According to the MarkNtel Advisors research report, “Global Sky Based Communication Market Analysis, 2021,” the market is likely to grow at a CAGR of around 28% in the forecast period of 2021-26. It owes to the exponentially rising number of satellites being launched for communication, the competitive advantage of HAPS over conventional satellites & terrestrial-based systems, and the integration of new technologies like IoT & AI in satellite communication. Furthermore, enabling cost-effective long-range BVLOS drone operations with connectivity in rural areas is another crucial factor fueling the market growth.
Impact of COVID-19
The outbreak of the Covid-19 pandemic negatively impacted the market. The imposition of lockdown forced the satellite manufacturing units to shut their services either partially or wholly. It further hindered the operations and created several challenges for the market growth. Besides, the COVID-19 pandemic resulted in delays in bringing the development of innovative satellite communication solutions. However, with the gradual upliftment of lockdown & ease of restrictions, the market is likely to regain its pace and witness astronomical growth in the forecast years.
Maritime to Attain the Fastest Market Growth
Based on the End-User Industry, Maritime is likely to attain the fastest pace in the forecast period. It owes to the escalating need for improved communication for better onboard security, operational efficiency, surveillance, and employee/passenger welfare in the maritime industry. Furthermore, the need for better connectivity between the land & sea operations, maintenance, fuel-saving, and real-time navigation are other critical aspects propelling the segment growth in the forecast years.
Aerospace & Defense to Witness the Largest Market Share
Based on End-User Industries, the Aerospace & Defense segment is likely to attain the largest market share in the forecast years. The rapidly developing Aerospace & Defense sector shall establish superior connectivity across various units of the forces. Alongside that, unmanned aircraft and the escalating non-military applications are other significant reasons fueling the market growth exponentially. The latest technologies enable satellite connectivity to build a connection for retrieving images & data by the onboard systems. Hence, these factors are very likely to support the Aerospace & Defense sector, thereby fueling the overall market growth in the forecast years, states MarkNtel Advisors in their research report, “Global Sky Based Communication Market Analysis, 2021.”
Asia-Pacific to Attain for the Largest Market Share
The Asia-Pacific region is likely to attain the largest market share in the forecast years. It owes to the growing adoption of Sky-Based Satellite Communication Solutions across the region to incorporate advanced communication networks to interact with employees, especially those working in remote areas. Moreover, with the increasing trend of Work From Home (WFH) culture, Sky-Based Satellite Communication Solutions, by extensively implement advanced technologies, are rapidly gaining tremendous pace across the Asia-Pacific region, thereby likely to boost the overall market in the forecast period.
The prominent factors driving the market are the rapidly surging technological advancements, the growing number of satellites being launched for communication, the increasing adoption of modern technologies like IoT & AI, and their competitive advantage in various end-user industries. Furthermore, massive investments by governments and market players toward R&D are other essential factors likely to create lucrative growth opportunities for the market in the coming years.
According to MarkNtel Advisors, the major leading players in the Global Sky Based Communication Market are SES S.A., Honeywell Corporation, Viasat, Inc., Intelsat, Telesat, EchoStar Corporation, L3 Technologies, Inc., Thuraya Telecommunications Company, SKY Perfect JSAT Group, GILAT SATELLITE NETWORKS, Cobham Limited, Thales Group, General Dynamics, Satcom Global, Newtec, Hughes Network Systems, Iridium, Harris, Avl Technologies, Aselsan.
Key Questions Answered in the Market Research Report:
1. What are the overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of the Global Sky Based Communication Market?
2. What is the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Sky Based Communication Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Sky Based Communication Market based on the competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the Global Sky Based Communication Market study?