Satellite Internet Market Is Projected To Reach US$ 29.7 Billion with a 13.5% CAGR By 2034

The global satellite internet market is approximated at a size of US$ 8.4 billion in 2024 and has been analyzed to expand at a CAGR of 13.5% through 2034, says Fact.MR, a market research and competitive intelligence provider, in its freshly updated industry report.

Users across the globe are searching for 24x7 internet connectivity without disturbance across the globe. Satellite internet has the capacity to reach difficult and challenging locations effectively. Satellite internet is also emerging as a vital component of wireless communication systems. The less dependency on ground structure is making satellite internet a popular choice.

Ongoing advancements in the wireless communication systems such as the emergence of 5G & 6G networks and integration of latest digital technologies such as artificial intelligence (AI), machine learning (ML), Internet of Things (IoT), Internet of Robotics (IoR), cloud and edge computing and big data analytics are supporting the satellite internet market growth. Several governments across the globe are implementing supportive incentives and subsidies, which are expected to boost the adoption of satellite broadband services in the coming decade.

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Satellite internet is gaining importance in logistics sector due to its efficient mapping and tracking features. Satellite internet is also widely used in military sector for secure and reliable communication and data transfer.

North America is one of the most profitable marketplaces for satellite internet producers. The presence of tech savvy consumers and industry leaders are aiding the satellite internet market growth in North America. East Asia is also emerging as a noteworthy market to invest in. Countries like Japan, which are prone to natural disasters are expected to witness high demand for Satellite internet in the coming decade.

Key Takeaways from Market Study

The global satellite internet market is forecasted to reach US$ 29.7 billion by 2034.The United States is anticipated to account for 45.6% of the North American market share by 2034.

Demand for satellite internet in Japan is projected to increase at a CAGR of 14% through 2034.Satellite internet demand in military sector is projected to reach a market value of US$ 7.7 billion by 2034.

“Limited internet availability in rural areas combined with high smartphone penetration will be key factors driving demand for satellite internet services,” says a Fact.MR analyst.

Key Market Players

Some of the leading providers of Satellite Internet Market are SpaceX; E-Space; Rivada Space Networks; OnWeb; Telesat; LeoSat; Space Norway; Starlink; SES (O3b); Hughes Communications; Viasat

Winning Strategy

Leading satellite internet providers are adopting strategies such as collaborations, partnerships, mergers, acquisitions, and licensing to earn high profits and boost market reach. Some of the leading companies such as OneWeb, Starlink, and Telesat are entering new markets through partnerships with existing players. They are also applying for commercial licenses to serve target audience.

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Insights by country:

In the United States, the presence of major market players and a tech-savvy consumer base are driving the adoption of satellite internet services. The introduction of cutting-edge digital technologies like cloud computing, edge computing, Internet of Things (IoT), artificial intelligence (AI), and advancements in wireless communication such as 5G and the upcoming 6G are poised to propel significant growth in the satellite internet market across the nation in the next decade.

Competitive Landscape

Presently, satellite internet technology is advancing and continuously evolving to meet customer requirements, with developers actively assessing these needs. Throughout the forecast period, satellite internet is expected to maintain a dominant position in the overall satellite market.

Satellites serve as the backbone of the satellite broadband ecosystem. Mastery in their development and manufacturing offers satellite internet providers cost-effectiveness and reduces dependency.

While SpaceX manufactures its own satellites, other low Earth orbit (LEO) satellite operators often outsource satellite manufacturing to companies like Airbus and Boeing.

In 2023, Amazon, a newcomer to the satellite internet market, entered a contract with SpaceX for three Falcon 9 launches. This agreement supports the deployment plans for Project Kuiper, Amazon’s LEO satellite broadband network.

For comprehensive insights into the satellite internet market, including price points of key providers worldwide, sales growth, production capacity, and anticipated technological advancements, refer to the latest report by Fact.MR.