Enterprise VSAT Market Projected To Hit USD 13.61 Billion at a 9.24% CAGR by 2030 - Report by Market Research Future (MRFR)
Increased Use in Maritime Industry to Boost Enterprise VSAT Market Growth
New York, US, March 08, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Enterprise VSAT Market: By Type, By Organization Size, By Region - Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2020 to 2030 at a healthy CAGR of approximately 9.24% to attain a valuation of around USD 13.61 Billion by the end of 2030.
Market Competitive Analysis
Eminent industry players profiled in the global enterprise VSAT market report include:
Omniaccess (Spain)
Skycaster LLC (US)
Gigasat (US)
Comtech Telecommunications Corporation (US)
Global Eagle (US)
Viasat Inc (US)
Newtec (Belgium)
VT iDirect (US)
Gilat Satellite Networks (Israel)
Singtel (Singapore),
Hughes Network Systems LLC (US)
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Enterprise VSAT Market Report Scope:
Report Metrics | Details |
Enterprise VSAT Market Size by 2030 | USD 13.61 Billion (2030) |
Enterprise VSAT Market CAGR during 2022-2030 | 9.24% |
Base Year | 2019 |
Forecast | 2020-2030 |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Key Market Drivers | Increased Adoption in Maritime Industry to Bolster Market Growth |
Drivers
Increased Use in Maritime Industry to Boost Market Growth
VSAT systems are frequently installed in ships to provide quick broadband connections for both commercial and personal communications. It is utilized in video conferencing & ERP for business purposes, while email, streaming, and video calling are used for personal communications. Enterprise VSAT are utilized in surveillance apps as well, helping the military protect coastal areas and support naval operations that need for portable, lightweight, and tiny technology. Long-distance ships should have strong connections to the outside world so that passengers and crew may stay in touch with loved ones and receive port & weather information. VSAT systems are useful in this situation. This will support the market within the anticipated time frame.
Opportunities
Growing Need for Broadband Data Connections to offer Robust Opportunities
The growing need for broadband data connections especially from business sectors and government will offer robust opportunities for the market in the forecast period.
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Restraints and Challenges
Sea Connectivity Issues to act as Market Restraint
Sea connectivity issues, high cost to replace satellites, high VSAT equipment installation cost, and complex installation process may act as market restraints over the forecast period.
Market Segmentation
The global enterprise VSAT market has been bifurcated based on organization size and type.
By type, services will lead the market over the forecast period.
By organization size, large enterprises will dominate the market over the forecast period.
COVID-19 Analysis
The ongoing COVID-19 pandemic has spread a shadow over the entire planet, making victims out of a wide range of industries in various sectors, including the worldwide enterprise VSAT market. The spread of this fatal virus in the APAC area, the US, and Europe has resulted in a decline in the demand for enterprise VSAT solutions globally, with a corresponding decline in revenue for various service providers and the suppliers of VSAT. The global enterprise VSAT market's expansion has been negatively impacted by equipment shortages, staffing shortages in manufacturing facilities, the manufacturing shutdowns, and late deliveries brought on by social isolation and global lockdown. But by 2022, it's anticipated to be back to normal.
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Regional Analysis
North America to Head Enterprise VSAT Market
Over the course of the forecast period, North America will control the majority of the market. The region is home to well-known market players like Skycaster LLC, VT iDirect, Gigasat, and Hughes Network Systems LLC. Satellite services are widely used for a variety of purposes, including disaster management, monitoring of volcanoes during hurricanes and storms, identifying vegetation, and inspecting historical sites. Expanding mobile broadband use, technical advancements, and rising adoption in the aerospace and defense industries are some factors boosting the market growth within this area. The United States possesses the largest market share.
APAC to Have Admirable Growth in Enterprise VSAT Market
The global market is anticipated to hold the second-largest share in the APAC region during the projected period. The presence of major market players like Shanghai VSAT Network Systems Co., Ltd, Nelco, ABS, Asia Satellite Telecommunications Co. Ltd, Inmarsat PLC, & Syntelix Avances Tecnológicos SL is increasing the region's global enterprise VSAT share along with the growth of SMEs and advancements in digital technology like IoT and Machine-to-Machine (M2M). Additional enterprise VSAT market growth factors include the expanding use in the marine sector, positive government measures to encourage the use of VSAT services and connect colleges and universities in Australia, China, & India, and shifting political environments.
The market will be dominated by China, with the next-largest shares going to South Korea, Japan, South-East Asia, and India. As other regional markets see slowing growth, the market is firmly within its growth stage & is anticipated to become the new battleground for major global VSAT operators. The continued rise of corporate VSAT networks, which also heralds the next phase of growth for the satellite services, has increased SME acceptance of VSAT services. The expansion of remote healthcare, telemedicine, and distant learning initiatives is anticipated to fuel the region's development. The majority of governments in the area have universal access initiatives, which are anticipated to set aside money and provide subsidies to address the region's lack of access to modern telecommunications. The developmental subsidies are supporting to offset the initial capital cost, which is essential to establish wireless & satellite infrastructures.
The enterprise VSAT market is fragmented and competitive as a result of the presence of numerous national and international industry players. These players have used a range of innovative strategies, including agreements, partnerships, joint ventures, collaborations, the launch of new products, geographic expansions, and more, in order to accommodate the growing client need while still being on the cutting edge. They also support numerous research and development initiatives.
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Industry Update
February 2023- Through close collaboration on the ground systems infrastructure for Kacific's fleet of satellites, Kacific Broadband Satellites Group (Kacific) & ST Engineering iDirect, the largest TDMA enterprise VSAT manufacturer in the world, have reinforced their long-term technology alliance.
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