Satellite Internet Market size was valued at USD 5.24 billion in 2023 and is expected to exceed USD 46.06 billion by 2036, registering over 18.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of satellite internet is assessed at USD 6 billion. The growth of the market can be attributed to the increasing demand for high-speed internet services, backed by digitalization of all government and private procedures globally. Satellite internet access is provided by communication satellites, which offers relatively higher speed of data. Moreover, satellites provide much broader signal than cable internet, as satellites are not fixed in one place. Advantages of satellite internet, such as, high speed, larger area of coverage, and broader signal, are estimated to boost the market growth.
The increasing penetration of internet, especially in developed countries, is also anticipated to be accountable to surge the demand for internet. According to the data by the World Bank, in 2019, 56.727% of the total global population has access to internet. The growing number of internet users is expected to propel the market growth.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
18.2% |
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Base Year Market Size (2023) |
USD 5.24 billion |
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Forecast Year Market Size (2036) |
USD 46.06 billion |
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Regional Scope |
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The market is segmented by end-user into commercial, and non-commercial, out of which, the commercial segment is anticipated to hold the notable share in the global satellite internet market over the forecast period on account of increasing digitalization of all commercial activities, which makes internet access mandatory for commercial spaces. The adoption of cloud storage in the commercial sector, including, hotels, banks, and private offices, is also a major factor estimated to boost the market growth.
Our in-depth analysis of the global satellite internet market includes the following segments:
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By Band Type |
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By End-User |
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On the basis of geographical analysis, the global satellite internet market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America industry is anticipated to account for largest revenue share by 2036, led by rising demand for internet access across the region, along with increasing adoption of advanced technologies. The population in the developed countries, such as, the US, and Canada is extensively tech-savvy, and highly dependent on online services. This surges the demand for high-speed internet, which, in turn, is estimated to boost the market growth. Moreover, government expenditure in the IT sector is increasing constantly, which is further anticipated to boost the regional market growth. The government IT expenditure in the U.S. crossed USD 86 billion in 2019, which is projected to cross USD 92 billion by the end of 2021.
October, 2021: OneWeb announced the successful launch and communication established with 36 communication satellites. OneWeb is a globally renowned low Earth orbit (LEO) satellite communications company.
October, 2021: NEOM Tech & Digital Holding Company to join hands with OneWeb to bring high-speed satellite connectivity to the Middle East and neighboring East African countries.
Author Credits: Abhishek Verma
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