Increase in import and export operations through the marine industry and increased technological advancements in the VSAT Maritime Satellite Communications Market drive growth of the market. In addition, increasing VSAT satellite applications in civil and military maritime sectors fuels growth of the market. However, lack of reliability in satellite services and lack of awareness among consumers to use VSAT maritime satellites is expected to impede the market growth. Furthermore, increasing demand for VSAT connectivity among shipowners is expected to provide lucrative opportunities for the VSAT maritime satellite communication market growth.
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The global VSAT maritime satellite communication market is segmented based on component, band type, services, end user, and region. By component, it is divided into solution and service. By band type, it is fragmented into, ku-band, ka-band, and c-band. In terms of services, it is segregated into voice, tracking and monitoring services, video, and data. In terms of end user, the market is classified into merchant shipping, passenger ships, leisure vessel, offshore, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By services, the video segment dominated the VSAT maritime satellite communication market in 2020, and is expected to continue its dominance in the coming years as it allows customers and crew members to stream high quality videos on their smartphones for entertainment purposes. However, the tracking and monitoring services segment is expected to witness significant growth rate during the forecast period as it allows for rapid information transmission between head office, dispatch consoles, and ships.
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Region wise, the VSAT maritime satellite communication market was dominated by Asia-Pacific in 2020, and is expected to witness growth at the highest rate, owing to higher government investment on maritime products and services, expanded security risks, and increased sea transportation and other tracking.
The report focuses on growth prospects, restraints, and trends of the VSAT maritime satellite communication market analysis. The study provides Porter’s five forces analysis to understand impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the VSAT maritime satellite communication market share.
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Key Findings Of The Study
- By component, the solution segment accounted for the largest VSAT maritime satellite communication market share in 2020.
- By region, Asia-Pacific generated highest revenue in 2020.
- By band type, the Ku-Band segment generated the highest revenue in 2020.
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