DUBLIN, Jan. 20, 2016 /PRNewswire/ --
Research and Markets (http://www.researchandmarkets.com/research/vthbkv/maritime) has announced the addition of the "Maritime Satellite Communication Market by Type, Service, End User and by Region - Global Forecast to 2020" report to their offering.
The global maritime satellite communication market is expected to grow from USD 2.01 Billion in 2015 to USD 3.10 Billion by 2020, at a CAGR of 9.0% during the forecast period.
Escalating need of enriched data communication to improve operation efficiency, on-board security & surveillance, and employee/passenger welfare in maritime industry is driving the market. Furthermore, the leading players in the market are introducing less expensive technology to attract end-users which did not had the potential to use satellite communication earlier.
Video communication services are expected to reflect higher growth owing to increasing use of video conferencing, HD TV, and video entertainment applications. Passenger ship end-user segment will show the highest growth among all other end users due to an increase in business traveler's demand for convenience of having advanced communication systems at sea and expectation for high speed data equipment.
Currently, very small aperture terminal (VSAT) technology is dominating the market and this trend is expected to continue during the forecast period. The maritime satellite communication market has reflected a rapid technology shift from mobile satellite service (MSS) to VSAT. This shift is attributed to the bandwidth and cost advantages that VSAT offers to marine users.
At present, Europe region holds the highest market share. The factors driving maritime satellite communication market in Europe are low cost of solutions and high demand for implementing maritime satellite communication services for monitoring and tracking and internet access to communicate and transfer real-time information.
The APAC region is expected to register the highest CAGR during the forecast period. APAC has been considered to be the emerging region in terms of adoption of satellite communication services for marine industry. This region has a large number of manufacturing industries, which creates opportunity for merchant shipping and thus creates demand for secure satellite-based communication.
Various factors, such as lack of awareness among customers and expensive infrastructure to support maritime satellite communication are hindering the market growth.
Companies Mentioned:
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Market Analysis, By Type
8 Market Analysis, By Service
9 Market, By End User
10 Market, By Region
11 Competitive Landscape
12 Company Profile
13 Key Innovator Profile
14 Appendix
For more information visit http://www.researchandmarkets.com/research/vthbkv/maritime
Media Contact:
Laura Wood , +353-1-481-1716, press@researchandmarkets.net
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