Market for SATCOM equipment to see CAGR of 11.3% to 2028, study predicts
NewsJanuary 23, 2024
NORTHBROOK, Ill. The satellite communication (SATCOM) equipment market, which stood at $22.6 billion in 2023, is projected to rise to $38.7 billion by 2028, at a combined annual growth rate (CAGR) of 11.3%, according to a study from MarketsandMarkets, "Satellite Communication (SATCOM) Equipment Market Size, Share, Industry Growth & Analysis, 2028."
According to the study authors, factors that will drive the market for satellite equipment over the next several years include increasing frequency of launches of low Earth orbit (LEO) satellites; the proliferation of satellite constellations for communication applications; the development of smaller, efficient satellites; and the growing utilization of software-defined networking (SDN) and virtualization technologies..
Aspects that could potentially suppress growth, the study authors assert, include government regulations and policies that may pose restrictions on SATCOM system deployment in certain regions, which might include limitations on frequency band usage and the need for specific licenses.
Additional information may be found at the MarketsandMarkets website.
