Optical Satellite Communication Market size is expected to cross USD 8 Billion by the end of 2035, witnessing around 21% CAGR during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of optical satellite communication was over USD 2 Billion. The growth of the market can be impelled by the rising worldwide use of mobile phones. In 2020, the global usage of mobile phones reached 6.2 billion users, and it is projected to exceed 7 billion in 2023.
The industry is expected to grow over the coming years due to increasing demand for more extensive network bandwidth. In addition, market expansion throughout the period foreseen is projected to be possible as a consequence of increasing shifts in business from offline to online. During the COVID-19 outbreak, over 40% of U.S. workers were working in a remote capacity.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~ 21% |
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Base Year Market Size (2022) |
~ USD 2 Billion |
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Forecast Year Market Size (2035) |
~ USD 8 Billion |
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Regional Scope |
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Growth Drivers
Challenges
Application (Backhaul, Tracking & Monitoring, Last Mile Access, Earth Observation, Research & Space Exploration
The backhaul segment is anticipated to witness robust growth in the global optical satellite communication market with a 28% revenue share. This could be due, in particular, to technologies such as M2M communication and the Internet of Things that are predicted to have a greater demand for backhaul connections. Furthermore, it is anticipated that the market segment's growth will be supported by an increase in cell phone traffic.
Component (Receivers, Transmitters, Modulator)
The transmitters segment is expected to hold 45% share of the global optical satellite communication market during the forecast period. That's because optical satellite transmitters are capable of delivering light wavelengths with low power, negligible interference and a high degree of security. By 2020, there will be more than 8 million connections between machines in the world.
Our in-depth analysis of the global market includes the following segments:
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Application |
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Component |
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North American Market Forecast
North America optical satellite communication market is projected to hold the largest revenue share of 30% by the end of 2035. A big contributor to market expansion is government initiatives for the development of communications technologies, which are gaining momentum and have been expected to further accelerate growth in this area over the coming years. Furthermore, the market is expected to lead during the forecast period in North America due to substantial research and development expenditure for new optical satellite communication technologies as well as an established presence within that region.
APAC Market Statistics
Asia Pacific region is expected to have 25% of the optical satellite communication market share during the forecast period. In this area, the industry expansion is largely due to the addition of Internet and Digital Satellite TV services. According to the Bank's estimates, in 2019 35.3% of South Asia's total population are accessing the Internet, up from 17.08% in 2017 and 18.78% in 2018.
Author Credits: Abhishek Verma, Hetal Singh
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