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Global satellite dommunication (SATCOM) Equipment market accounted for $22.08 billion in 2018 and is expected to reach $53.79 billion by 2027 growing at a CAGR of 10.4% during the forecast period.
Growing demand in the aviation industry and rising need for uninterrupted communication in various industries are the major key factors driving market growth. Moreover, the growing usage of cloud-based services for ground mobility platform will provide ample opportunities for market growth. However, high component and manufacturing cost may hamper market growth.
Communications via satellite are the superior reliability unlike other forms of communication and provide superior performance as uniformity and speed. SATCOM consists of mainly an antenna, communication payload, transponder, switching systems, command, and control system. SATCOM equipment or satellite communication equipment are extensively used in a wide range of applications, including weather monitoring, telecommunications, navigation, military surveillance, etc.
On the basis of Technology, SATCOM Automatic Identification System has growing importance due to the increasing demand for a better identification system in maritime due to increasing maritime traffic. Satellite AIS is a vessel identification system used for collision avoidance, identification, location information.
By geography, Asia Pacific going to have a lucrative growth during the forecast period owing to the rising usage of satellite antennas in automobiles and growing R&D activities related to SATCOM equipment in China and India.