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(Publishing-NewsWire.com, September 02, 2021 ) The global Satellite Network Equipment Market is projected to reach $42.6 billion by 2026, progressing at CAGR of 7.4% from 2021 to 2026. Increase in use of High Throughput Satellite (HTR) and Low Earth Orbit Satellite for high speed broadband access, cellular backhaul and other value added services such as video conferencing, VOIP, cellular backhaul, television broadcasting is set to be the major drivers for the growth of the market. For instance in October 2020, Gilat Satellite Networks Inc announced that its cellular backhaul solution is declared operational and ready for execution in 5G architecture after its outstanding performance. Additionally, the growing popularity of mobile ground station among end users and use of satellites for remote sensing applications are the key elements assisting the market growth during the forecast period 2021-2026.
Satellite Network Equipment Market Segment Analysis - by Applications
Remote sensing application is analyzed to hold highest share at CAGR of 9.5% during the forecast period 2021-2026. Satellites with remote sensing capabilities are used for various applications such as urban planning, agriculture, rural development, disaster management, mineral exploration and forestry. Satellite network equipment helps in operation such as sending commands to receiving data from the satellite. Growing use of satellites for remote sensing will accelerate the demand for Satellite Network Equipment Market in the coming years. In July 2020 NOVELSAT announced the launch of its latest advanced Receiver hub for multi connectivity applications such as video conferencing, remote sensing and earth observations, cloud, IoT and SIGINT.
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Satellite Network Equipment Market Segment Analysis - by End User
The commercial segment is the fastest growing segment in Satellite Network Equipment Market and is estimated to grow at around CAGR 9.2% during the forecast period 2021-2026, owing to the launch of satellite for various purposes like forecasting weather, remote sensing and earth observation, navigation, communication and many more. The demand for satellites for commercial purposes has increased. In March 2019 Gigaset Communication launched Gigaset Flyaway Antenna i.e. FA 240 for multiband transmission on all commercial satellites including Intelsat.
Satellite Network Equipment Market Segment Analysis - by Geography
North America dominated the Satellite Network Equipment Market in 2020 with a share in excess of 42.5%, due to frequent launch of satellites for communication and research purposes. The presence of key players such as L3 Harris Technologies, Viasat Inc, AVL Technologies and many more in this region influences the market growth. NASA is the world largest space agency which is located in this region, is one of the major drivers for the growth of the market in this region. As of 2019, USA has the highest government spending on space venture and satellite communication. APAC region is anticipated to witness the highest growth during the forecast period 2021-2026. In March 2021, BSNL, an Indian state owned Telecommunications company signed a contract with NOVELSAT to provide high speed satellite communication for internet broadband connection and back haul services in Andaman and Nicobar and Lakshadweep Islands.
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Satellite Network Equipment Market Drivers
Growing demand for Internet of Things (IoT)
Satellite Network leads the IoT movement by connecting remote areas for business operations and providing broadband connectivity in trains, maritime vehicles, cargo vehicles .The use of sensor based satellite for exploration purposes is being widely used in mining and energy companies. Development of smart and sustainable cities leads to the adoption of satellite based communication. Even mobile banking and retail operation can be operated even in remote areas due to satellite communication. These factors help in the growth of the satellite industry which further leads to the growth of equipment market. In December 2020, BSNL announced the launch of satellite based IOT device service in partnership with Skylo, a US based firm. The device will provide communication to all over India including seas where mobile towers are not present.
Increase in demand from Government and Military Sector
The surge in demand for satellite communications in the Government and Military sector has boosted the Satellite Network Equipment Market during the forecast period 2021-2026, owing to rising security concern for constant surveillance and monitoring. By using network equipment, military can establish real time communication with satellite. The crew at ground station which receives signal, act as command and control center for satellite communication. The growing demand for constant navigation via unmanned aerial vehicle is being used to avoid mid air collision. The rising global terrorism has resulted into the usage of network equipment at military bases also. These factors contribute positively for the market growth. Recently in January 2021, L3 Harris Technologies announced the completion of development of electronic ground antenna for US Space force to improve communication with satellites.
Satellite Network Equipment Market Challenges
Lack of Infrastructure and Expensive Equipment
Many devices are required to setup satellite communication which are expensive and may hinder the growth of the market as manufacturing of these devices are costly. There is lack of proper infrastructure to install the devices. Complex installation process is one of the setbacks for the market.
Satellite Network Equipment Market Landscape
Partnerships, acquisitions, collaboration, technological innovation along with product launches are the key strategies adopted by the players in the Satellite Network Equipment Market. The top players of the market include Viasat Inc, L3 Harris Technologies, Gilat Satellite Networks, Campbell Scientific, Orbcomm, Quintech Electronics, AVL Technologies, Cobham PLC, Hughes Network System, Iridium Communications, NOVALSAT, EchoStar Corpration and many more.
In November 2020, Viasat Inc and Infostellar Inc (A Japanese based start up) signed an agreement on Real Time Earth (RTE). Through the agreement Viasat Inc became supplier of Antennas for Infostellar Inc.
In March 2020, hiSky, global provider of Satellite IOT connected services announced partnership with ST Engineering iDirect to provide integrated terminal and cloud based technologies for expansion of satellite based IOT communication. hiSky utilizes IOT terminal that consist of modem and antenna in Ka-band and Ku-band.
The Key players in the Satellite Network Equipment Market are Viasat Inc, NOVELSAT, Gilat Satellite Networks and so on with contracts and partnerships being adopted as key strategies.
Remote sensing application is anticipated to hold highest share at CAGR of 9.5% during the forecast period 2021-2026, owing to various applications.
Commercial Segment will hold the highest market share during the forecast period 2020-2025.
North America dominated the market in 2020 due to high investment in research projects.
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B. Satellite Manufacturing Market
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