Optical Satellite Communication Market Trends

Growth Drivers

• Population Urbanisation Growing- The industry is likely to expand further over the coming years as a result of better living conditions and more urbanisation. Moreover, optical satellite communication market development is anticipated to be supported by urban residents who work in sectors where services such as security and better connectivity are needed. By the end of 2050, urban development will have reached 80% in developed countries and 60% in emerging economies.
• Accelerating Use of Several Technologies for Optical Satellite Communication - The market is projected to grow more quickly over the forecast period, given that cutting-edge technology has been rapidly adopted as a form of Internet of Things solutions for optical satellite communications. By the end of 2025, it is estimated that 25 billion connected IoT devices will be in place around the world.
• Rising 5G Technology Emergence – It is foreseen that, in order to stimulate optical satellite communication market development, the need of advanced and fast telecommunications services will increase internationally. According to statistics, 5G technologies are expected to be used by one-third of the world's population. Furthermore, in 2022, 1 billion people will be using 5G Internet all over the world.

Challenges

• High Cost of Optical Satellite Communication Technologies Deployment- The cost to deploy optical satellite technology is high, which also raises the pay of technicians who install it. The market is also expected to grow at a slower rate because of the use of cutting-edge technologies for enhancing optical communication.
• Lack of technical expertise
• The delays in time result in a reduction in productivity