The global satellite as a service market involves providing satellite capabilities including high-throughput satellites, satellites for broadcasting, earth observation and communication, to end-users on a utility or pay-per-use model through recurring subscription packages. This includes services like satellite connectivity, bandwidth, equipment and appointment of satellites to particular orbital slots. The market offers assured availability, reliability and flexibility with scalability for coverage on a global scale. It helps enterprises to access customized, advanced and cost-effective satellite solutions without significant upfront investments. The growing demand for continuous connectivity at remote locations is driving the adoption of satellite as a service.
The Global Satellite As A Service Market Size Is Estimated To Be Valued At US$ 2.82 Bn In 2024 And Is Expected To Exhibit A CAGR Of 34% Over The Forecast Period 2024-2031.
Key Takeaways
Key players operating in the global satellite as a service are SES, Intelsat, Eutelsat, Telesat, SKY Perfect JSAT, Singtel, Optus, Star One, Arabsat, Hispasat. SES leads the market with global satellite fleet of over 70 satellites providing coverage across the Americas, Europe, Africa, Asia-Pacific and MENA regions.
The growing need for ubiquitous connectivity solutions for IoT devices in sectors like oil gas, mining, agriculture and transportation is propelling the demand for satellite as a service. According to industry estimates, around 25 billion IoT connections are expected to come online by 2025 thereby expanding the scope of applications for satellite connectivity.
Technological advancements like multi-orbital connectivity, laser communication, Software Defined Satellites and integration of Artificial Intelligence are helping satellite operators provide cost effective, scalable and customizable solutions. New space companies are also launching novel small satellite constellations to enable services like broadband internet access globally.
Market Trends
Emergence of hybrid satellite-terrestrial networks by integrating satellite and cellular/wireless technologies is a key trend. This helps overcome limitations of individual systems and provides seamless coverage in remote areas.
Growing investments in Low Earth Orbit (LEO) satellite constellations by companies. LEO constellations with shorter signal transit time compared to GEO satellites help reduce latency which is crucial for applications like 5G backhaul, IoT and real-time cloud services.
Market Opportunities
Rising demand for satellite connectivity from maritime industry for applications like vessel tracking, cargo monitoring, crew welfare etc presents a lucrative opportunity.
Growing focus on connecting the unconnected population in emerging markets through satellite broadband networks, especially in areas without terrestrial infrastructure is expanding the client base for satellite operators.
Impact of COVID-19 on Global Satellite As A Service Market Growth
The outbreak of COVID-19 pandemic has significantly impacted the growth of global satellite as a service market. During the initial stages of the pandemic, when most countries announced nationwide lockdowns, companies had to adapt work from home settings quickly. This led to increased demand for affordable and flexible connectivity solutions. Satellite as a service providers witnessed rise in demand for bandwidth and managed services to support remote working. However, supply chain disruptions and delays in satellite launches initially affected the market growth.
As the pandemic continued through 2020 and 2021, industries adopted hybrid and distributed workforce models permanently. This boosted the need for reliable and cost-effective connectivity for businesses across various sectors such as banking, education, healthcare etc. Satellite as a service emerged as a viable option to cover temporary sites and remote locations. Several new service launches were announced to cater to demands from enterprises, governments as well as individuals. Investments into next generation satellite constellations also increased. With industries resuming operations and economies reopening gradually post pandemic, the market is expected to grow steadily driven by ubiquitous connectivity needs.
Regions With Highest Concentration In Global Satellite As A Service Market
North America currently holds the major share of the global satellite as a service market in terms of value. Presence of leading satellite operators and tech companies, along with large defense spending on satellite communication drives the region's dominance. Within North America, the United States accounts for the largest share.
Europe is the second largest regional market, wherein countries such as the UK, Germany and France collectively generate over 30% of the European revenue. Demand from enterprises across sectors and governments for bandwidth and managed services continues to support the European market.
Fastest Growing Region In Global Satellite As A Service Market
Asia Pacific region is poised to witness the highest growth in the global satellite as a service market during the forecast period. Rapid digitization of industries, increasing investments in satellite technology by national space agencies of countries like India and China, and rising demand for connectivity in remote areas are fueling the APAC market. Emerging economies within Southeast Asia and Africa are further expanding opportunities. In APAC, India is projected to be the fastest growing country market, growing at an expected CAGR of over 40% through 2031.
What are the key data covered in this Global Satellite as a Service Market report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Global Satellite as a Service Market's growth between 2024 and 2031.
:- Accurate calculation of the size of the Global Satellite as a Service Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behavior
:- Global Satellite as a Service Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Global Satellite as a Service Market vendors
FAQ’s
Q.1 What are the main factors influencing the Global Satellite as a Service market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Global Satellite as a Service Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Global Satellite as a Service market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
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