Global Maritime VSAT Market Overview
Global Maritime VSAT Market is expected to reach USD 4,629.7 Million by 2024 at a CAGR of 13.46% during the forecast period.
Maritime VSAT offers satellite communication for onboard vessel services such as telephone, data, and Internet. Maritime VSAT involves the use of various types of bands such as Ku-band, C-band, L-band, and high-throughput satellites (HTS) band. These bands are used across various applications including military & defense and civil & commercial.
Global Maritime VSAT Market Segmental Analysis
The global maritime VSAT market has been segmented based on type and application.
By type, the global maritime VSAT market has been classified as Ku-band, C-band, L-band, and high-throughput satellites (HTS) band. The Ku-band segment is projected to dominate the market with a valuation of USD 833.1 million in 2018 and reach USD 1,869.9 Million by 2024. Ku-band systems are widely used for broadband connectivity as they are inexpensive and easy to install. The C-band segment is expected to exhibit a CAGR of 14.01% during the forecast period.
Based on application, the global maritime VSAT market has been divided into military & defense and civil & commercial. The civil & commercial segment is expected to lead the market with a value of USD 1,448.7 million in 2018 and reach USD 2,980.6 million by 2024. The demand for maritime VSAT for civil and commercial applications is higher than for military & defense applications. In civil & commercial applications, the broadband service provided through VSAT helps increase business productivity, reduce the cost of vessel management, improve crew welfare and retention, and decrease fuel costs and delays. Moreover, in the maritime industry, operations are carried out at multiple locations across the world, which requires a reliable communication and navigation system. VSAT can provide broadband that can be used for navigation systems and satellite communications services. The military & defense segment is expected to register the higher CAGR of 14.78% during the forecast period.
Global Maritime VSAT Market Competitive Analysis
The key players in the global maritime VSAT market are Comtech Telecommunications Corp. (US), EchoStar Corporation (US), EMC (US), Inmarsat Group Limited (UK), KVH Industries, Inc. (US), OmniAccess SL (Spain), Raytheon Company (US), SageNet Inc. (US), Speedcast International Limited (Australia), Telespazio SpA (Italy), Viasat Inc. (US), and VT iDirect, Inc. (US).
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