VSAT Maritime Satellite Communication Market Hit USD 2.96 Billion by 2030|Top Players such – Marlink, Inmarsat & Iridium
Main drivers of market growth include rising demand for broadband connection, VSAT connectivity & high-throughput satellites to enable cloud & IoT applications.
PORTLAND, PORTLAND, OR, UNITED STATE, April 20, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The VSAT Maritime Satellite Communication Market Hit USD 2.96 Billion by 2030 | Top Players such as – Marlink, Inmarsat & Iridium.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global VSAT maritime satellite communication market size was valued at USD 1,347.72 million in 2020, and is projected to reach USD 2,962.65 million by 2030, registering a CAGR of 8.5% from 2021 to 2030.
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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. Increasing demand for VSAT connectivity among shipowners is expected to provide lucrative opportunities for the VSAT maritime satellite communication market growth.
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.
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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.
By component, the solution segment dominated the VSAT maritime satellite communication market size in 2020, and is expected to continue its dominance in the coming years, owing to increase in use by corporations and individuals to provide dedicated, dependable, cost-effective, and confidential communications lines. However, service segment is expected to witness growth at the highest rate as ships highly rely on VSAT satellite services during their journeys to track the route and get internet services in the vessel.
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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 key players profiled in the VSAT maritime satellite communication market analysis include Marlink, Inmarsat Global Limited, Iridium Communication Inc., Thuraya Telecommunications Company, Hughes Network System, LLC, KVH Industries, Inc., Speedcast, NSSLGLOBAL, ORBCOMM, and GTMARITIME. These players have adopted various strategies to increase their market penetration and strengthen their position in the VSAT maritime satellite communication industry.
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Covid-19 Scenario:
● The pandemic halted many imports, exports and international operations owing to lockdowns implemented by government authorities which disrupted the global supply chain.
● Due of its high reliance on travel and human connection, the current pandemic scenario had a negative impact on international trade and shipping.
● Aside from the COVID crisis, the offshore oil & gas industry had its own set of problems as a result of a price war for oil and production constraints.
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