Northbrook, IL 60062 -- (SBWIRE) -- 12/19/2022 -- The satellite modem market is projected to reach USD 710 million by 2026; it is expected to grow at a CAGR of 12.0% during the forecast period.
A few key factors driving the growth of this market are rising need for enriched high-speed data communication, increase in the number of high-throughput satellites (HTS), and growing demand for satellite communication in internet of things (IoT).
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Driver: Rising need for enriched high-speed data communication
The rising demand for real-time and high-speed communication has generated demand for advanced high-speed satellite modems from different end-user industries such as marine, transportation, telecommunications, oil and gas, and education, among others. To address this growing need, satellite modem manufacturers, such as ST Engineering (Singapore) Viasat, Inc. (US), Teledyne Technologies (US), and Comtech EF Data Corporation (US), are designing high-speed satellite modems. Such continuous developments in satellite modem technology have enabled users to transmit large amounts of data efficiently.
Opportunity: Increasing launches of LEO satellites and constellations
CubeSats and other small satellites are also gaining attention; many companies in this marketspace have proposed or are implementing plans to build satellite constellations. For example, Starlink had 356 satellites in orbit from 2019 to May 2020. As of August 2021, there were 1600 Starlink satellites in the orbit. SpaceX is also in the race to deploy small LEO satellites and has filed paperwork for up to 42,000 satellites for the constellation. Amazon is investing over USD 10 billion to build a constellation of 3,236 low-earth orbit satellites as a part of its global space internet initiative, Project Kuiper.
High speed data rate satellite modems expected to hold the largest share of the satellite modem market during forecast period
High speed data rate satellite modems are expected to hold the largest share of the market from 2021 to 2026. This is due to the growing demand for high-data rate and high-bandwidth applications such as mobile & backhaul and offshore communication. Satellite service providers enable internet, cellular, and data network connectivity for remote locations. To keep pace with the high demand for data while controlling operational expenses, high-speed data rate satellite modems are necessary.
Additionally, the growing demand from the commercial and military sectors for on-the-move communications at high data rates further drives the market for the high-data rate satellite modems.
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The satellite modem market for transportation and logistics end-user industry is expected to grow at the highest CAGR during the forecast period
The satellite modem market for transportation and logistics end-user industry is expected to grow at the highest CAGR during the forecast period. In transportation and logistics, there is a constant need to transfer real-time data, including vehicle location, traffic density, video and audio, temperature range of vehicles transporting perishables, and emergency notifications. To transmit and receive such data, high-speed data rate satellite modems, which can set up a communication channel between the vehicle and the monitoring center, are used. Satellite modems also increase the accuracy and speed of the Global Positioning System (GPS).