The Satellite Phone Market by Application, Product, and Geography – Forecast and Analysis 2023-2027 report has been published by Technavio. Market growth is estimated to accelerate at a CAGR of 4.2% and register an incremental growth of USD 137.43 million during the forecast period. The report provides a comprehensive analysis on growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market.
By region, the global satellite phone market is segmented into APAC, North America, Europe, the Middle East and Africa, and South America. APAC is estimated to contribute 33% to the growth of the global market over the forecast period. The rapid increase in the demand for satellite communication from developing countries and increased investments in the development of advanced satellite-based infrastructure capabilities at different locations are driving the growth of the regional market.
The satellite phone market report includes information on the key products and recent developments of leading vendors, including:
- AT&T Inc.: The company offers satellite phones named Sonim XP5 Plus which can be used for voice calling purposes and secured messages.
- Inmarsat Global Ltd: The company offers a satellite phone named ISATPHONE 2 with a portable, voice calling system, messaging for government users, and a high network for remote areas.
- Iridium Communications Inc.: The company offers satellite phones which enable voice, messaging, and data services anywhere on Earth through rugged hardware designed to meet the needs of lone workers, adventurers, international travelers, and government workers.
- Telefonaktiebolaget LM Ericsson: The company offers a satellite phone named Ericsson R290 with a foldable antenna, the same length as the body of the telephone. The R290 comes in a blue and black case in a style similar to other Ericsson phones of its period.
- Thuraya Telecommunications Co.: The company offers satellite phones named Thuraya XT PRO with 2.40-inch size with 9hrs talk time and navigation system.
- United Parcel Service Inc.
- Globalstar Inc.
- To gain access to more vendor profiles available with Technavio
The market is driven by factors such as the advantages of satellite phones over landline and cellular phones, growing investments in satellite communication, and the development of nano and microsatellites. However, stringent regulatory standards for satellite phone development are hindering market growth.
The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share among others.
- By application, the market is segmented into maritime, aerospace, government, and energy. The maritime segment accounted for the largest share of the market in 2022.
- By geography, the market is segmented into APAC, North America, Europe, the Middle East and Africa, and South America. APAC held the largest share of the market in 2021.
The satellite internet market share is expected to increase to USD 2.70 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 13.34%. The growth in the number of IoT devices is notably driving the satellite internet market growth, although factors such as bad weather conditions may impede the market growth.
The satellite modem market share is expected to increase by USD 157.73 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 7.21%. The increasing need to enhance offshore communication is notably driving the satellite modem market growth, although factors such as high investments required for satellite internet and connectivity may impede the market growth.