Albany, NY -- (SBWIRE) -- 09/10/2018 -- As per recent studies, mobile satellite services require high initial investment, which has rendered the market moderately competitive. The prominent companies in the market primarily compete on the basis of performance, product quality and features, technology, and innovation. Besides this, several vendors around the world are deploying solutions either independently or alongside channel partners intending to consolidate larger share in the global mobile satellite services market.
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sustain growth amidst intensifying competition, the market players are keen on pacing up with emerging technologies to keep their product lines up-to-date. According to a new study by Transparency Market Research (TMR), Echostar Corporation, Ericsson AB, GlobalStar Corporation, Inmarsat Inc, Intelsat, S.A., Iridium Communications, Inc., ORBCOMM, Inc., Singtel Satellite, Telstra Corporation Ltd., Tesacom, Thuraya Telecommunications Company, and ViaSat Inc. are among the key players operating in the global mobile satellite services market.
In 2017, the global mobile satellite services market was valued at US$3942.3 mn. Rising at a healthy 7.4% CAGR between 2017 and 2025, the global market is likely to reach US$6955.3 mn by the end of 2025. Holding nearly 66.2% of the market based on service type, the data segment emerged dominant in 2016. Its dominance is expected to remain sealed through the aforementioned forecast period. In terms of end-use industry, the market will witnessed the military and defense segment emerge at the fore in 2016.
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Regionally, North America accounted for the dominant share of 34.7% in the global mobile satellite services market in 2016. However, during the course of the forecast period South America is likely to show the fastest CAGR. Besides this, promising growth is expected in Asia Pacific, as countries such as Australia, Japan, and China exhibit high demand for mobile satellite services.
These days it is just a matter of time before a newly evolved technology translates into an ongoing trend. For instance, bring your own device practices are adopted globally. However, for its successful implementation, it requires support from a strong communication channel, which is fulfilled by mobile satellite services. Similar technological advancements have chalked the convergence of terrestrial mobile phones and satellites, which experts have identified one of the primary factors enabling growth in the global mobile satellite services market. Given the scenario, starting from the Internet of Things, autonomous driving, and public safety to augmented reality in video games, TMR sees enormous potential on cards for convergence of wireless and satellite industries. Spurred by these factors, the global mobile satellite services market will report a positive growth trajectory in the coming years.
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With companies increasingly spending in R&D operations the market will witness a spurt of fresh opportunities in the coming years. Furthermore, companies are investing in setting up facilities to analyse and develop novel technologies. Such efforts are likely to give impetus to the global mobile satellite services market in the coming years. In addition, the allocation of additional bandwidth for MS and, integration of MSS into IoT applications are likely to bolster the market's prospects for growth. On the downside, stringent regulations implemented by government on satcom industry, especially in emerging nations will create challenges for the mobile satellite services market. Also, competition from VSAT mobile technologies and congestion of frequency bands will pose threat to the market players.