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SATCOM On The Move Global Market Report 2023: Unveiling Rapid Growth and Key Insights

LONDON, Nov. 07, 2023 (GLOBE NEWSWIRE) --

As per The Business Research Company's report on the SATCOM on the move market, the global SATCOM on the move market is experiencing remarkable growth, with the market size projected to surge from $22.48 billion in 2022 to $26.78 billion in 2023, indicating a substantial compound annual growth rate (CAGR) of 19.1%. The SATCOM on the move market is poised for continued expansion, with an anticipated market size of $53.79 billion in 2027 at a CAGR of 19.0%.

Telecommunications Drive Growth

The driving force behind this remarkable growth is the increasing demand for telecommunications. Satellite links have emerged as the primary means of connectivity in remote and far-flung regions, serving as essential backup links for terrestrial connectivity on the mainland. Satellite technology excels in 'point-to-multipoint' communications, such as broadcasting, making it ideal for bridging the digital divide, especially in rural areas. In 2022, notable companies like SpaceX, Amazon, OneWeb, and Telesat announced ambitious plans to launch large systems of low earth orbit (LEO) satellites, aimed at providing widespread Internet access.

Learn More In-Depth On The SATCOM On The Move Market

Market Landscape: Concentration and Notable Players

The global SATCOM on the move market is relatively concentrated, with a select group of dominant players. In 2022, the top ten competitors collectively held 14.04% of the total market share. Leading the market was Honeywell International Inc, with a 3.24% share, followed by L3Harris ...

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