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.
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.
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).
Maritime VSAT Market Regional Analysis
The global maritime VSAT market has been segmented, by region, into North America, Europe, Asia-Pacific, and South America, the Middle East, and Africa.
North America is leading the market with a valuation of USD 1,117.9 million in 2018. The growth of the regional market can be attributed to the increasing seaborne trade and rising number of naval vessels. The regional market is expected to reach USD 2,337.5 million by 2024 at a CAGR of 13.08% during the forecast period.
Europe is projected to be the second-largest market during the review period. The regional market is expected to reach USD 1,035.2 million by 2024 at a CAGR of 14.35% during the forecast period. Asia-Pacific is projected to be the third-largest market during the review period. The regional market is expected to reach USD 801.4 million by 2024 at a CAGR of 15.05% during the forecast period.
Maritime VSAT Market Key Developments
In February 2019, Comtech EF Data Corp., a part of Comtech Telecommunications Corp.’s commercial solutions segment, signed a contract worth USD 1.7 million to provide RF equipment to a leading satellite antenna manufacturer that provides full-motion antenna solutions for marine and other mobility applications.
In September 2018, Speedcast International Limited launched four VSAT service packages for maritime services. These service plans will increase bandwidth access to merchant shipping, passenger ships, and offshore installations while providing flexibility. The four connectivity plans are Quota, Burst, Guaranteed, and Professional, with the top package offering high-speed broadband and 100 GB of data shared per month.
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 @ https://www.marketresearchfuture.com/reports/maritime-vsat-market-7981