5G satellite communication market to cross $33,896.7 million by 2030
According to the latest market research study published by P&S Intelligence, in 2021, the 5G satellite communication market was valued at $2,548.2 million, and increasing with a mammoth growth rate of over 33%, it will touch $33,896.7 million by the year 2030. This is because of the technological progressions and surge in the requirement for high-speed and low-latency connectivity. 5G networks will assist policymakers in developing smart cities, thus offering the socio-economic benefits of a data-driven economy. Consequently, authorities will need to build data centers and fiber networks.
Backhaul and tower feed has the largest share of the 5G satellite communication market revenue, of over 80%, and this category will maintain its position in the coming years. This is because of their capability to multicast design content to a huge area across numerous systems. The requirement for these solutions will also increase rapidly owing to the rising number of 5G gadgets and customers’ wish for high-speed 5G connectivity with low latency.
GEO will have the fastest growth in the 5G satellite communication market, of approximately 34%, in the years to come. This will be due to the numerous uses of GEO satellites, including telecommunications, navigation, and real-time imaging. While, the LEO category had the greatest revenue share in the year 2021, and it will maintain its position in the near future, because of the cost-effectiveness of launching small satellites.
The commercial sector has a revenue share of approximately 50%, and it will follow this trend in the future. This is chiefly because of the increasing requirement for 5G and satellite connections in numerous commercial fields, such as automobiles, logistics and shipping, and commercial aircraft. Conversely, the government category will observe the fastest growth in the years to come. This will be because of the increase in the requirement for high-speed communication and monitoring of the valuable assets of the government, in addition to the emergence of enhanced 5G communication services.
In 2021, the North American 5G satellite communication market had the largest share of revenue, in excess of 30%. This is because of the existence of a number of companies deploying 5G networks. Furthermore, the U.S. has the major share of the revenue in the region, and it will maintain its position during the forecast period.
APAC will have the second-highest growth rate during 2021–2030. China contributes significantly to the progress of the regional industry because of the high connectivity requirement for consumer and manufacturing uses. Furthermore, the technical advancements, surge in the expenditure on research and development, and expansion of novel space systems by governments are driving the progress of the regional market. BCS Bureau