Research: government and defence expected to fuel satellite growth

The global satellite communication market is set to grow to US$192.09 billion by 2033, with government and defence business to account for over 40% of total revenue, according to research outfit Fact.MR.

During the forecast period 2022-2032, the satellite communication market is expected to grow at a value of 9.4% CAGR.

In 2021, the market was predicted to have a global valuation of US$59.32 billion, and is expected to reach US$ 192.09 billion in 10 years. In 2022, the market is expected to have achieved US$ 78.22 billion in revenue.

North America is said by the research outfit to be emerging as the most volatile region for satellite, with growth tied closely to defence requirements.  As military communication facilities are upgraded, the North American market is expected to grow at a rapid pace in the coming years.

The equipment segment will account for 28.5% of the global satellite communication market share in 2022 accodrding  to the research group, with the government and defense segment accounting for 42%.

Broadcasting is expected to gain a market share of 22.2% and forecast a CAGR of 8.9%, according to the outfit.

The APAC satellite communication market is expected to grow with an 8.5% CAGR during the forecast period.

North America is projected to account for 32.1% of the global market share in 2022.

“The growing need for mobile satellite services and tiny satellites for earth observation in the oil and gas, energy, defence, and agriculture industries is driving market expansion. Satellite communication, which uses an artificial satellite in a network, has become an essential component of modern communication infrastructure,” said Fact.MR.