The major 5G satellite communication market growth drivers are the increasing requirement for high-speed and low-latency connectivity and the swift adoption of technologically advanced devices. In 2021, the sale of such solutions generated $2,548.2 million, and this value is predicted to reach $33,896.7 million by 2030. In addition, the market will advance at a 33.3% CAGR from 2021 to 2030. A pivotal role is played by 5G networks in supporting policymakers and governments in transforming cities into smart cities. Moreover, this assists the citizens to reap the socio-economic benefits offered by an advanced economy.
Access Report Summary - 5G Satellite Communication Market Segmentation Analysis Report
Within the solution type, the backhaul and tower feed
solutions category dominated the 5G satellite communication market, and it will continue to show this
dominance throughout the decade. This can be primarily ascribed to their
inherent abilities to cast videos to cater to the enormous coverage area and
exhibit ultra-high and high design content. Moreover, there will be a higher
inclination of consumers toward the fast 5G connectivity with low latency,
coupled with the escalating count of 5G gadgets. This will go hand in hand with
the skyrocketing demand for this category at a significant pace.
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| 5G Satellite Communication Industry Revenue Estimation and Demand Forecast, 2030 |
Because of the shifting and rising nature of
geopolitical conflicts and wars, the adoption of non-terrestrial technologies
has become increasingly prominent for defense sectors. The defense agencies are
assisted by the advanced 5G satellite communication technology to enhance their
strategic and decision-making skills. Additionally, IoT solutions are now
increasingly being used in the defense sector because of gradual technological
changes in the market. Therefore, there is a vast potential in the market on
account of the swift technological advances.
5G satellite communication technologies have the
potential to bring economic internet connection to previously disconnected and
rural parts of the world and will spur the 5G satellite communication market growth. The defense, government, and
commercial businesses, as well as people, are ready to adopt technologies that
can aid in connecting and interacting with remote regions of the world where
terrestrial networks do not exist, using the current generation of networks and
satellite technology. All of this will propel growth in the market.
In 2021, the commercial sector held the biggest 5G satellite communication market share, accounting for about half of the
total market share. This can be attributed to the rising application of
satellite and 5G connections in countless commercial sectors, including
commercial aircraft, automobiles, and the entire logistical network.
Nonetheless, the government will also not lag and witness the highest CAGR in
the coming years. This is because of the attempts made to facilitate effective
supervision of the government assets and the swift communication requirements.
Geographically, North America rules the 5G satellite communication market, and its revenue contribution to the
market players is predicted to touch $12.0 billion by 2030, exhibiting the
fastest CAGR in the coming years. This can be buoyed by the existence of a huge
count of market players, including Qualcomm Incorporated, Thales Group, and
Inmarsat Global Limited, who continue to work with the present scenario in the
industry and adapt to changes in customers’ preferences, coming up with technologically
advanced communication devices and software.
Hence, increasing the requirement for high-speed and
low-latency connectivity will drive the market to provide extravagant opportunities
to corporations.
