Satellite connectivity market to double by 2030: reportNews
August 12, 2022
PORTLAND, Oregon. A new report predicts that the satellite connectivity market will double between 2021 and 2030, going from $11.12 billion to $22.12 billion, for a compound annual growth rate (CAGR) of 7.3% over that period.
The report, from Allied Market Research, states that an increase in government investment in space exploration and a surge in satellite launches is boosting the growth.
"In addition, increase in adoption of satellite constellation supplemented the market growth," the report states. "However, high initial investment and stringent government regulations regarding satellite launches hinder the market growth. On the other hand, surge in demand for satellite data and growing integration of artificial intelligence, machine learning, and cloud computing are expected to open new opportunities in the future."
The fixed segment of the market will see the highest growth at 8.9% CAGR, although the video segment held the largest share in 2021, the report adds. By orbit, the low-Earth orbit (LEO) segment held the largest share, and is expected to have the highest CAGR of 8.1% as well.