Satellite Internet Market worth $17.1 billion by 2028

Jun 09, 2023

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29 Aug, 2023, 06:30 ET

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CHICAGO, Aug. 29, 2023 /PRNewswire/ -- The Satellite Internet Market is valued at USD 4.0 billion in 2023 and is projected to reach USD 17.1 billion by 2028, at a CAGR of 33.7% from 2023 to 2028 according to a new report by MarketsandMarkets™. The Satellite Internet market report includes services including Satellite, User Terminal and end-user service. The emergence of "Satellite Internet" represents a transformative integration of satellite communication and non-terrestrial networks to provide enhanced connectivity and enable a wide array of applications across various sectors. By leveraging advanced satellite systems, such as low Earth orbit (LEO), Satellite Internet aims to extend the capabilities of terrestrial 5G networks to even the most remote and challenging environments. This integration enables the provision of high-speed, low-latency connectivity to support critical communications and applications in sectors such as telecommunication and cellular backhaul, media, and entertainment, business and enterprise, retail and consumers, aviation, marine vessels, transportation and logistics, as well as scientific research and development.

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Browse in-depth TOC on "Satellite Internet Market"

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Satellite Internet Market Report Scope:

Report Coverage

Details

Market Revenue in 2023

$ 4.0 billion

Estimated Value by 2028

$ 17.1 billion

Growth Rate

Poised to grow at a CAGR of 33.7%

Market Size Available for

2019–2028

Forecast Period

2023–2028

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Orbit, Connectivity, Vertical, Frequency, Download Speed and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Satellite Capacity and Congestions-related challenges associated with satellites

Key Market Opportunities

Increasing need for high-speed, reliable communication networks in remote areas

Key Market Drivers

Increasing usage of Global Connectivity

With the ability to establish reliable connections in areas where terrestrial infrastructure deployment is impractical or economically unviable, Satellite Internet holds great potential for bridging the digital divide and ensuring seamless communication in even the most demanding scenarios. Additionally, the integration of Satellite Internet with terrestrial networks enhances the overall resiliency and redundancy of communication systems, as satellite links can serve as a backup option during network outages or disasters, facilitating the swift restoration of connectivity and enabling critical decision-making processes in communication, command, and control centers.

Based on Orbit, LEO segment is estimated to account for the fastest growth of the Satellite Internet market from 2023 to 2028.

Based on Orbit, LEO segment is estimated to account for the fastest growth of the Satellite Internet market from 2023 to 2028. LEO Orbit segment is estimated to lead the Satellite Internet market from 2023 to 2028 and is projected to grow further as the demand for seamless and reliable connectivity increases across industries and sectors, the service segment plays a crucial role in providing comprehensive solutions and support to meet the evolving needs of customers.

LEO satellites, positioned much closer to Earth than their geostationary counterparts, result in quicker data signal transmission, reducing the time it takes for data to travel between users and satellites. This crucially enhances the performance of real-time applications such as video conferencing, online gaming, and other interactive services. As the demand for seamless and responsive online experiences grows, the reduced latency offered by LEO satellites positions them as a compelling solution for meeting these evolving connectivity needs, propelling their adoption in the Satellite Internet market.

Based on Verticals, commercial segment is estimated to account for the fastest growth of the Satellite Internet market from 2023 to 2028.

Based on verticals, The commercial segment within the Satellite Internet market is experiencing notable growth, driven by the increasing demand for enhanced connectivity and advanced communication solutions across various industries from 2023 to 2028. growth of the commercial segment is the expansion of telecommunication. Satellite Internet technology enables telecom operators to extend their coverage and provide high-speed connectivity to remote and underserved areas. This has the potential to bridge the digital divide and unlock new economic opportunities in previously unconnected regions.

The transportation and logistics industry are embracing Satellite Internet to optimize operations, improve supply chain visibility, and enable smart logistics solutions. Connected vehicles, autonomous transportation systems, and real-time tracking capabilities are transforming the way goods are transported and managed.

As the demand for advanced connectivity and seamless communication continues to grow across the commercial sector, the commercial segment within the Satellite Internet market is expected to witness robust growth. It presents significant opportunities for businesses to innovate, improve operational efficiency, and deliver exceptional experiences to customers in a rapidly evolving digital landscape.

Based on Connectivity, Two-way service segment is estimated to account for the fastest growth of the Satellite Internet market from 2023 to 2028.

Based on Connectivity, the Two-way service segment is estimated to account for the fastest growth of the Satellite Internet industry from 2023 to 2028. The two-way service segment has escalating demand for high-speed internet, driven by bandwidth-intensive activities like streaming and gaming, is fueling the satellite internet market's expansion. Advancements in satellite technology, coupled with decreasing costs and broader coverage, are making satellite internet an increasingly attractive option for businesses and consumers seeking reliable connectivity. The growth of the Internet of Things (IoT) is expected to further stimulate demand for satellite internet, particularly in remote areas. Overall, positive growth factors, including rising demand, technological progress, affordability, and expanding coverage, are propelling the satellite internet market forward.

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The North American market is projected to contribute the largest share from 2023 to 2028 in the Satellite Internet market.

Based on region, North America is expected to lead the Satellite Internet market from 2023 to 2028. North America segment is the region's advanced technological landscape.

The satellite internet market in North America is being propelled by a series of compelling factors. The escalating demand for high-speed internet in rural and remote regions, where terrestrial infrastructure deployment is challenging, underscores the need for cost-effective solutions like satellite internet. The surge in streaming services amplifies the call for rapid connectivity, and satellite internet emerges as a viable option for video content delivery to underserved areas. Similarly, the rise in online gaming and the expanding realm of the Internet of Things (IoT) fuel the need for swift, reliable connections, particularly in remote locales. Satellite internet answers the demand for cost-effective mobile backhaul for extending mobile networks in such regions. Factors such as the emergence of high-throughput satellites, advancements like 5G integration, and increasing affordability further accentuate the growth potential of the satellite internet market in North America.

The Satellite Internet companies is dominated by a few globally established players such as SpaceX (US) Oneweb (UK), Viasat (US), EchoStar (US), SES S.A. (Luxembourg), and Iridium (US) among others.

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