The satellite modem market is expected to grow by USD 139.96 million during 2020-2024, expanding at a CAGR of over 7%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Satellite Modem Market 2020-2024 (Graphic: Business Wire)
The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. - Get FREE Sample Report within MINUTES
Satellite Modem Market: Increasing need to enhance offshore communication to drive growth
Providing offshore cellular communication and the installation of cell towers is a challenging task. Moreover, laying fiber cables and copper cables on the seabed is highly expensive and requires a lot of maintenance. Also, data transfer speeds achieved through offshore cellular networks is low compared to the data connectivity rates in onshore. To overcome such challenges, there is an increase in demand for satellite communication services from offshore teams. This has increased the demand for satellite modems to establish satellite internet and satellite communications. Therefore, the need to enhance offshore communication is expected to drive the growth of the global satellite modem market during the forecast period.
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As per Technavio, the rising demand for Internet connectivity in rural areas will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Satellite Modem Market: Rising demand for internet connectivity in rural areas
Rural areas have poor infrastructure, which discourages most network service providers to construct cell towers or deploy fiber connectivity services. It also incurs significant maintenance costs for network service providers to operate in such areas. With the rising adoption of smart and mobile devices in rural areas, the demand for internet connectivity has increased significantly among rural households. This has increased the adoption of satellite communication services in places that lack proper infrastructure, which is expected to fuel the demand for satellite modems during the forecast period.
"Rising investment on satellite communication by governments and public safety agencies and the growing need for satellite systems in 5G ecosystem will further boost market growth during the forecast period," says a senior analyst at Technavio.
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Satellite Modem Market: Segmentation Analysis
This market research report segments the satellite modem market by Type (MCPC and SCPC), Geography (North America, APAC, Europe, South America, and MEA), and Application (Communications, IP trunking, and Tracking and monitoring).
The North America region led the satellite modem market in 2020, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, the North America region is expected to register the highest incremental growth due to the increasing investments in new oil and gas E&P activities.
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Some of the key topics covered in the report include:
Market positioning of vendors
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