The Global 5G Satellite Communication Market is projected to grow at a CAGR of 28.91% in the forecast period of 2023-28, reveals MarkNtel Advisors in their recent research report. The market growth is driven principally by the swiftly escalating adoption of the Internet of Things (IoT) & Autonomous Systems, especially across defense satellite communication solutions.
In addition, the growing use of different satellite communication equipment for online streaming & TV broadcasting is boosting the media & entertainment sector and, in turn, propelling the demand for robust & well-established 5G satellite communication systems worldwide.
Besides, rapid technological advancements in satellite missions, coupled with increasing deployment of 5G communication across different verticals like Defense & Government, Aviation, Transportation & Logistics, Consumer Electronics, Heavy Industries, & Energy & Utilities, etc., are further backing the market growth & generating remunerative opportunities for the leading players in the industry, further states the research report, “Global 5G Satellite Communication Market Analysis, 2023.”
Key questions answered in the study
Defense & Government Sector to Witness Significant Market Growth through 2028
Amongst all end-users, the Defense & Government sector is projected to observe significant market growth during 2023-28 owing to the surging demand for uninterrupted network connection for surveillance missions, coupled with an increasing number of satellite development projects initiated by the governments of different countries.
On the other hand, Smart Cities, Banking & Retail, Healthcare, and Media & Entertainment sectors dominated the 5G Satellite Communication Market worldwide with the largest share in recent years. It owes principally to the increasing demand for 5G satellite communication services with broadband connectivity across islands, villages, mountains, etc., entwined with the swiftly escalating number of internet service providers & mobile users. Other prominent commercial applications of 5G satellite communication include navigation, weather forecasting, etc.
With Increasing Need for Uninterrupted Communication Channels in the Defense Sector, North America to Attain a Significant Market Share during 2023-28
Geographically, North America is projected to acquire a significant share of the 5G Satellite Communication Market during the forecast period. It owes principally to the swiftly rising demand for uninterrupted communication channels, especially in the defense sector, coupled with the critical need for satellite communication to set up & enhance connectivity across different assets of forces like fighter planes.
Besides, North America is experiencing a mounting need for high-throughput satellite services & the rising adoption of cloud-based network services for ground mobility platforms. In fact, numerous government agencies across the region are taking several initiatives toward introducing new satellites for improved communication channels & strengthening the satellite industry, reveals MarkNtel Advisors in their research report, "Global 5G Satellite Communication Market Analysis, 2023."
Leading Companies in the Market
According to MarkNtel Advisors, the leading players in the 5G Satellite Communication Market are Airbus SAS, Avanti Communication Group PLC., Eutelsat SA, Gomspace A/S, Gilat Satellite Networks, Quortus, OHB SE, Space Exploration Technologies Corporation, The Boeing Company, Thales Group.