Satellite Internet Market worth $19.38 Billion by 2030 – Exclusive Report by The Insight Partners
Satellite Internet Market is growing at a CAGR of 23.1% from 2022 to 2030.
Pune, India., Oct. 06, 2023 (GLOBE NEWSWIRE) — According to a new report on “Satellite Internet Market Forecast to 2030 – Global and Regional Share, Trends, and Growth Opportunity Analysis – Frequency Band (L-band, C-band, K-band, and X-band), and End User (Commercial, Residential, and Government); and Geography” the market in terms of revenue was estimated to be worth $3.67 billion in 2022 and is poised to reach $19.38 billion by 2030, growing at a CAGR of 23.1% from 2022 to 2030.
Satellite internet connections use satellites to provide an internet signal which reaches from the internet service providers (ISPs) to the devices. Satellite internet is a promising way to provide seamless internet coverage to a massive number of devices, especially in remote areas that are not covered by cellular networks, such as forests, oceans, mountains, and deserts. Because of this, the demand for satellite internet is increasing in the Asia Pacific region. Countries such as China and India are taking various initiatives to increase satellite internet access. For instance, in February 2022, Jio Platforms Limited announced that they had signed a joint venture with SES, a European satellite-based broadband service company, to explore the satellite internet space. Through this venture, the company will deliver the next-generation, scalable, and affordable broadband services in India, leveraging satellite technology.
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Global Satellite Internet Market Scope:
|Market Size Value in||USD 3.67 Billion in 2022|
|Market Size Value by||USD 19.38 Billion by 2030|
|Growth rate||CAGR of 23.1% from 2022 to 2030|
|Segments covered||Frequency Band, End User, and Geography.|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America.|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends|
Rising Demand for High-Speed Internet Drives the Growth of the Global Satellite Internet Market:
The demand for high-speed internet access has increased significantly in recent years due to the rising adoption of different connected devices, such as smartphones, tablets, and other internet-connected devices. According to the Groupe Speciale Mobile Association (GSMA), smartphone adoption across the world was 76% in 2022, totaling 6.4 billion smartphone connections. The adoption is expected to rise to 92% by 2030, making 9 billion connections globally. According to the same report, smartphone adoption in North America was 84% in 2022 and is expected to climb to 90% by 2030.
Similarly, the smartphone adoption rate in Europe will increase from 84% in 2022 to 91% by 2030. In Sub-Saharan Africa, an underpenetrated market, the smartphone adoption rate is predicted to grow from 51% in 2022 to 87% by 2030. Thus, the growing adoption of smartphones is raising the demand for high-speed internet, further fueling the growth of the market. In addition, the growing advancement in satellite technology has made it possible for satellite internet providers to offer faster and more reliable internet access, further increasing the popularity of satellite internet and making it a good option for a wider range of users. Also, satellite internet providers are continuously working on expanding their coverage areas and launching new satellites to provide high-speed internet access to more parts of the world, particularly in rural and remote areas where traditional wired infrastructure is lacking. Thus, the rising demand for high-speed internet access is driving the market growth.
The companies will use multi-orbit space networks that are a combination of geostationary and medium earth orbit satellite constellations for delivering multi-gigabit links and capacity to mobile backhaul, enterprises, and retail customers across India and neighboring regions. In addition, as India has a low fixed broadband penetration, with less than 10% of households having access to the internet, the demand for low-earth-orbit satellite internet is expected to increase in the country, especially in locations where fiber networks have not been deployed. Also, due to the growing emphasis on the role of satellites in the technology mix, the government of India, through its National Broadband Mission, is working on extending broadband connectivity in more remote areas.
Similarly, the government of China is also taking various initiatives to expand its satellite internet access in the country. For instance, in January 2021, the Municipal Bureau of Economy and Information Technology of China announced that Beijing has rolled out policy measures, which include financing, to support the country’s development of the satellite internet services industry. Under this, the government will support both state-owned companies and private satellite internet firms to develop their operations in Beijing. It also aims to help these enterprises develop satellite-based internet applications in industries such as logistics and aviation. Also, in August 2023, the Shanghai Municipal People’s Government announced its support behind an ambitious broadband mega constellation project, G60 Starlink. The project aims to deploy a vast network of satellites to provide global internet coverage.
The initial phase of G60 Starlink will involve launching a cluster of 1,296 satellites into orbit, which will eventually become a constellation with over 12,000 satellites. Through this, the government aims to provide high-speed, global broadband connectivity through a network of satellites operating in the Ku, Q, and V bands. Thus, such initiatives by the government of India and China is expected to propel the satellite internet market growth in APAC in the forecasted period.
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Global Satellite Internet Market: Segmental Overview
Based on frequency band, the satellite internet market is segmented into L-band, C-band, K-band, and X-band. The K-band segment held the largest satellite internet market. Based on end user, the satellite internet market is segmented into commercial, residential, and government. The government segment held the largest share in the satellite internet market in 2022 and is also anticipated to register the highest CAGR in the market during the forecast period. Based on geography, the satellite internet market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America held the largest share in the satellite internet market in 2022 and is also anticipated to register the highest CAGR in the market during the forecast period.
Global Satellite Internet Market: Competitive Landscape
EchoStar Corporation, SpaceX, Singtel Group, Freedomsat, Viasat Inc, Inmarsat Global Limited, OneWebare, EarthLink, and Telesat are among the largest additive manufacturing companies or key satellite internet market players. These market players focus on green tech product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
- In December 2022: Microsoft announced its partnership with global communications company Viasat to deliver satellite internet access to 10 million people across the world by 2025. Through this partnership, the company aims to use satellites to reach remote areas that previously have had few, if any, options for conventional connectivity.
- In April 2022: Amazon announced that it had signed agreements with three companies – Arianespace, Blue Origin, and United Launch Alliance (ULA), to deploy the majority of its Project Kuiper satellites that aim to provide high-speed, low-latency broadband to a wide range of customers across the globe.
Go through further research published by The Insight Partners:
Satellite M2M and IoT Network Market – Global Analysis and Forecast to 2030
Broadband Satellite Services Market – Global Analysis and Forecast to 2030
Satellite Communication Terminal Market – Global Analysis and Forecast to 2028
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