(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Maritime Satellite Communication Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Maritime Satellite Communication Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Maritime satellite communication refers to a satellite communication system that relays and amplifies radio telecommunication signals using transponder. Further, the main key purposes of maritime satellite communication are voice calling, Wi-Fi email and the internet. Apart from this, recreational vessels and commercial fleets are few services offered by remote satellite systems to the maritime satellite communications.
Market Size and Forecast
The Global maritime satellite communication market is expected to expand at a significant CAGR of 10.5% over the forecast period i.e. 2018-2027. Factor such as rising need of reliable data communication across distant marine regions is expected to increase the growth of global maritime satellite communication market over the forecast period.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
In the regional market, North America is projected to dominate the overall market of maritime satellite communication during the forecast period. Factor such as increasing rate of adoption and deployment of low cost cloud solutions is expected to positively impact the growth of maritime satellite communication market over the forecast period. Further, increasing satellite communication over shipping and offshore industry is expected to significantly impact the growth of the maritime satellite communication market in North America.
Europe maritime satellite communication market is poised to grow at a significant rate over the upcoming years. Increasing implementation of maritime satellite communication services in the region is fostering the growth of maritime satellite communication market over the forecast period. Asia Pacific region is expected to observe outstanding growth in the upcoming years. Rising security concerns is anticipated to drive the growth of Asia Pacific maritime satellite communication market over the upcoming years.
Very Small Aperture Terminal (VSAT) by type is projected to capture major shares of market over the forecast period. Moreover, increasing deployment of maritime satellite communication services across very small aperture terminal (VSAT) technology is a major factor that is expected to propel the growth of market in the upcoming years.
Our in-depth analysis has segmented global maritime satellite communication market into the following segments:
Mobile Satellite Services (MSS)
Very Small Aperture Terminal (VSAT)
Surveillance and Tracking
By End User
Coastal Security Services
Tracking and Monitoring
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Global maritime satellite communication market is further classified on the basis of region as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Growth Drivers & Challenges
Factor such as increasing need for enhanced data communication across the globe is anticipated to intensify the growth of global maritime satellite communication market over the forecast period. Further, rising need for on-board security and passenger welfare is increasing demand for band and data communication terminal. This factor is expected to positively drive the growth of the global maritime satellite communication market over the upcoming years.
In addition, the adoption of modern maritime satellite communication technology such as very small aperture terminal (VSAT) and mobile satellite services (MSS) is increasing in the developed regions. This factor is anticipated to positively impact the growth of the global maritime satellite communication market over the forecast period. Apart from this, factor such as increasing technological advancement in communication system over the merchant shipping is expected to increase the growth of global maritime satellite communication market over the forecast period.
Further, rising adoption of IT network and satellite communication for various industries such as shipping and others is likely to further strengthen the growth of global maritime satellite communication market over the forecast period. Moreover, increasing number of IOT connected applications and sensing electronics devices across the globe is expected to robust the growth of the global maritime satellite communication market over the forecast period.
However, high initial installation cost and rain attenuation are some of the key factors which are expected to limit the growth of global maritime satellite communication market over the forecast period.
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Overview of the Parent Market
The global maritime satellite communication market is segmented as follows:
By Type Market Size & Y-O-Y Growth Analysis
By End User Market Size & Y-O-Y Growth Analysis
By Service Market Size & Y-O-Y Growth Analysis
By Region Market Size & Y-O-Y Growth Analysis
Supply & Demand Risk
Porter's Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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