Northbrook, IL 60062 -- (SBWIRE) -- 07/26/2023 -- Global Satellite modem market size is expected to reach USD 710 million by 2026 from USD 403 million in 2021, registering at a CAGR of 12.0% during the forecast period.
It was observed that the growth rate was compound annual growth rate (CAGR) of 8.89% from 2021 to 2022. VSAT Technology segment is expected to grow at a highest CAGR of 7.87%. In the upcoming years, the market for satellite modems is anticipated to expand rapidly due to the rising need for high-speed data connectivity in rural and distant places. The increasing use of satellite communication in a variety of sectors, including as oil and gas, defence, and aerospace, is one of the other reasons boosting the market.
A few key factors driving the growth of this market are rising need for enriched high-speed data communication, increase in the number of high-throughput satellites (HTS), and growing demand for satellite communication in internet of things (IoT).
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The satellite modem market for transportation and logistics end-user industry is expected to grow at the highest CAGR during the forecast period
The satellite modem market for transportation and logistics end-user industry is expected to grow at the highest CAGR during the forecast period. In transportation and logistics, there is a constant need to transfer real-time data, including vehicle location, traffic density, video and audio, temperature range of vehicles transporting perishables, and emergency notifications. To transmit and receive such data, high-speed data rate satellite modems, which can set up a communication channel between the vehicle and the monitoring center, are used. Satellite modems also increase the accuracy and speed of the Global Positioning System (GPS).
Metal processing end-user industry expected to grow at the highest CAGR during the forecast period
Metal processing end-user industry is expected to grow at the highest CAGR during the forecast period. Satellite modems market are used in different stages of the diverse process of metal processing industries such as forging, rolling, extrusion, and others. Also, metal companies are seeking more satellite modem devices than other temperature measurement solutions such as thermocouples owing to their robust, accurate, and standalone temperature measurement capabilities.
Satcom-on-the-move (SOTM) technology based satellite modem market expected to grow at the highest CAGR during the forecast period
Satcom on-the-move (SOTM) terminals are being increasingly used in military and commercial applications. In military applications, these terminals are used primarily for tactical communication. SOTM terminals are used for broadband communication by maritime vessels, trains, airplanes, land vehicles, and other means of transport. However, in commercial applications, these terminals are primarily used for broadband Internet services. Satellite modems such as EBEM MD-1366 and CBM-400 of Viasat, Inc.; 9800 AR of ST Engineering iDirect, HM400 of Hughes Networks Systems, and QMultiFlex-400 Point-to-Multipoint Satellite Modem of Teledyne Technologies provide the functionality of communications on the move.
Satellite modem market in APAC to grow at highest CAGR during the forecast period
The satellite modem market analysis in APAC is expected to grow at the highest CAGR from 2020 to 2025. This market will be driven by the growing demand for metals such as steel for complex industrial applications. China, Japan, South Korea, and India are expected to drive the market in APAC. China remains the largest market for satellite modems and is anticipated to remain dominant throughout the forecast period. Investments for the expansion of glass manufacturing and government support for steel production are set to offer huge opportunities for the market in APAC.
Top Satellite Modem Companies - Key Market Players
Comtech Telecommunications Corp. (US), ST Engineering (Singapore), Teledyne Technologies (US), Gilat Satellite Networks Ltd. (Israel), Viasat, Inc. (US), ORBCOMM Inc. (US), NOVELSAT (Israel), Datum Systems (US), Hughes Network Systems (US), WORK Microwave GmbH (Germany), ND SATCOM (Germany), Amplus Communication (Singapore), AYECKA Ltd (Israel), and SatixFy (Israel) are few major players in satellite modem companies.