Northbrook, IL 60062 -- (SBWIRE) -- 07/19/2022 -- The report on the VSAT Market market provides a detailed trend analysis from 2019 to 2027.
It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market. The global VSAT Market size is projected to grow from USD 7.5 billion in 2022 to USD 16.4 billion by 2027, at a CAGR of 16.9% from 2022 to 2027. The market is driven by various factors, such as the demand for broadband data connections from government and business sectors, and Increased use of USATs for on-the-move applications are some of the major drivers of VSAT market.
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Based on solution, the VSAT market is segmented into equipment, support services, and connectivity services. The equipment segment is further segmented into antennas, block upconverters, low noise block downconverters, amplifiers, diplexers, satellite modems, routers, mounts, antenna control units, and others. The others segment includes cables, power supply systems, and connectors. The support services segment is segmented into managed services and professional services. The equipment segment of the VSAT market is projected to grow at highest CAGR during the forecast period. The equipment segment is further segmented into out-door units, in-door units, mounts, antenna control units, and others. The others segment consists of cables, power supply systems, and connectors. The out-door units segment is projected to grow at the highest CAGR during the forecast period. Innovations and technological advancements in VSAT systems encourage manufacturers of major aircraft and ship vessels to adopt new out-door units. The out-door units segment is further segmented into antennas, block upconverters, low noise block downconverters, amplifiers, and diplexers. Antennas are one of the important components in VSAT systems. These antennas are used across various platforms for efficient communication. Innovations and technological advancements in VSAT systems encourage manufacturers of major aircraft and ship vessels to adopt new systems.
Based on vertical, the VSAT market is segmented into healthcare, energy & power, education, BFSI, media & entertainment, retail, transportation & logistics, telecommunications, maritime, aviation, agriculture & forestry, mining & construction, manufacturing, automotive, government & defense, and others. Based on vertical, the maritime segment of the VSAT market is projected at highest CAGR during the forecast period. With the rise in traffic demand and the increase in the number of devices per passenger per ship, cruise liners are upgrading their VSAT networks to support higher-speed Internet, onboard wireless services, and entertainment and streaming video. VSAT could also be leveraged for regulatory reporting, fleet management, mobile connectivity of ships, and effective ship-to-shore communications. In March 2022, Orbit Communications Systems was awarded a contract for the delivery of maritime satellite communications (SATCOM) terminals. This contract was awarded by an undisclosed Asian navy. Hughes Network System (US), Cobham (UK), KVH Industries (US), and Orbit Communication Systems (Israel) are the major providers of VSAT systems to military ships.
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Based on the region, the North America region of the VSAT Market is projected to grow at the highest market share during the forecast period. North America is witnessing a rise in demand for bandwidth and connectivity for government and defense applications. This demand for bandwidth has increased, owing to the growth in the demand for UAS across platforms that are to be used beyond the line of sight (BLOS) operations. This has led to the use of systems operating with higher frequencies, such as Ku-band and Ka-band. Market players are partnering with satellite telecommunication companies to deploy Ku-band satellites with more efficient spot beams to address the increasing demand for bandwidth.
Key manufacturers of VSAT systems are based in North America. These players include Viasat, Inc. (US), L3Harris Technologies (US), and Honeywell International Inc. (US). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific.