Thanks to the developments and innovations in technology like global IP networks and voice and video communications, the maritime sector has also undergone a major transformation in the past decade. The maritime satellite communications sector is one of the fastest-growing sectors. Growing demand for operational efficiency, greater onboard bandwidth, on-board security, and welfare of employees in maritime industry is fueling the growth of this market, globally.
Drivers & Restraints
The growth of the global maritime satellite communication market can be attributed to the following factors:
- Growing need for enhanced data communication
- Rising number of applications of satellite communication in maritime industry
- Introduction of less expensive technology by market players
Moreover, rising need and adoption of integrated network management systems and number of cloud-based platform providers are likely to create an array of opportunities. Furthermore, lower costs of solutions and escalating demand for implementation of maritime satellite communication services are likely to boost the growth of this market, especially in Europe and APAC.
However, lack of knowledge regarding maritime satellite communication among users and expensive infrastructure for supporting satellite communication are the major inhibiting factors affecting the growth of this market. Furthermore, concerns related to security and safety and need for keeping the prices low, reliability, and flexibility also stand as challenges for the growth of this market.
Market Forecasts
Growing at a CAGR of 9.0% from 2015 to 2020, the size of the global maritime satellite communication market which was estimated to be USD 2.01 Billion in 2015 is expected to reach USD 3.10 Billion by the end of 2020. Currently, Europe is dominant market, followed by North America. However, Asia-Pacific is expected to grow at the highest CAGR over the forecast period.
Based on type, the VSAT technology holds the largest share, currently, accounting for more than 61% of the total market share, and is expected to continue dominating the market during the projected period. Among service, video communication services segment is expected to grow at a higher rate, thanks to the increasing use of video conferences, HD TV, and video entertainment applications. Whereas based on end-users, passenger ship segment is estimated to witness the highest growth as compared to others, mainly due to an increase in demand for advanced communication systems at sea and high-speed data equipment from frequent business travelers.
The major players involved in the global market for maritime satellite communication are Inmarsat communications, Inc., Iridium communications, Inc., Thuraya Telecommunications Company, Hughes Network System LLC., VIASAT, Harris Caprock, Royal Imetech N.V., Globecomm Systems Inc., VT iDirect, Inc., and KVH Industries, Inc.
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Scope of the Research
According to researchers, the global market for maritime satellite communication has been studied and forecasted by breaking it down into following categories and sub-categories:
- Type: VSAT (including Ka-band, Ku-band, and C-band), MSS
- Service: Voice, Video, Data, Tracking & Monitoring
- End-User: Merchant Shipping, Offshore, Government, Passenger Ships, Leisure Vessels, Fishing, Others
- Geography: Europe, North America, Asia-Pacific, Middle East & Africa, Latin America
