The global Maritime Satellite Communication market was valued at USD 3.0 Billion in 2022 and it is anticipated to grow up to USD 13.4 Billion by 2032, at a CAGR of 16.1% during the forecast period.
Maritime Satellite Communication (MSC) is a type of satellite communication that is used by ships and other vessels at sea. MSC allows these vessels to communicate with each other and with land-based systems, such as navigation aids, weather stations, and search and rescue services. MSC can also be used for voice and data communications, and for broadcasting.
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Market Trends and Drivers
The growing need for applications like voice communications in the industry like passenger ships, fishing, and marine shipping is expected to fuel the satellite communication industry’s expansion. Maritime satellite communication systems help in effective operations of these industries along with that it also enhances the security and surveillance system. The rising adaptation of advanced satellite systems and big data computing applications, along with the increasing awareness about the benefits of the cloud solution, are among the primary factors driving the market further. Moreover, an increase in the integration of satellite and mobile communication technologies is expected to create new opportunities for the market.
Market Restraints and Challenges
Customers are facing difficulties running satellite systems as the use of technology in maritime satellites rises. The vendors of maritime satellites fail to deliver reliable communication solutions, resulting in communication equipment and services being unable to function properly in adverse weather conditions. As a result, satellite communication network operators face a challenge in providing better service to their consumers regardless of weather conditions.
Major Players in the Global Maritime Satellite Communication Market
The maritime satellite communication market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players, with a prominent market share, are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. The key players in the Maritime Satellite Communication market are Marlink, Inmarsat Global Limited, Iridium Communications Inc., Thuraya Telecommunications Company, Hughes Network Systems, LLC, KVH Industries, Inc., Speedcast, NSSLGLOBAL, ORBCOMM, and GTMARITIME. among others.
COVID-19 Impact
The COVID-19 pandemic caused hockwaves across every industry worldwide. It significantly impacted the satellite communication industry. The industrys dependence on government contracts in various areas, including the highly reliable and survivable nature of satellite communications services that are essential for disaster communications and backup services, may insulate the industry from some of the more severe impacts of the global pandemic.
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Global Maritime Satellite Communication Market Segmentation
By Component
- Hardware
- Software
- Services
By Type
- Very Small Aperture Terminal (VSAT)
- Mobile Satellite Services (MSS)
By End-user
- Naval Vessel
- Commercial Vessels
- Leisure Vessels
- Offshore Oil Rigs
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