Satellite Connectivity Market to Grow at a CAGR of 13.09% from 2020 to 2027 | BIS Research

The satellite connectivity market has gained huge importance in the past few years. This is due to the rising demand for commercial satellite communications.
FREMONT, Calif. - June 9, 2021 - PRLog -- Space and communication sectors have been witnessed numerous developments in the past years to cater to the rising market demand for satellite communication. Technological developments in satellite components, miniaturization of parts, reducing launch costs, and increasing demand for stable connectivity in remote locations primary factors supporting market opportunities. The rise in research and development efforts and collaborations between space organizations and universities accelerates innovation in the space industry. Some of the major advancements identified within satellite connectivity and the space sector include multispectral communication, 3D printed electronic components, lasercom, and reusable rockets.

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The global satellite connectivity market is expected to reach $ 84.88 billion by 2027, increasing from $ 32.88 billion in 2019 at a CAGR 13.09% during the forecast period 2020-2027.

The satellite connectivity market has witnessed different market dynamics across various regions of the globe. Major developed countries such as the U.S., Europe, and Russia have a matured market and will experience increased market competitiveness over the forecast timeframe due to the presence of major industry players like L3Harris Technologies, ViaSat, Thales Group, Israel Aerospace Industries and Thales Group among others. Developing nations like China, India, and Japan will experience accelerated growth rates due to increasing investment by private bodies and government players toward the development of the space industry.

The global satellite connectivity market is one of the most competitive industries with the leading players actively competing against each other to gain a greater share in the industry. The competitive landscape of the global satellite connectivity market exhibits an inclination toward emerging strategies and developments by market players.

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The key players that are actively participating in the global satellite connectivity market include Thales Group, Indra Group, Echostar, Viasat, General Dynamics, Inmarsat, Cobham, L3Harris Technologies, Honeywell, Israel Aerospace Industries, Norsat, Aselasan, SitaOnAir, Collions Aerospace (UTC), Singtel, Telemar Group, Marlink, Leonardo, CPI, Kratos, SpaceX and Telsat.

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Bhavya Banga
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