Maritime Satellite Communication Industry size is predicted to register 8.5% CAGR between 2024 and 2032 driven by increasing investments in the research and development of satellite communication technologies.
Selbyville, Delaware, Sept. 02, 2024 (GLOBE NEWSWIRE) — Maritime Satellite Communication Market is projected to reach USD 12.4 billion by 2032, according to the latest report by Global Market Insights Inc.
The market expansion is propelled by the increasing need for reliable communication solutions in the maritime industry, which is essential for ensuring the safety, efficiency, and operational capabilities of vessels. As the maritime sector increasingly adopts advanced communication technologies, satellite-based solutions are playing a critical role in enhancing connectivity for vessels at sea, driving significant market growth. This transformation is fueled by advancements in satellite communication technologies that offer robust and uninterrupted connectivity across global maritime routes.
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For instance, in June 2024, Neuron achieved a significant breakthrough in the maritime sector by making a deal with Tototheo Global, a service provider, to implement Neuron’s AI-powered Quality of Experience (QoE) management platform on vessels under its contract. Furthermore, the increasing demand for broadband services at sea, coupled with the rise of smart shipping and the integration of Internet of Things (IoT) technologies, is driving the adoption of maritime satellite communication systems.
Mobile Satellite Services (MSS) to Dominate the Market
The maritime satellite communication market size from mobile satellite services (MSS) segment will witness substantial growth from 2024 to 2032, driven by the increasing reliance on mobile communication solutions for maritime operations. MSS provides crucial voice and data services to vessels operating in remote areas where terrestrial networks are unavailable. The segment growth is further supported by advancements in MSS technology, offering enhanced coverage, reliability, and service quality, making it an indispensable part of maritime communication infrastructure.
Services Segment to Witness Significant Growth
The Services segment will undergo significant expansion from 2024 to 2032, driven by the increasing demand for comprehensive communication solutions in the maritime industry. This segment encompasses a wide range of offerings, including voice communication, data services, broadband internet, and real-time monitoring. The growth of the Services segment is attributed to the rising need for end-to-end connectivity solutions that ensure seamless communication across various maritime applications, from navigation to crew welfare.
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Europe to Establish a Strong Market Presence
Europe maritime satellite communication market will register a notable market CAGR from 2023 to 2032, driven by the region’s robust maritime industry and increasing investments in satellite communication infrastructure. Key maritime nations such as Norway, Germany, and the United Kingdom are at the forefront of adopting advanced satellite communication systems to enhance the efficiency and safety of their maritime operations. Additionally, the European Union’s focus on digitalization and innovation in the maritime sector is further fueling market growth.
Maritime Satellite Communication Market Players
Prominent companies operating in the maritime satellite communication industry include EchoStar Corporation, Iridium Communications Inc., NSSL Global Limited, Cobham Satcom, Thuraya Telecommunications Company, Inmarsat Group Limited, KVH Industries Inc., SES Satellite, Marlink SAS, and Viasat Inc.
The Maritime Satellite Communication Market is witnessing growing demand, driven by company efforts to enhance connectivity at sea. Leading firms are investing in advanced satellite technologies, expanding coverage, and offering innovative solutions tailored to maritime needs. These initiatives address the increasing reliance on real-time data, navigation, and safety systems, ensuring seamless communication for vessels across global waters.
In June 2023, Inmarsat Maritime, a Viasat business, introduced its new Fleet Reach coastal LTE service, offering continuous high-speed broadband connectivity to maritime customers. This service ensures reliable internet access for merchant, offshore, energy, and fishing vessels, even when they are near the coast or docked in port.
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