The Satellite Modem Market is Expected to Grow to US$ 420.4 Million by 2023
Dublin, Ireland, November 14, 2017--The Satellite Modem Market is expected to grow from US$ 296.4 Million in 2017 to US$ 420.4 Million by 2023 at a CAGR of 6.0% Between 2017 and 2023, according to new resaerch from Research and Markets. The major factors driving the growth of the satellite modem market include continuous innovation by satellite modem manufacturers to ensure the growth of the market, rising need for enriched high-speed data communication, and growing demand for satellite communication from various verticals.
However, the lack of international regulations on common protocols and communication standards for satellite modems is the major restraining factor for the growth of the satellite modem market.
Offshore communication expected to grow at the highest rate during the forecast period. Considering the nature of the offshore industry, satellite communications plays a crucial role in ensuring a high level of operational efficiency at offshore exploration and production facilities. This is especially critical in situations where companies are required to expand their exploration and production activities further into remote regions, where satellite networks are often the only feasible option for delivering reliable communication connectivity. To establish satellite communication connectivity between remote locations and the head office, high-speed data rate satellite modems are mainly deployed on offshore platforms.
The Satellite modem market in APAC to grow at a high rate between 2017 and 2023. In APAC, the telecommunication and oil & gas industries are expected to drive the satellite modem market. Furthermore, with the growth of the Long-Term Evolution (LTE) technology in Asian countries and the growth of broadband services in rural areas, satellite services would have a high demand in the region not only for coverage but also for the acquisition of new customers. Hence, the growth of satellite-based backhauling and 4G rollout would create major opportunities for the satellite modem market in APAC. In the process of determining and verifying the market size for several segments gathered through secondary research, extensive primary interviews have been conducted with key industry people.
The report profiles the top players in the satellite modem market, along with providing their respective market ranking. Prominent players such as Newtec Cy N.V. (Belgium), Comtech EF Data Corporation (US), ViaSat Inc. (US), Datum Systems Inc. (US), and NovelSat (Israel) have been profiled in this report. Research Coverage: - The satellite modem market, by channel type, includes Single Channel Per Carrier (SCPC) and Multiple Channel Per Carrier (MCPC) modems.
The major factors driving the growth of the satellite modem market include continuous innovation by satellite modem manufacturers to ensure the growth of the market, rising need for enriched high-speed data communication, and growing demand for satellite communication from various verticals. In this report, the satellite modem market is segmented on the basis of channel type, data rate, application, end user, and geography.
Based on channel type, the MCPC modem is expected to drive the market in terms of market share as well as growth rate. This is because MCPC offers unparalleled channel efficiency, which is the core requirement of high-data-traffic industries such as mobile communication, and internet & broadband services. Therefore, the adoption rate of MCPC modem is expected to grow in above industries. High-speed data rate modem is expected to hold the largest market share between 2017 and 2023.
High-speed data rate satellite modems are widely deployed to address the growing need for high-speed communication in applications such as mobile & backhaul and offshore communication, among others, which would help the market to grow in terms of market share. The tracking and monitoring application is estimated to hold the largest market share because tracking and monitoring play a crucial role in industries such as transportation & logistics, marine, and military & defense to manage and track critical information such as real-time location, fuel consumption, and speed of the vehicles. For this, basic satellite infrastructure is required, wherein satellite modems are critical for transmitting and receiving data between the head office and the vehicle.
In terms of end users, the market for military & defense is expected to grow at the highest rate during the forecast period. In the military & defense industry, reliable, secure, and uninterrupted communication is crucial irrespective of the location and weather condition. For this, satellite connectivity with the help of modems is the ideal solution. Furthermore, satellite modems also help in providing secure communication by following the encryption technology, which would make modem perfectly suitable for military & defense purposes.
The growth of the satellite modem market in the North America is likely to be fueled by the growing demand for satellite modems from major industries such as oil & gas, marine, and military & defense, where voice, video, data communication is critical for efficient decision-making. The US is at the forefront of adopting and installing the satellite communication network for all these industries.
The satellite modem market in APAC is likely to grow at a high rate between 2017 and 2023. The increasing telecom connectivity within the region drives the demand for mobile and backhaul, and satellite-based backhaul. Also, with the growing Long-Term Evolution (LTE) technology in Asian countries and the growth of broadband services in rural areas, there would be a strong demand for satellite services in the region not only for coverage but also for acquiring new customers. Thus, the growth of satellite-based backhauling and 4G rollout offers a major opportunity for the satellite modem market in APAC. The major challenges for the companies in the market include meeting the increasing demand for high bandwidth application.
For more information please click on: https://www.researchandmarkets.com/publication/m25pw8b/4392932
