Satellite communications market to double by 2031: reportNews
February 02, 2023
PORTLAND, Oregon. The satellite communications market will continue to show very strong growth in the coming years, more than doubling from $25.8 billion in 2021 to $61.5 billion by 2031, a new report predicts.
The report, from Allied Market Research, states that an increase in demand for the internet of things, autonomous systems, and military and defense satellite communications solution will drive the growth.
"Interference in satellite data transmission restrains the growth to some extent," the report says. "However, high-end technological advancements in satellite missions have paved the way for lucrative opportunities in the industry."
The medium Earth orbit (MEO) segment will "maintain its dominance" in the market during the forecast period, despite the strong growth in low-Earth orbit (LEO) satellites.