The satellite communication terminal market is on track to achieve significant growth in the coming years, with an incremental value of US$1.7 billion projected during the period from 2023 to 2028. The market, which was valued at US$4.2 billion in 2023, is expected to reach a valuation of US$6.0 billion by 2028, indicating a Compound Annual Growth Rate (CAGR) of 7.3% over the forecast period.
Key market players like Viasat Inc., Airbus, General Dynamics, Thales Group, and L3Harris Technologies are expected to hold a major share in the satellite communication terminal industry in 2023. Additionally, the United States is poised to dominate the market share in the same year.
The Insight Partners, in its research study titled “Satellite Communication Terminal Market Size Report, Growth, Industry Trends, and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Classification, Application, and Satellite Type,” provides a comprehensive outlook on the market’s growth prospects, analyzing factors like classification, application, satellite type, and regional scope.
According to the report, the global satellite communication terminal market encompasses diverse regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market’s geographical scope extends to key countries such as the US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, and Argentina.
The rising military expenditures in countries like China, India, and Singapore are creating opportunities for satellite communication terminal deployment. As these nations invest in new aircraft and advanced technologies, the demand for reliable communication systems is increasing. The Asia Pacific region, in particular, is experiencing significant growth, driven by expanding telecommunication sectors, surging military spending, and a booming media and entertainment industry. Singapore, for example, became the first country in the Asia Pacific to achieve complete digital video content delivery in January 2019, contributing to the region’s potential for satellite communication terminal market growth.
In Japan, the satellite communication terminal market has witnessed substantial expansion, especially in the aerospace and defense sectors. The Japanese Ministry of Defense utilizes high-capacity communication bands like Ku and Ka for image transmission from helicopters and communication with ships. Additionally, the X-band, which offers mid-capacity communication, is extensively used by the Japan Self-Defense Forces and the Ministry of Defense for communicating with aircraft and naval vessels. Japan’s growing aerospace and defense sector is boosting the demand for satellite communication terminals.
The global satellite communication terminal market is characterized by significant competition among key players. Companies such as Airbus, AVL Technologies, Collins Aerospace, General Dynamics Mission Systems, Inc., Honeywell International Inc., L3Harris Technologies, Inc., NEC Corporation, ST ENGINEERING, Thales Group, and Viasat, Inc. are prominent players operating in the market.
The Insight Partners’ report provides detailed insights into the competitive landscape and key developments within the market. This information can be instrumental in helping major players strategize their growth and navigate the evolving market landscape.
In the satellite communication terminal market, various segments, including C band, X band, S band, Ku band, and Ka band, cater to different communication needs. The S band segment currently holds the largest market share, owing to its adaptability and robustness, making it suitable for various public-facing applications.
As the Asia Pacific region continues to witness rapid urbanization, industrialization, and the penetration of advanced technologies, it is expected to be the fastest-growing market for satellite communication terminals. With a substantial young population and improving standards of living, the region has become an attractive hub for connectivity solutions. The demand for high-speed connectivity, coupled with the increasing need for telecommunication services, is driving the growth of the satellite communication terminal market in the Asia Pacific region.
Overall, the satellite communication terminal market is poised for robust growth in the coming years, driven by the expanding need for reliable and efficient communication systems in various sectors, including defense, media, and entertainment. The market’s projected CAGR of 7.3% underscores its potential for generating substantial revenue and technological advancements.
