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)
- Mobile Satellite Services (MSS)
- Maritime Satellite Communication Revenue Source Outlook (Revenue, USD Billion, 2014 - 2025)
- 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
- Asia Pacific
- Latin America
- Middle East & Africa
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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.