Satellite Communication Market Size Is Expected To Reach USD 159.6 Billion By 2030
San Francisco, 7 Sep 2022: The Report Satellite Communication Market Size, Share & Trends Analysis Report By Component (Equipment, Services), By Application (Broadcasting, Airtime), By Vertical, By Region, And Segment Forecasts, 2022 - 2030 The global satellite communication market size is projected to reach USD 159.6 billion in 2030, registering a CAGR of 9.5% from 2022 to 2030, as per a new report by Grand View Research, Inc. The rising proliferation of small satellites for tactical communication, geospace & atmospheric research, and medium resolution imagery in military & defense applications has propelled the growth of the market. The increasing demand for satellite communication (Satcom) solutions from the aviation industry to improve airline operations and air traffic management is anticipated to boost market expansion during the forecast period. It is anticipated that the advent of the 5G network and several scheduled Medium Earth Orbit (MEO) and Low Earth Orbit