Market Definition
5G networks are likely to come around as the first generation of cellular communications that would substantially leverage satellite communications with the advent of technologies like the Internet of Things for applications like tracking, telematics, & navigation, among others. It shall expand the network scalability & seamlessly provide coverage across areas while addressing challenges of existing communication infrastructure.
The 5G Satellite Communication system supports three significant categories of connected services. These include better mobile broadband services to support Augmented Reality (AR) & Virtual Reality (VR) experiences that need low latency & high throughput, mission-critical communications that require low latency & uninterrupted network availability for applications like autonomous vehicles, remote controlling critical infrastructure, etc., and exponential IoT installations for anywhere connectivity. Hence, several prominent companies actively invest in the industry to develop 5G satellite communication networks.
Market Insights
The Global 5G Satellite Communication Market is projected to grow at a CAGR of around 28.91% during the forecast period, i.e., 2023-28. The market is driven primarily by the integration of advanced technologies like the Internet of Things (IoT), Artificial Intelligence (AI) & autonomous technologies into 5G satellite communication in various applications across sectors like defense, government, consumer goods, energy & utility, and many others to provide better connectivity in the current networking infrastructure. Besides, since these technologies need a vast & secure network of connections to execute operations effectively without interruptions, the demand for 5G satellite communication is rising substantially. In fact, several prominent leaders & companies are actively taking various initiatives and participating in the market proliferation. For instance:
In March 2021, Samsung announced its plan to develop an autonomous driving chip in next-generation self-driving vehicles to offer central control & autonomous driving experience by exchanging data in real-time through multiple data centers of Google.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 28.91% |
| Regions Covered | North America: USA, Canada, Mexico |
| Europe: Germany, UK, France, Russia, Rest of Europe | |
| Asia-Pacific: China, India, Japan, South Korea, Rest of Asia Pacific | |
| Rest of World | |
| Key Companies Profiled | Eutelsat S.A., Airbus S.A.S, Avanti Communications Group PLC, Gilat Satellite Networks, GomSpace A/S, OHB SE, Quortus, SpaceX, The Boeing Company, and the Thales Group. |
| Unit Denominations | USD Million/Billion |
Moreover, several prominent players & governments of different countries are keenly interested in the maturity of multiple technologies, like IoT, AI, etc., in 5G satellite communication by investing substantially in the market. Furthermore, extensive deployment of monitoring systems as a part of the Internet of Things (IoT) is expected in the coming years. These systems will be connected to the 5G ecosystem using M2M devices and sensors to offer diverse applications. In some instances, these devices will be connected via satellites with the help of bandwidth & power-efficient terminals.
Key Trends: Thriving Work-from-Home Culture
With a rapid surge in Covid-19 cases, the governments of different countries had to impose stringent movement limitations & frequent lockdowns to curb the virus spread. Consequently, the deployment of satellite communication solutions could not take place. However, most industries dramatically shifted toward working from home, which fueled the demand for continuous network connections and promoted satellite communication services. In fact, some countries used satellite communication technologies to identify demographics across contagious areas & gathering databases of local geography amidst the crisis.
