Global Optical Satellite Communication Market Highlights Over 2022 - 2031
The global optical satellite communication market is estimated to garner a sizeable revenue by growing at a CAGR of ~31% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing telecommunication traffic, and growing number of mobile phone users around the world. About 6.2 billion people globally used smartphones in the year 2020, which is calculated to grow up to approximately 7 billion users by the end of 2023. Along with these, rising public spending on advanced versatile communication technologies, and growing need for reliable communication among end users are also expected to drive market growth in the forthcoming years. Furthermore, with the escalating number of multimedia services, such as peer-to-peer video-on-demand and audio-on-demand, the requirement for high network bandwidth is also increasing. Optical satellite communication is able to provide high network bandwidth at lower costs, which in turn is projected to offer profitable opportunities to the market in the near future.
The market is segmented by application into tracking & monitoring, backhaul, surveillance & security, research & space exploration, earth observation, last mile access, and others. Out of these, the backhaul segment is anticipated to witness robust growth in the global optical satellite communication market. This can be accounted to the surging demand for high data rates resulting from adoption of technologies such as M2M communication and internet of things (IoT), which in turn is predicted to raise the need for higher number of backhaul connections. Apart from this, increase in mobile traffic is also evaluated to boost the growth of the market segment in the future. Additionally, on the basis of component, the transmitters segment is assessed to acquire the largest share during the forecast period owing to the ability of optical satellite transmitters to provide low-power, low interference, and high security for optical wavelengths. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Optical Satellite Communication Market Regional Synopsis
Regionally, the global optical satellite communication market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of the rising number of digital satellite broadcasting and internet services in the region. According to the World Bank, 35.331% of the total population of South Asia used internet in 2019, up from 18.785% in 2018 and 17.085% in 2017 respectively.
In addition, growing government initiatives to improve communication technologies are also expected to accelerate the market growth in the region in the coming years. Moreover, the market in North America is projected to grab the largest share during the forecast period owing to the high R&D investments in new optical satellite communication technologies, and strong footprint of market players in the region.
The global optical satellite communication market is further classified on the basis of region as follows:
Our in-depth analysis of the global optical satellite communication market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing telecommunication traffic, and growing number of mobile phone users around the world.
The market is anticipated to attain a CAGR of ~31% over the forecast period, i.e., 2022-2031.
The major players in the market are Mynaric AG, Analytical Space Inc., ATLAS Space Operations, Inc., BridgeSat Inc., Hisdesat Servicios Estrategicos S.A., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component, application, and by region.
The transmitters segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
High cost of deployment of optical satellite communication technologies is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the rising number of digital satellite broadcasting and internet services in the region.
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