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Satellite Phone Market to grow at a CAGR of 4.2% from 2022 to 2027|Increasing adoption of low-cost, satellite-based Internet services is one of the major market trends -Technavio


NEW YORK, July 10, 2023 /PRNewswire/ -- The satellite phone market is estimated to grow by USD 137.43 million from 2022 to 2027. The growth momentum will progress at a CAGR of 4.2%  during the forecast period. The market is segmented by Application (Maritime, Aerospace, Government, and Energy), Product (GEO and LEO), and Geography (APAC, North America, Europe, Middle East and Africa, and South America). The growth of the maritime segment will be significant during the forecast period. The maritime segment is expected to benefit from the rising investments in satellite technologies for surveillance, regional security, and spy intelligence in emerging economies such as China, India, and Russia. For instance, in May 2019, the Indian Space Research Organization (ISRO) launched a new EO satellite, RISAT-2B (Radar Imaging Satellite-2B). Its applications include agriculture and forestry surveillance and support disaster management. The innovative features and user interfaces drive the market growth. Satellite phones utilize satellites to communicate with landlines, cellular, or other satellite phones worldwide. They are mainly used for emergency communications in order to coordinate response and recovery efforts in remote areas. Hence, such factors boost the market growth during the forecast period. Download a sample report now!

Satellite phone market Insights -

To understand more about the satellite phone market, request a sample report

Satellite phone market - Vendor Insights

The growing competition in the market is compelling vendors to adopt various growth strategies, such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors, including AT and T Inc., Inmarsat Global Ltd, Iridium Communications Inc., Telefonaktiebolaget LM Ericsson, Thuraya Telecommunications Co., United Parcel Service Inc., and Globalstar Inc.

Satellite phone market ? Market Dynamics

Major Trends - 

Increasing adoption of low-cost, satellite-based Internet services is an emerging market trend shaping the market. Currently, the satellite-based Internet uses satellites in geostationary orbit, which are 22,000 miles or more above the Earth. But the long-distance results in high latency and makes satellite Internet a poor option for several applications like gaming, video conferencing, and live streaming. Furthermore, Nano and microsatellite-based infrastructure is, thus, a good alternative for providing low-cost satellite-based Internet services. Hence, such trends boost the market growth during the forecast period.

Key challenges - 

Stringent regulatory standards for satellite phone development hinder market growth. These mobile phones need to be manufactured in accordance with standards such as the European standard EN 62262/International Electrochemical Commission 62262 (IEC 62262), European standard EN 60529/International Electrochemical Commission 60529 (IEC 60529), and the US Department of Defense MIL-STD-810F. Furthermore, the MIL-STD-810F standard involves a series of test methods that aid in determining the ability of an instrument to operate under different environmental conditions, such as exposure to rain, sand, dust, vibration, or shock. Hence, such challenges hinder the market growth during the forecast period.

Drivers, Trends, and Challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

The satellite phone market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.

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Satellite phone market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 4.2%

Market growth 2023-2027

USD 137.43 million

Market structure

Concentrated

YoY growth 2022-2023 (%)

3.2

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 33%

Key countries

US, China, Japan, UK, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

AT and T Inc., Inmarsat Global Ltd, Iridium Communications Inc., Telefonaktiebolaget LM Ericsson, Thuraya Telecommunications Co., United Parcel Service Inc., and Globalstar Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Application

6 Market Segmentation by Product

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Vendor Landscape

11 Vendor Analysis

12 Appendix

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio


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