Maritime Satellite Communication Market overview by recent opportunities, growth size, regional analysis and forecasts to 2031

The global Maritime Satellite Communication market was valued at USD 3.0 Billion in 2022 and it is anticipated to grow up to USD 13.4 Billion by 2032, at a CAGR of 16.1% during the forecast period.

New York, Global Maritime Satellite Communication Market report from Global Insight Services is the single authoritative source of intelligence on Maritime Satellite Communication Market . The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters' and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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Maritime Satellite Communication (MSC) is a type of satellite communication that is used by ships and other vessels at sea. MSC allows these vessels to communicate with each other and with land-based systems, such as navigation aids, weather stations, and search and rescue services. MSC can also be used for voice and data communications, and for broadcasting.

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Market Trends and Drivers

The growing need for applications like voice communications in the industry like passenger ships, fishing, and marine shipping is expected to fuel the satellite communication industry's expansion. Maritime satellite communication systems help in effective operations of these industries along with that it also enhances the security and surveillance system. The rising adaptation of advanced satellite systems and big data computing applications, along with the increasing awareness about the benefits of the cloud solution, are among the primary factors driving the market further. Moreover, an increase in the integration of satellite and mobile communication technologies is expected to create new opportunities for the market.

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Global Maritime Satellite Communication Market Segmental Overview

The report analyses the global Maritime Satellite Communication market based on component, type, end-user, and region.

Global Maritime Satellite Communication Market by Component

By component, the market is segmented into hardware, software, and services. In 2022, Hardware was the dominant segment, accounting for more than 30% of market share in terms of revenue, and is expected to maintain its dominance over the forecast period. Hardware components are utilized in large volumes and the cost associated with them is very high. This high cost is likely to positively impact revenue generation over the forecast period. A rise in the installation of VSAT broadband equipment in new as well as existing marine vessel fleets is anticipated further fuel the market growth. Technological innovations, such as the reduced size of dish and cost of data usage is expected to drive the demand for the installation of new VSAT services over MSS services.

The software segment is poised to witness moderate growth during the forecast period, attributed to the accessibility of a wide range of application-specific software that suits the interests and requirements of marine vessels. For instance, satellite tracking and prediction, simulations and graphical interfaces, radio tuning with automatic Doppler correction, antenna steering through popular interfaces, and navigational and entertainment software. Increasing adoption of marine satellite communication equipment in defense vessels, cruise ships, luxury yachts, and others is anticipated to further drive the segment.

Global Maritime Satellite Communication Market by Type

By type, the Maritime Satellite Communication market is classified into Very Small Aperture Terminal (VSAT), and Mobile Satellite Services (MSS). In 2022, the Very Small Aperture Terminal (VSAT) segment captured a higher market share and is expected to witness considerable growth during the forecast period. This growth is attributed to the advantages of VSAT over Mobile Satellite Services (MSS), such as reduced time lag, global coverage, and others. A Broadband VSAT network is used for establishing onboard VPN networks that cover fleets and connect ships to shore. This connectivity supports critical business applications, carries VoIP traffic, and increases ships access to information. VSAT provides regular access to the Internet for email, file sharing, and instant messaging, among others.

VSAT has also provided the option of unlimited data usage at a fixed monthly payment. This enables the crew to stay in touch with friends and family, manage personal affairs, and consume entertainment content at a reasonable rate. Although the market is undoubtedly heading toward an era of enhanced marine connectivity, research suggests that MSS will continue finding a place on vessels and platforms where data usage is minimal. For instance, fishing boats, are expected to adopt VSAT solutions at a slower rate and will continue with existing MSS equipment in the forthcoming years. Furthermore, if Arctic Circle once again recedes to open up northern shipping passages, MSS L-band will be the only feasible satellite connectivity solution in such extreme geographical locations. Furthermore, L-band is exceptionally reliable, outperforming some VSAT solutions in adverse climatic conditions, and will, therefore, be used as a backup for several years to come. This is owing to the frequency of VSAT causing the signal to be attenuated during rain showers and adverse climatic conditions at the water.

Global Maritime Satellite Communication Market by End-user

The end-use segment of the market is bifurcated into Naval Vessel, Commercial Vessels, Leisure Vessels, and Offshore Oil Rigs. In 2022, the commercial vessel segment accounted for revenue, owing to the rising trade activities using commercial vessels; in key emerging countries such as China, Brazil, and India among others. The international shipping industry is responsible for the carriage of around 90% of world trade. Maritime trade continues to expand, bringing benefits for consumers across the globe through competitive logistics costs. With rising manufacturing and global trade, there has been a rise in the number of marine vessels added to the existing fleet. An increase in the number of ships and naval vessels is expected to fuel the market over the forecast period.

Rising globalization and supportive trade policy, as well as some geopolitical shifts such as the emergence of China as the manufacturing hub, constitutes a rise in maritime trade in the Asia Pacific. According to the UNCTAD Maritime Transport outlook 2018, maritime trade expanded by 4% in 2017, which is the fastest growth registered in five years. It is expected to exhibit similar growth in the upcoming years. Volumes across all segments witnessed growth in 2018, with dry bulk and containerized commodities recording significant progress on account of increasing tanker volumes. UNCTAD projected an average year-on-year growth rate in total volumes of 3.8 % till 2023. The increase in global trade and rising maritime fleet to cater to the demand for logistics are expected to boost the market over the forecast period.

Geographical Analysis of Global Maritime Satellite Communication Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Europe is expected to witness the second-fastest growth over the forecast period, owing to the increased sales of luxury vessels. The demand is majorly driven by factors, such as the increasing number of High-Net-Worth Individuals (HNWI) and the rising popularity of marine tourism owing to the rising popularity of water sports and fishing. In the upcoming years, passenger traffic in marine and coastal tourism is expected to witness a substantial rise due to the attractiveness of the region. Introduction of tourism supportive policies, such as on-arrival visa is anticipated to boost investments in coastal areas for recreational activities, such as fishing, white-water rafting, kayaking, sail training adventures, one-day boating adventures, scuba diving, free diving, and snorkeling. These luxury vessels are equipped with the latest satellite communication technology. The rise in sales of these luxury vessels will positively impact the market

Asia Pacific is projected to emerge as a predominant region over the forecast period owing to the increasing adoption of VSAT technologies in the merchant and cruise ships in the region. A large-scale modernization of legacy systems, such as close-in air defense systems, radar and communication systems in defense vessels, and a rise in political tensions and border disputes in the countries, such as India and China is also driving the demand for new satellite communication technologies in the region.

Major Players in the Global Maritime Satellite Communication Market

The maritime satellite communication market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players, with a prominent market share, are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. The key players in the Maritime Satellite Communication market are Marlink, Inmarsat Global Limited, Iridium Communications Inc., Thuraya Telecommunications Company, Hughes Network Systems, LLC, KVH Industries, Inc., Speedcast, NSSLGLOBAL, ORBCOMM, and GTMARITIME. among others.

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