The global satellite internet market size is expected to reach USD 19.71 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.6% from 2022 to 2030.
Key Industry Insights & Findings from the report:
- The key factors driving the growth of the satellite internet market globally include a surge in the adoption of satellite services in government and military and growing adoption of satellite internet for connectivity in rural areas.
- The frequency band comprises L-band, C-band, K-band, and X-band. The K-band segment dominates the satellite internet market, gaining a share of 40.3% in 2021 and witnessing a CAGR of 13.9% during the forecast period. The K-band frequency is utilized in defense, broadcasting, and security radar systems. K-band monolithic microwave integrated circuit (MMIC) is an emerging technology that enables the implementation of K-band low-noise and amplifiers with reduced costs, ease of large-scale production, and high durability which further drives its adoption in the forecasted period.
- The government and public segment is expected to dominate in 2021, gaining a market share of 19.8%. It is expected to grow at 10.5% CAGR throughout the forecast period owing to increasing government initiatives across the globe to provide internet connectivity in remote locations.
- North America led the overall market in 2021, with the highest market share of 32.5%. It is expected to witness a CAGR of 11.0% throughout the forecast period. The growth is due to the rise in government initiatives to deploy satellite technology in various parts of
- North America. The population of developed countries such as the U.S. and Canada is highly tech-savvy and requires fast & better internet connectivity. This elevates the demand for high-speed internet, which should foster regional market growth.
- To increase their product offering, companies utilize a variety of inorganic growth tactics, such as partnerships, mergers, and acquisitions. For instance, In October 2022, Axess announced a partnership with Viasat. Viasat’s maritime operations will be able to reach a wider global audience owing to its strategic relationship with AXESS Maritime, which will provide a variety of solutions and services. AXESS Maritime offers regional and international networks and provides the complete rotation from network infrastructure, deployment, implementation, ship monitoring, and round-the-clock global NOC support.