According to the report published by Allied Market Research, the global satellite internet market generated $2.93 billion in 2020, and is estimated to generate $18.59 billion by 2030, witnessing a CAGR of 20.4% from 2021 to 2030.
Surge in need for satellite internet in rural areas, advancement in communication technology across the globe, and growth in supportive government regulation across developing nations drive the growth of the global satellite internet market.
However, the implementation and maintenance costs of satellite broadband communication systems hinder the market growth. On the other hand, the rise in the adoption of artificial intelligence (AI), machine learning, and cloud computing in the space sector creates new opportunities in the coming years.
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Impact of COVID-19 on Satellite Internet Market-
- The need for providing a host of voice, data, and broadcast communications solutions for organizations, government customers, and consumers around the globe has augmented the demand for satellite internet during COVID crisis.
- In addition, the companies and governments are collaborating to provide a number of initiatives to offer community and employee support during the pandemic.
The report offers detailed segmentation of the global satellite internet market based on band type, end user, and region.
Based on band type, the C-band segment held the largest market share in 2020, accounting for more than two-fifths of the total share, and is estimated to maintain its lead position during the forecast period. However, the K-band segment is expected to manifest the largest CAGR of 22.7% from 2021 to 2030.
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Based on end user, the commercial user segment accounted for the highest market share in 2020, contributing to nearly three-fourths of the global satellite internet market, and is projected to maintain its leadership status during the forecast period. However, the individual segment is estimated to witness the highest CAGR of 22.3% from 2021 to 2030.
Based on region, North America contributed to the highest market share in 2020, accounting for nearly two-fifth of the total market share, and is projected to maintain its dominant share in terms of revenue by 2030. However, Asia-Pacific is expected to witness the largest CAGR of 22.4% during the forecast period.
Leading players of the global satellite internet market analyzed in the research include Embratel, Eutelsat Communications SA, Freedomsat, Hughes Network Systems, LLC, OneWeb, Singtel, Skycasters, SpaceX, Viasat, Inc, and Wireless Innovations, Ltd. These players have adopted various strategies to increase their market penetration and strengthen their foothold in the satellite internet industry.
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