The increasing requirement for IoT (Internet of Things), applications such as tracking assets and remote surveillance is driving the demand for dependable and secure connectivity networks, which is driving the mobile satellite phone market. Mobile satellite phones are frequently utilized in emergency and disaster response circumstances when dependable communication services are important, such as natural catastrophes or search and rescue efforts.
PORTLAND, Ore., June 13, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Mobile Satellite Phone Market by Type (LEO Satellite Phone and GEO Satellite Phone), by Application (Defense, Maritime, Aviation, Oil and Gas and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global mobile satellite phone industry generated $553.6 Million in 2021, and is anticipated to generate $808.5 Million by 2031, witnessing a CAGR of 3.9% from 2022 to 2031.
Prime Determinants of Growth
The growing requirement for worldwide connection in areas, such as marine, aviation, defense, and government and the rising usage of satellite phones during emergency situations are some factors expected to boost the growth of the global mobile satellite phone market during the forecast period. Besides, the introduction of low-earth orbit satellite constellations, such as Starlink and OneWeb, is stimulating industry innovation and competition, resulting in new goods and services and lower client prices. However, the technical limitations, such as dead spots in the network and low voice quality are expected to be the major factor hampering the mobile satellite phone market growth. On the contrary, the technological advancements in satellite phones and the growing defense expenditure in various countries across the globe are predicted to create massive growth opportunities for the global mobile satellite phone market by 2031.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2022-2031 |
Base Year | 2021 |
Market Size in 2021 | $553.6 Million |
Market Size in 2031 | $808.5 Million |
CAGR | 3.9 % |
No. of Pages in Report | 240 |
Segments covered | Type, Application, and Region. |
Drivers | An increase in the usage of mobile satellite phones in emergency situations, such as natural or man-made disasters, and in defense missions Strong network infrastructure in mission-critical applications |
Opportunities | Growing defense expenditure Technological advancements and development of smart satellite phones |
Restraints | Stringent regulatory standards for satellite phones across several countries |
Covid-19 Scenario
- The COVID-19 pandemic has had a moderate impact on the global mobile satellite phone market.
- The pandemic has disrupted global supply chains, leading to delays in the production and delivery of mobile satellite phones and related equipment. Besides, there was a reduction in demand for mobile satellite phones, as many businesses and individuals cut back on spending due to financial uncertainties caused by the pandemic.
- However, the government organizations in various countries extended their support for mobile satellite phones to overcome the challenges during the COVID-19 emergency. Additionally, several market participants focused their efforts on new product development and strategic alliances to lessen the impact of the pandemic on the mobile satellite phone market.
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LEO Satellite Phone Sub-segment to Maintain its Leadership Status Throughout the Forecast Period
Based on type, the LEO satellite phone sub-segment of the global mobile satellite phone market held the highest share in 2021 and is estimated to maintain its leadership status throughout the forecast period. The significant growth of the sub-segment is mainly because LEO satellites orbit the Earth at a much lower altitude as compared to traditional geostationary satellites, which provide several benefits for satellite phone users, including faster data transfer and lower latency. Besides, the demand for LEO satellite phones is driven by the rising need for reliable communication services in remote areas, as well as advancements in satellite technology.
Maritime Sub-segment to Maintain its Leading Position by 2031
Based on application, the maritime sub-segment of the accounted for the largest share in 2021 and is projected to maintain its lead position during the forecast period. In the mobile satellite phone market, the marine sub-segment includes the usage of satellite phones and associated amenities aboard ships and other boats at sea. Mobile satellite phones are used in maritime for a number of things, including navigation, weather monitoring, emergency and safety communications, and entertainment. There are options for communication, navigation, weather monitoring, and entertainment.
North America Region to Maintain its Dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021 and is likely to dominate in the global mobile satellite phone market during the forecast period. The significant growth of the North America market is mainly due to the region's vast and diversified market, presence of industry leaders, a supportive regulatory framework, and the increasing demand for satellite communications services in a variety of industries. North America is connected to numerous industry leaders in the mobile satellite phone market, including Inmarsat, Iridium, and Globalstar.
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Leading Market Players: -
- Iridium Communications Inc.
- Globalstar, Inc.
- Thuraya Telecommunications Company
- Inmarsat Global Limited
- Beam Communications Pty. Ltd.
- Bharat Sanchar Nigam Limited
- KVH Industries, Inc.
- K.S.C.
- TS2 Space Sp. z o.o.
- Garmin Ltd.
The report provides a detailed analysis of these key players in the global mobile satellite phone market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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