Maritime Satellite Communication Market projected to reach $3.2 billion by 2025, with a remarkable CAGR of 7.1%

Date

9/22/2020 12:19:29 AM

(MENAFN- iCrowdNewsWire) Sep 21, 2020

According to a new market research report " Maritime Satellite Communication Market by Component (Solutions and Services), Solution (VSAT and MSS), Service (Tracking and Monitoring, Voice, Video, Data), End User (Merchant Shipping, Offshore, Government), and Region - Global Forecast to 2025″, published by MarketsandMarkets, the market size is expected to grow from USD 2.3 billion in 2020 to USD 3.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 7.1% during the forecast period. Escalating the need for enriched data communication to improve operation efficiency, onboard security & surveillance, and employee/passenger welfare in maritime is driving the market. Furthermore, The major factor driving the maritime satellite communication market is the need to attain improved connectivity between the land and sea operations and realizing benefits in faster repair times, preventative maintenance, fuel-saving, and real-time navigation.

Browse and in-depth TOC on ' Maritime Satellite Communication Market '

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Ka-band segment to account for the largest market size during the forecast period

This section studies the maritime satellite communication VSAT portfolio. Ka-band operates under frequency 26.5-40 GHz. It is an extremely high frequency, commonly used in HD satellite TV. It is used by the maritime industry to support marine VSAT services. Ka-band incurs significant implementation cost but relatively low maintenance. It is susceptible to rain fade. Inmarsat was the first company to provide Ka-band VSAT services. As more Ka-band bandwidth becomes available, other players also started using Ka-band to deliver their communication services

The video service segment to account for the largest market size during the forecast period

The video service segment of the maritime satellite communication service includes streaming of high definition photos & videos and online TV channel broadcast services. Video services enable the crew to get in touch with family through videoconferencing, get information & update on news, sports, and favorite TV programs, and many other services. Live video service can help onboard technicians to get live assistance from experts to resolve problems. High-quality live video transfer needs reliability and sufficient bandwidth.

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APAC to account for the highest market share during the forecast period

The maritime satellite communication market in APAC is the largest in terms of market size. APAC is the fastest-growing region in the maritime satellite communication market. Many countries in the APAC region are likely to adopt maritime satellite communication solutions owing to high demands, specifically in the oil and gas, merchant shipping, mining, and passenger shipping verticals. The APAC region is implementing maritime satellite communication solutions significantly. The maritime satellite technology has been adopted in this region to incorporate advanced communication networks to communicate with employees, such as crew working at remote offshore locations.

The major maritime satellite communication market vendors include Inmarsat (UK), Iridium Communications (US), Thuraya (UAE), Hughes Network Systems (US), KVH Industries (US), Viasat (US), Speedcast (Australia), ST Engineering (Singapore), NSSLGlobal (England), Marlink (France), ORBOCOMM (US), Navarino (Greece), Network Innovations (Canada), GTMaritime (England), AST Group (UK), Isotropic Networks (Wisconsin), Norsat International (Ontario), Satcom Global (Canada), Intelsat (US), and Orbit Communication Systems (Israel).

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