
On the other hand, Asia-Pacific maritime satellite communication market is expected to record the highest CAGR over 2020-2027. Factors such as large-scale modernization of legacy systems along with growing adoption of VSAT technologies in merchant and cruise ships are fostering the expansion of the regional market.
Companies that have a commanding status in the industry vertical are Marlink AS, NSSL Global Ltd., ST Engineering, Speedcast International Limited, Viasat Inc., KVH Industries Inc., Hughes Network Systems LLC, Thuraya, Iridium Communications Inc., and Inmarsat among others.