Albany, NY -- (SBWIRE) -- 04/10/2018 -- There are more than 2,000 satellites in orbit around the Earth. The need for satellite communication comes into use when there arises any requirement to send signals to far places, where the Earths curvature creates an obstruction. The hindrance is overcome by sending communication satellites to the Earths orbit, which helps in transmitting signals around the curvature. In addition, satellite communication offers connection in areas on the Earth that are not accessible through traditional or conventional communication networks. Therefore, the satellite communication technology is of utmost significance in providing uninterrupted service to all areas on the Earth. Due to this and many other factors, the satellite communication technology market is expected to grow at a compound annual growth rate (CAGR) of REDACTED% between 2017 and 2022 to attain a market value of nearly $REDACTED billion in 2022.
Satellite communication technology is an essential form of communication in remote areas where there is an absence of wired or traditional networks. Real-time information and data, accurate global positioning services, and tracking and monitoring of fixed and movable assets are the key functions carried out by satellite communication systems, according to Pallab Roy, System Expert at Inmarsat.
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However, the growth of the satellite communication technology market is limited by factors such as the high cost of manufacturing, delay in signals, and need for replacements. The cost of satellite communication technology includes the cost of satellite manufacturing, the launch of satellites through a space shuttle, and investments in a ground segment or base stations to manage and control a satellite. In addition to heavy expenditure, development and launch of satellites take years to complete and the deployment of satellites is totally dependent on the successful launch of space shuttles. In times of bad weather conditions such as storm and heavy rain, satellite connections may face interference or delay in receiving or sending signals. Moreover, standard satellites have a longevity of 12 to 15 years, which means that every satellite needs to be replaced before its lifespan is over. The market revenue of satellite communication technology market was $REDACTED billion in 2016 and is expected to reach nearly $REDACTED billion in 2022, growing at a CAGR of REDACTED% during the forecast period.
The types of technology in satellite communication technology available in the market are satellite telemetry, automatic identification system, and very small aperture terminal. Currently, satellite telemetry technology in the satellite communication technology market is the most commonly used; therefore, this had the largest revenue share in 2016, at $REDACTED billion, and will remain the largest market,which is expected to reach nearly $REDACTED billion by 2022. The satellite telemetry technology segment isexpected to increase at a CAGR of REDACTED% during the forecast period from 2017 through 2022.
Geographically, the market is segmented into North America, Europe, Asia-Pacific and the Rest of the World. North America witnessed the highest revenue in the market in 2016 at nearly $REDACTED billion, and itis expected to continue its dominance, with a value of $REDACTED billion in 2022. However, the Asia-Pacificregion is expected to have the best market potential to increase, with a CAGR of REDACTED% during theforecast period from 2017 through 2022. This growth potential is because emerging nations in thisregion are involved in heavy commercialization of satellite communication networks."
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This report represents an in-depth analysis of the global satellite communication technology market by technology, communication network, industry, and region. The report discusses the differentiation between satellite communication technologies to derive specific market estimates. The report discusses a comparative study between conventional and emerging applications of satellite communication technology. The report also discusses strategies adopted by major players in the global satellite communication technology market. Patent analysis imparted in the report provides a snapshot of technological trends in the global market over time as well as by geography for the U.S. and non-U.S. The global satellite communication technology market is segmented by type of technology: satellite telemetry, automatic identification system (AIS), and very small aperture terminal (VSAT).
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