The Adoption of Small Satellite in Several Industries By CIOTechOutlook Team

The Adoption of Small Satellite in Several Industries

CIOTechOutlook Team | Tuesday, 31 October 2023, 03:35 IST

The worldwide 5G satellite communication market is expected to be worth USD 29.06 billion by 2030, with a CAGR of 29.09% from 2022 to 2030. Small satellites are increasingly being used in the military industry for geospace and atmospheric research, tactical communication, and medium resolution photography, which is likely to fuel market expansion. In the future years, market growth will be driven by SATCOM systems for enhanced airline operations and air traffic control.

The primary factor driving the growth of the global 5G satellite communication market is the expanding demand for catering to various applications and eliminating existing technological challenges. The market performance parameters are high bandwidth, low latency, high system spectral efficiency, and reduced energy consumption. In order to meet the technological requirements of 5G satellite communication networks, there will likely be an increase in efforts to upgrade the current infrastructure during the forecast period due to the strong demand for the 5G network across various applications, as per Straits Research.

The increasing need for satellite communication in the marine industry is expected to considerably contribute to market growth. Growing worry for people's safety at borders has immediately resulted in a pressing need for communication. This is anticipated to have an impact on the growth of the marine communication satellite industry.

During the projected period, North America is expected to dominate the 5G satellite communication market. The presence of prominent firms involved in the development and provision of 5G telecom services and satellite connection is a crucial element contributing to the region's growth.