The satellite internet market size is expected to grow from US$ 3.67 billion in 2022 to US$ 19.38 billion by 2030; it is estimated to grow at a CAGR of 23.1% from 2022 to 2030.
Analyst Perspective:
The rising demand for high-speed internet connectivity for homes and offices is one of the major factors boosting the growth of the satellite internet market. In addition, the increasing need for high-speed connectivity for mission-critical and disaster-management applications and inflight Wi-Fi connectivity for commercial aviation and private jets is further boosting the demand for fast satellite internet. Also, the growing investment by the market players in this segment is further fueling the growth of the market. Moreover, the rising need for connectivity for education and infrastructure development projects in rural areas and by researchers and scientists in the Arctic region and oceans is creating an opportunity for the growth of the satellite internet market. Furthermore, due to the limited or no presence of telephonic cables in high-altitude mountains, the need for internet access by satellite at weather broadcasting stations and for live media broadcasting is increasing, fueling the market growth in the forecasted period.
Market Overview:
Satellite internet is the process of accessing the internet through communication satellites, usually geostationary satellites. It is location-independent and provides connection anywhere as it provides global coverage. It is the ideal solution for places where the internet quality is unreliable or poor or places where terrestrial internet connectivity is unavailable. In addition, it is an ideal solution for users who live in rural areas or remote areas. Also, it uses satellite dishes for two-way communication, because of which there is no need for land-based internet solutions such as telephone cables or lines. Moreover, compared to other internet options, it provides less or negligible network outages, making it an ideal option for remote areas.
Strategic Insights
Market Driver:
Growing Investment in Satellites Internet is Creating an Opportunity for the Growth of the Satellite Internet Market
As the need for satellites for high-speed connectivity in rural and remote areas is increasing, the investment for the development and launch of satellites is also growing tremendously. Various government authorities and companies have invested and are investing significantly in market growth. For instance, in November 2021, Fleet Space Technologies announced that they had raised US$ 26 million in funds for the expansion of the nanosatellite IoT connectivity fleet. Similarly, in April 2022, the German parliament announced that they would be investing US$ 10.51 million (10 million euros) in the small satellite initiatives. Also, in July 2023, Amazon announced that it would be investing US$ 120 million to build a satellite construction facility at NASA's Kennedy Space Center as part of its plans to launch a space internet service to rival SpaceX's Starlink. Through its Project Kuiper, the company will be able to provide fast, affordable satellite broadband internet to unserved and underserved communities around the world with a constellation of more than 3,200 satellites in low Earth orbit (LEO). In November 2022, the European Union announced that it had secured a US$ 6.2 billion (EUR 6 billion) deal to develop its own system, with an aim to have the system up and running by 2027. For this, the European Commission (EC) will be providing funds of US$ 2.5 billion (EUR 2.4 billion) from other EU programs, and the remaining US$ 3.7 billion will be generated from investment from the private sector. Thus, such investment from the governments of different countries and companies will propel the satellite internet market growth in the forecasted period.
Segmental Analysis:
Based on frequency band, the satellite internet market is segmented into L-band, C-band, K-band, and X-band. The K-band segment held the largest satellite internet market share in 2022 and is anticipated to register the highest CAGR during the forecast period. The K-band frequency is used for different applications, which include its use in speed and safety radars. Also, with lower prices, simpler mass production, and higher reliability, K-band monolithic microwave integrated circuit (MMIC) technology is an emerging trend that enables the realization of K-band power amplifiers and low noise amplifiers on a compact die. In addition, K-band MMICs are used in fixed satellites, digital point-to-point radio communications, and local-multipoint distribution services (LMDS). Thus, the use of K-band for the above application is fueling the segment's growth in the satellite internet market.
Regional Analysis:
North America is expected to witness significant growth in the satellite internet market in the forecasted period. The US holds the largest satellite internet market share in 2022. The market is witnessing tremendous growth due to the presence of various key companies in the region, which includes EchoStar Corporation, SpaceX, Telesat, and others. These market players are continuously working on providing innovative solutions to provide high-speed connectivity in the region. For instance, in July 2023, EchoStar launched a powerful new communications satellite atop a SpaceX Falcon Heavy rocket that will deliver broadband service across nearly 80% of North and South America. Such innovations by the market players will fuel the satellite internet market growth in North America.
Key Player Analysis:
EchoStar Corporation, SpaceX, Singtel Group, Freedomsat, Viasat Inc, Inmarsat Global Limited, OneWebare, EarthLink, and Telesat are among the largest additive manufacturing companies or key satellite internet market players. These satellite internet market players are continuously focused on product development and innovation.
Satellite Internet Market Recent Developments:
Inorganic and organic strategies such as product launches, partnerships, collaborations, and mergers and acquisitions are highly adopted by companies in the satellite internet market. A few recent key market developments by these companies are listed below:
- In September 2023, the global LEO communications network OneWeb and its distribution partner Airbus confirmed the Royal Fleet Auxiliary ship Argus as the first military vessel to deploy low Earth orbit (LEO) satellite internet for her 400-strong crew. This maritime terminal will provide reliable, low latency, high-speed broadband connectivity to the Royal Fleet Auxiliary support ship anywhere in the world, even during challenging sea conditions and high-speed motions.
- In September 2023, Intellian Technologies Inc. and OneWeb announced a new product portfolio of Intellian Flat Panel user terminals for use on OneWeb’s network. Intellian’s Flat Panel Series is a suite of both Pro and Compact user terminals that deliver exceptional performance in sleek, small-footprint, and lightweight form factors. It is particularly designed for Land Fixed, Land Mobile, Maritime and Government markets.
- In July 2023, Astrocast announced that they are extending its partnership with Airbus Defence and Space. The expanded partnership enhances the capabilities of satellite Internet of Things (SatIoT) technology, enabling Astrocast to increase its network capacity to provide SatIoT solutions to its customers.
- In September 2022, Satellite internet provider Hughes Communications India announced the launch of India's first high-throughput satellite (HTS) broadband service powered by the Indian Space Research Organisation (ISRO). The service aims to deliver high-speed broadband across the country, including in the most remote areas beyond the reach of terrestrial networks, thus connecting enterprise and government networks.
- In May 2022, Nelco and Telesat announced that they had successfully conducted their first in-orbit demonstration of high-speed broadband connectivity in India with Telesat's Phase 1 Low Earth Orbit (LEO) satellite. Under this, the companies demonstrated a fiber-like performance with a 35-millisecond roundtrip latency and showcased cloud-based applications, including real-time video conferencing over Microsoft Teams, as well as YouTube and Live TV video streaming.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Frequency Band, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
- EchoStar Corporation
- SpaceX
- Singtel Group
- Freedomsat
- Viasat Inc
- Inmarsat Global Limited
- OneWebare
- EarthLink
- Telesat
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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