Market Overview
Market Research Future predicts that the size of the global (MSS) mobile satellite services market would reach an amazing USD 8.52 billion by 2030. (MRFR). During the forecast period, it is anticipated to exhibit a CAGR of 7.45 percent (2020-2030). For two-way audio and data connectivity with personnel in far-flung and remote places, mobile satellite solutions are used. The most recent trends to have a beneficial impact on the market are advancements in satellite communications, the launching of additional satellites, and a move on to new transmission networking technologies.
Mobile satellite services may be in high demand if gadgets can communicate with one another no matter where they are. The market is anticipated to benefit from MSS’s capacity to connect with stationary satellites. Additional market investments may result from modifications to standards and architecture layouts that permit secure data sharing. The trend may be aided by falling processing and storage device prices along with cube satellite launches.
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Covid 19 analysis
The COVID-19 epidemic has slowed down the supply chain and prevented the implementation of mobile satellite services. Government contracts in North America, Europe, and Asia Pacific (APAC) are anticipated to be finished, giving a strong stimulus to the global market for mobile satellite services. But because payments are trickling down slowly, the smaller suppliers may suffer.
Long-term MSS enterprises and firms are making significant steps to assure prompt service delivery while giving their clients’ and staff’ well-being top priority. For instance, Blue Origin has chosen to use its 3D printers to produce visors in bulk for usage by healthcare professionals. Space agencies have worked together to track environmental changes during this time in order to create vaccines to stop the COVID-19 virus from spreading.
Market Segmentation
- By Kind the area Given that consumers in both urban areas and rural areas need to use these services, MSS is predicted to take the lead in the market for mobile satellite services. Connection providers’ efforts to create solutions for connecting satellites may cause this market segment to grow at a 6.8 percent CAGR throughout the forecast period. The segment may do well thanks to developments in AI and big data technologies as well as the growing demand for CubeSats.
- Using Application In 2018, the military and defense application was worth USD 908.3 million. Due to government investments in cutting-edge communication technology, it is anticipated to grow by 6.9 percent throughout the projection period. Geopolitical tensions and efforts to bolster defenses may result in significant demand from this sector for the worldwide MSS market.
- Through Sales Channel At a 7 percent CAGR during the forecast period, the offline sales channel is anticipated to provide significant profits for the worldwide mobile satellite services market. It held a 97% market share in 2018.
Regional Classification
Over the forecast period, North America is anticipated to increase revenues at a CAGR of 5.9 percent. In 2018, it had a market share of over 40.16 percent and was worth USD 1,486.8 million. The creation of cutting-edge network infrastructure and the requirement for MSS in the region can both be attributable to end-user industries.
Over the forecast period, APAC is expected to show a fantastic CAGR of 7.1 percent. The regional mobile satellite services market is primarily driven by investments in satellite launching firms and plans by telecommunication networks to develop next-generation communication networking technology.
Industry News
- For its clients in Canada, Terrestar Solutions Inc. has introduced a new mobile satellite solution called Strigo. With regard to both enterprise and civilian demographics, it attempts to offer connectivity and range to clients.
- A hybrid mobile satellite service has been introduced by Kymeta Corporation for business customers. The startup wants to link military and government organisations with outstanding communication capabilities no matter the environment.
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