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The global maritime satellite communicationmarketsizeto grow at a CAGRof 7.1% during the forecast period
The global maritime satellite communication market size is expected to grow from USD 2.3 billion in 2020 to USD 3.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 7.1% during the forecast period. Escalating need for enriched data communication to improve operation efficiency, on-board security and surveillance, and employee/passenger welfare in the maritime industry is driving the market. Furthermore, The major factor driving the maritime satellite communication market is the need to attain improved connectivity between the land and sea operations and realizing benefits in faster repair times, preventative maintenance, fuel-saving, and real-time navigation.

Solutionssegment to lead the maritime satellite communicationmarket in 2020
As more and more commercial and government mariners are moving toward deploying satellite-basedcommunication services, absolute communication technology is required. Solutions comprise two types ofmarine satellite communication VSAT and MSS. The players in the maritime satellite communicationmarket are moving from MSS towards VSAT to offer clients with affordable communication services andincreased bandwidth.Modernizing ship management systems to improve engine and systems maintenance,navigation, weather information, and cargo tracking is gaining momentum in maritime VSATapplications.

Merchant shipping segment among end user to lead the maritime satellite communicationmarket in 2020
Merchant shipping is mainly used for carrying passengers or cargo for commercial purposes. Owing to thenecessity to operate ships efficiently, enhance overall business operation, and ensure crew loyalty andsatisfaction, the crew owners are increasingly deploying maritime satellite communication systems. Inrecent years, satellite communication technology has become advanced, which enables ships tocommunicate through satellite links from anywhere globally without the help of a specialist radio officer. Thistechnological advancement helps merchants gain higher profit through reliable communication servicesthat maintain operational efficiency.

APACto lead the maritime satellite communication market in 2020
The maritime satellite communication market in APAC is the largest in terms of market size and is highly fragmented based on multi-currencies and multi-languages. The region comprises a diverse range of countries, from economically and technologically advanced countries, such as the UK and Germany, to severely debt-ridden countries, such as Greece and Austria. The UK, Poland, Spain, and Germany are the leading countries in the European maritime satellite communication market. The total contactless spending has grown in these countries with the increasing circulation of contactless cards and terminals by card companies, such as Visa and Mastercard.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the maritime satellite communicationmarket.

The following list provides the breakup of primary respondents’ profiles:

  • By Company Type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
  • By Designation: C level Executives: 35%,Director Level: 25%, and Others: 40%
  • By Region: NorthAmerica: 45%, Europe: 20%, Asia Pacific (APAC): 30%, and Rest of the World: 5%

Major vendors in the global maritime satellite communicationmarket includeInmarsat (UK), Iridium Communications (US), Thuraya (UAEHughes Network Systems (US), KVH Industries (US), Viasat (US), Speedcast (Australia), ST Engineering (Singapore), NSSLGlobal (England), Marlink (France), ORBOCOMM (US), Navarino (Greece), Network Innovations (Canada), GTMaritime (England), AST Group (UK), Isotropic Networks (Wisconsin), Norsat International (Ontario), Satcom Global (Canada), Intelsat (US), and Orbit Communication Systems (Israel).

Research coverage:
The report includes an in-depth competitive analysis of key players in the maritime satellite communicationmarket, along with their company profiles, recent developments, and key market strategies.The report segments the global maritime satellite communicationmarket by component(solutions and services), Very Small Aperture Terminal (VSAT), end user, and region.

Key benefits of buying the report:
The report wouldprovide market leaders/new entrants in the maritime satellite communicationmarket,with information on the closest approximations of the revenue numbers for the overall maritime satellite communicationmarket and subsegments. The report would help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. Itfurther helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.