Preliminary research of Fairfield Market Research indicates a promising growth outlook for global maritime satellite communication market during the course of next few years.
Technological advancements and Rising Maritime Activities to Bode Well for Maritime Satellite Communication Market
Technology has been evolving rapidly transforming every sector. Marine industry being no exception, technology has been useful in establishing a constant connection with fleets thus facilitating efficient monitoring of activities. In addition, high throughput satellites (HTS) are being deployed for establishing maritime communication. Developments such as high speed broadband modems, gyro-stabilized ground terminals and multi-frequency dish antennas are adopted to gain resilience against extreme conditions. New age technologies such as Internet of Things are also being used to exchange real-time information regarding several aspects thus supporting process optimization and ship functioning. Moreover, the growing demand for 5G to boost connectivity is also expected to improve marine communication. These factors coupled with growing maritime trading activities are expected to augur well for the maritime satellite communication market.
Maritime Satellite Communication Market to Witness VSAT Gaining High Ground in Ships
Very small aperture terminal (VSAT) is expected to witness high demand over other types of maritime satellite communications such as mobile satellite services (MSS) in the forthcoming years. This is mainly owing to the benefits offered by VSAT such as global coverage and reduced time lag among others. Moreover, VSAT network is mainly used to establish VPN network onboard that covers entire fleet and connects ships to the shore. VSAT connectivity carries VoIP traffic, supports crucial business applications as well as enhances the access of the ship to information. In addition, the network also provides unlimited bandwidth which enables the ship crew to remain connected with the shore while managing their individual entertainment and personal affairs. This factor continues to influence the demand for VSAT network, consequently complementing the growth of the maritime satellite communication market.
Asia Pacific Likely to Reign Supreme in the Maritime Satellite Communication Market
The rising adoption of waterways for transportation purposes coupled with favourable government initiatives and increasing use of satellite communications (SATCOM) continue to influence the maritime satellite communication market in Asia Pacific. Emerging economies in the region such as China, India, Japan, Singapore, and Malaysia are expected to showcase high growth potential apropos to the adoption of various maritime satellite communication solutions and services. In addition, the region has prevailed as a lucrative manufacturing hub for various industries owing to its business friendly environment and rising customer pool backed by growing population. This has, in turn, triggered the growth of the logistics sector with an increase in the number of exports and imports. This provided an impetus to the maritime trading activities consequently influencing the maritime satellite communication market in Asia. For instance, according to 2020 United Nations Conference on Trade and Development (UNCTAD) report, the maritime trade in Asia Pacific grew significantly thus dominating the global scenario and is expected to maintain status quo in the forthcoming years. Albeit of the 2020 COVID-19 pandemic slack due to lockdown restrictions, the Asia Pacific region reflected high resilience and continued with its efforts of improving maritime trading activities in the fourth quarter of 2020.
Countries such as China, and India showcased high growth potential with an increase in the number of ports and waterways transportation. For instance, according to the Ministry of Ports, India handled a huge percentage of around 17.5% of the overall cargo in its Deendayal port in 2021. Additionally, the country increased its ports to reach a count of 224, which include 212 minor and 12 major ports in the same year. That said, growing number of ports coupled with rising maritime trading activities have made it imperative to monitor all shipping activities, in turn fuelling the growth of the maritime satellite communication market in Asia Pacific.
Maritime Satellite Communication Market: Competitive Landscape
A few of the major players in global maritime satellite communication market include Inmarsat Global Limited, Thuraya Telecommunications Company, Leonardo S.p.A., ViaSat Inc., Singapore Technologies Engineering Ltd., Iridium Communications Inc., KVH Industries Inc., Satcom Global, and Orbcomm Inc. New launches, partnerships, and alliances by key players are being witnessed in the maritime satellite communication market according to the report.
Recent Notable Developments
The Global Maritime Satellite Communication Market is Segmented as Below:
By End Use
Key Elements Included In The Study: Global Maritime Satellite Communication Market
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