Global Maritime VSAT Market: Information by Type (Ku-Band, C-Band, L-Band and High-Throughput Satellites [HTS] Band), Application (Military & Defense and Civil & Commercial) and Region (North America, Europe, Asia-Pacific and South America, Middle East and Africa) – Forecast to 2024
Viasat Inc. (US), EchoStar Corporation (US), Comtech Telecommunications Corp. (US), Inmarsat Group Limited (UK), EMC (US), OmniAccess SL (Spain), KVH Industries, Inc. (US), SageNet Inc. (US), Raytheon Company (US), Telespazio SpA (Italy), Speedcast International Limited (Australia), and VT iDirect, Inc. (US) are renowned companies that are operating in the global Maritime VSAT market.
Deploying VSAT in ships enable better real-time communication within a maritime network.
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VSAT enables enhanced business productivity which is likely to work in favor of the market. VSAT helps in improving real-time communication across different ports, suppliers, ship captains and crew members, and other operational heads. Its ERP systems enable active collection of information between shore and ship, which provides valuable insights into operations. In addition, VSAT broadband services facilitate video surveillance. This is beneficial in providing medical support at shore. VSAT also provide solutions for satellite communications and navigation systems services on-water. These factors are expected to boost the expansion of the global maritime VSAT market. Other factors such as increase in on-sea trading activities, due to feasibility and cost-affordability benefits, is expected to push the growth of the maritime VSAT market.
The global Maritime VSAT market has been segmented on the basis of Type and application. By type, the market has been segmented into L-band, C-band, Ku-band, and high-throughput satellites (HTS) band. The Ku-band segment is likely to scale up USD 833.1 million to USD 1,869.9 Million by 2024. Cost-affordability and easy installation facilities of Ku-band systems are expected to gain traction for the market. The C-band segment is likely to thrive at a CAGR of 14.01% over the review period.
By application, the market has been segmented into civil & commercial, and military & defense. The civil & commercial segment estimated for USD 2,980.6 million by 2024 as the demand for maritime VSAT is high in civil and commercial fields. Broadband services via VSAT assist in surging business productivity, cut-down vessel management price, raise crew welfare and retention, and curb fuel costs and delays. These benefits of VAST are likely to popularize it in the maritime industry. The military & defense segment is likely to expand at CAGR of 14.78% over the evaluation period.
By region, the Maritime VSAT market growth analysis covers North America, South America, Europe, Asia-Pacific, and the Middle East and Africa.
In 2018, the market in North America valued at USD 1,117.9 million. Increase in seaborne trading activities and hike in number of naval vessels are factors that are anticipated to escalate the regional market growth. MRFR states that the North America market is poised to value at USD 2,337.5 million by 2024 and expand at a 13.08% CAGR over the evaluation period.
Europe accounted for securing the second-largest share of the global market across the assessment period. The Europe maritime VSAT market is anticipated to touch a valuation of USD 1,035.2 million by 2024 and strike a CAGR of 14.35% over the forecast period. The maritime VSAT market in Asia-Pacific is likely secure the third position in the global market. The APAC market is estimated to value at USD 801.4 million and register a CAGR of 15.05% by 2024.
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