SAN FRANCISCO, Dec. 3, 2019 /PRNewswire/ -- The global
maritime satellite communication market size is
expected to reach at USD 4.74
billion by 2025, registering a CAGR of 8.9% over
the forecast period, according to a new report published by Grand
View Research, Inc. The rising need for reliable and cost-effective
maritime communication services at sea is driving the market
growth. Rising adoption of satellite communication for additional
user-oriented services, such as entertainment, tracking and
monitoring services is also expected to fuel revenue growth in the
forthcoming years.
Key suggestions from the report:
- Naval vessel in end use segment is anticipated to register a
high CAGR over the forecast period ascribing to modernization of
legacy systems such as close in air defense systems, radar, and
communication systems in the naval fleet
- VSAT sub-segment the type segment is expected to witness higher
growth than MSS owing to high data speeds, global coverage, and
efficient maritime satellite communication
- Asia Pacific is anticipated to
witness high CAGR over the forecast period owing to increasing
adoption of VSAT technologies in the merchant and cruise ships in
the region
- The maritime satellite communication market is oligopolistic
and is dominated by companies such as, Inmarsat Global Limited;
Iridium Communications Inc.; Leonardo S.p.A.; Thuraya
Telecommunications Company; ViaSat Inc.; Orbcomm Inc.; KVH
Industries, Inc.; Singapore Technologies Engineering Ltd; and
EchoStar Corporation.
Read 83 page research report with ToC on "Maritime Satellite
Communication Market Size, Share & Trends Analysis Report By
Type (VSAT, MSS), By Revenue Source (Hardware, Software, Services),
By End Use, By Region, And Segment Forecasts, 2019 - 2025" at:
https://www.grandviewresearch.com/industry-analysis/maritime-satellite-communication-market
Maritime satellite communication is a crucial part of naval,
commercial, leisure and oil rig and support vessels. Its services
include voice calling, weather and oceanographic data access for
navigation and fishing, data services for email and internet access
as well as for tracking the location of the marine vessel.
Timely delivery has become a dynamic factor for the shipping
industry. The industry is striving to achieve it by making high
investments in R&D activities. The shipping industry uses
satellite vessel tracking service to keep the shore-side operations
informed about the location and to achieve timely delivery.
Maritime communication services also provide distress warning
whenever necessary, which is also one of the most influential
factors driving the adoption of maritime satellite
communication.
Technological innovation such as reduction in dish size and cost
of data usage is expected to drive demand for installation of new
VSAT services in place of MSS services. The adoption of VSAT with
KU and KA band frequencies, will also provide immense growth
opportunity for the market. Also, huge investments which are made
by key manufacturers of maritime communication equipment, to
introduce new comparatively cheaper satellite communication
equipment is expected to boost the market. However, the high cost
of equipment and satellite communication services may hinder the
growth.
Grand View Research has segmented the global maritime
satellite communication market on the basis of type, revenue
source, end use, and region:
- Maritime Satellite Communication Type Outlook (Revenue, USD
Billion, 2014 - 2025)
-
- Very Small Aperture Terminal (VSAT)
- Ka-Band
- C-Band
- Others
- Mobile Satellite Services (MSS)
- Maritime Satellite Communication Revenue Source Outlook
(Revenue, USD Billion, 2014 - 2025)
-
- Hardware
- Software
- Services
- Maritime Satellite Communication End Use Outlook (Revenue,
USD Billion, 2014 - 2025)
-
- Naval Vessel
- Commercial Vessels
- Leisure Vessels
- Offshore Oil Rigs
- Maritime Satellite Communication Regional Outlook (Revenue,
USD Billion, 2014 - 2025)
-
- North America
-
- Europe
-
- Asia Pacific
-
- Latin America
-
- Middle East & Africa
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About Grand View Research
Grand View Research, U.S.-based market research and consulting
company, provides syndicated as well as customized research reports
and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425
analysts and consultants, adding more than 1200 market research
reports to its vast database each year. These reports offer
in-depth analysis on 46 industries across 25 major countries
worldwide. With the help of an interactive market intelligence
platform, Grand View Research helps Fortune 500 companies and
renowned academic institutes understand the global and regional
business environment and gauge the opportunities that lie
ahead.
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SOURCE Grand View Research, Inc.