Global Maritime VSAT Market Share, by Region, 2018 (%)
Source: MRFR Analysis
Chief variables existing in the market
Many drivers boost the maritime VSAT market growth. The application of the Maritime VSAT Market offers safety and communication. It also provides file distribution, internet access, database access, and other features and is one of the major drivers of this market trend. Additionally, the upgradation of existing communication systems is also one of the drivers in the market. The traditional technology had a limit, and it didn’t offer many features like VSAT. So the requirement of high-speed broadband and the adoption of real-time tracking is a contributing factor in this market. According to the Asia Pacific satellite communication council, Asia is expected to account for $800 million for the satellite communication services by 2021.
The increasing advancement in the technologies such as an auto-stabilized ground terminal, stable and resistant materials, multi-frequency antennas, and high-speed modems will bring opportunities for the maritime VSAT market. Additionally, the rise in availability of satellite services that offer Ku-band for VSAT will boost demand for the larger bandwidth connection. Furthermore, the lower cost bandwidth will also generate opportunities for the maritime VSAT market revenue.
One of the major restraints that hamper the maritime VSAT market growth is the cybersecurity breaches and the connectivity problems associated with the VSAT system. As criminals can access crucial data through the system, it is a major concern.
One of the major challenges in the maritime VSAT market is that the underdeveloped regions haven’t adapted to the advanced feature. The key players are trying to overcome these market challenges and boost demand. The maritime VSAT industry is expected to grow at a faster rate during the forecast period.
Cumulative growth analysis
The maritime VSAT market has shown substantial growth over the years, and it will register a healthy CAGR of 13.69% in the prediction period. The rapid adoption of better and advanced technology will boost the demand of the market.
Global Maritime VSAT Market Growth, 2018–2024
Source: MRFR Analysis
The maritime VSAT market is segmented based on type, application, and region.
By type, the maritime VSAT market is segmented into Ku-band, L-Band, C-band, and high throughput satellite. The KU-BAND was responsible for the highest maritime VSAT market share in 2018, with 42.15% of the market share. KU-band is expected to grow at a faster rate and register the highest CAGR. KU-band is the most commonly used VSAT system on ships and yachts. The KU band's bandwidth is high, which is why it is less expensive than the other Band and offers a strong signal capable of covering deep water as areas. It is expected to grow at a CAGR of 14.43% in the forecast period.
By application, the maritime VSAT global market is segmented into military & defense and civil & commercial. In both of these sectors, the VSAT system is highly used for many purposes.
The maritime VSAT market is segmented into Europe, North America, Asia Pacific, Middle East, and Africa by region. Among these, North America dominates the market and holds the highest maritime VSAT market share.
The major regions in the maritime VSAT market are North America, South America, Asia Pacific, Europe, and the Middle East, and Africa. Among these regions, North America is expected to hold the highest share in the market. The maritime VSAT global market is expected to grow at a CAGR of 13.08% during the forecast period due to the rapid growth of the shipping industry. Additionally, the government supports the maritime transportation system, increasing the market demand in this region. The Asia Pacific region will also grow faster due to the presence of strong market key players and increased transportation activities.
The major key players in the maritime VSAT market are
Among these key player EMC(US) contribute highly in this market.
The market report highlights the maritime VSAT industry outlook and provides a qualitative and quantitative market analysis. This report includes COVID-19 analysis, market dynamics (drivers, restraints, opportunities, and challenges), and maritime VSAT market analysis. Additionally, this report highlights the market segmentation, competitive Landscape, regional analysis, and recent developments.
Frequently Asked Questions (FAQ) :
Maritime VSAT market can expand to rise at 13.46% CAGR by 2024.
By 2024, the Maritime VSAT market can touch USD 2,170.0 Mn.
Speedcast International Limited (Australia), EMC (US), Telespazio SpA (Italy) are some renowned names in the Maritime VSAT market.
The widespread utility of C-band can promote the Maritime VSAT market.
The decline in K-band utility can restrains the Maritime VSAT market expansion.