2 years ago
317 Rising demand for broadband connectivity among customers and crew members drives several segments of the maritime industry to adopt SATCOM services
SAN ANTONIO, Oct. 31, 2022 /PRNewswire/ -- Customers' and crew members' rising demand for broadband connectivity drives many segments of the maritime industry to adopt SATCOM services, according to Frost & Sullivan's recent analysis, Growth Opportunities in Global Maritime Satellite Communication (SATCOM) Services. Vessel and ship digitalization, automation, and smart shipping trends further fuel the need for increased connectivity at sea. Due to this, the SATCOM market is expected to reach $2.84 billion by 2030 from $2.44 billion in 2021, an uptick at a compound annual growth rate (CAGR) of 1.7%.
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"The construction of NGSO (non-geostationary orbit) satellite constellations by market participants to offer services to the maritime industry is changing the dynamics of the maritime SATCOM sector," said Ehrar Ahamed Shariff, Aerospace & Defense Research Analyst at Frost & Sullivan. "This trend will benefit maritime customers during the next three to five years by providing greater bandwidth, low-latency connectivity, and more SATCOM options."
Shariff added: "Digitalization is essential for crew connectivity, safety, performance monitoring, and operational efficiency for connected ships and vessels. Further, advancement in maritime SATCOM will enable fifth-generation (5G) coverage at sea, providing ubiquity, lowering the cost of maritime SATCOM service, and improving the value proposition of very-small-aperture terminal (VSAT) services in the maritime sector."
To reap the benefits of the expanding maritime SATCOM industry, market participants should:
Investigate the connectivity needs and spending capabilities of fleet operators, cruise charters, and ship owners to provide tailored SATCOM services that meet their needs while staying within budget. Develop terminals and custom solutions for the marine industry by leveraging their partnership with NGSO and network operators. Consider strategic partnerships and acquire ICT companies that can analyze marine data and cybersecurity companies that can help secure their services.Growth Opportunities in Global Maritime Satellite Communication (SATCOM) Services is the latest addition to Frost & Sullivan's Aerospace & Defense research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
For over six decades, Frost & Sullivan has helped build sustainable growth strategies for Fortune 1000 companies, governments, and investors. We apply actionable insights to navigate economic changes, identify disruptive technologies, and formulate new business models to create a stream of innovative growth opportunities that drive future success. Contact us: Start the discussion
Growth Opportunities in Global Maritime Satellite Communication (SATCOM) Services
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