Huge demand for high-resolution imaging services and preferences for managed network services drive the growth in the global satellite services market
PORTLAND, Oregon, Oct. 7, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Satellite Services Market by Type (Consumer Services, Fixed Satellite Services, Mobile Satellite Services, Remote Sensing, and Space Flight Management Services) and End-User Industry (Media & Entertainment, Government, Aviation, Defense, Aerospace, Retail & Enterprise, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global satellite services industry garnered $126.5 billion in 2018 and is estimated to generate $144.5 billion by 2026, growing at a CAGR of 2.2% from 2019 to 2026.
Top determinants for growing market
Huge demand for high-resolution imaging services and preferences for managed network services drive the growth in the global satellite services market. However, decline in demand for television services from developing countries hinder the market growth. On the other hand, untapped potential in developing nations create new pathways in the industry.
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Consumer services type to dominate during the forecast period
Based on type, the consumer services type accounted for the highest market share in the global satellite services market in 2018, accounting for nearly four-fifths of the total share, and is estimated to dominate during the forecast period. This is due to huge consumer base in developing & developed regions and the high demand for television and broadband services in LAMEA. On the other hand, the fixed satellite services segment would register the highest growth rate with a CAGR of 3.0% from 2019 to 2026, owing to rise in demand for managed network services from the aviation industry, especially in developed countries.
Media & entertainment segment to maintain its lead by 2026
Based on end user, the media & entertainment segment held nearly one-fourth of the total market share of the global satellite services market in 2018, and is projected to maintain its lead during the forecast period. This is attributed to massive consumer base in the developed countries and surge in demand for DTH services in the Middle East and Latin America. Contrarily, the retail & enterprise segment is expected to register the highest growth rate with a CAGR of 2.9% from 2019 to 2026.
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North America to continue its lead position during the forecast period
Based on region, North America held the major market share, accounting for nearly half of the total share of the global satellite services market in 2018, and will continue its lead position during the forecast period. This is attributed to the U.S. being the largest consumer in the defense and government sector along with presence of major players. On the other hand, Asia-Pacific is estimated to register at the highest growth rate with a CAGR of 3.3% from 2019 to 2026, owing to huge consumer base of television and broadband services, increase in demand for a fixed broadband connection in the commercial sector, and growth of the IT & services sector.
Leading Market Players
- Inmarsat plc
- PCCW Global
- SES S.A.
- Eutelsat Communications SA
- Viasat, Inc.
- Echostar Corporation China Satellite Communications Co., Ltd. (China Satcom)
- Thaicom Public Company Limited
- Thuraya Telecommunications Company
- Asia Satellite Telecommunications Co. Ltd.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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