APAC to lead the maritime satellite communication market this year.
The global maritime satellite communication market is expected to reach $3.2bn by 2025, growing at a compound annual growth rate of 7.1% during the forecast period, according to ResearchAndMarkets.coms new report.
The report reveals that APAC will be leading the maritime satellite communication market this year. The maritime satellite communication market in APAC is the largest in terms of market size and is highly fragmented based on multi-currencies and multi-languages. The region comprises a diverse range of countries, from economically and technologically advanced countries, such as the UK and Germany, to severely debt-ridden countries, such as Greece and Austria.
The report segments the global maritime satellite communication market by component (solutions and services), Very Small Aperture Terminal (VSAT), end-user, and region. The report includes an in-depth competitive analysis of key players in the maritime satellite communication market, along with their company profiles, recent developments, and key market strategies.
The escalating need for enriched data communication to improve operation efficiency, on-board security, and surveillance, and employee/passenger welfare in the maritime industry is driving the market.
Furthermore, the factor driving the maritime satellite communication market is the need to attain improved connectivity between the land and sea operations and realising benefits in faster repair times, preventative maintenance, fuel-saving, and real-time navigation.
As more and more commercial and government mariners are moving toward deploying satellite-based communication services, absolute communication technology is required. Solutions comprise two types of marine satellite communication VSAT and MSS. The players in the maritime satellite communication market are moving from MSS towards VSAT to offer clients with affordable communication services and increased bandwidth. Modernising ship management systems to improve engine and systems maintenance, navigation, weather information, and cargo tracking is gaining momentum in maritime VSATapplications.
Merchant shipping is mainly used for carrying passengers or cargo for commercial purposes. Owing to the necessity to operate ships efficiently, enhance overall business operation, and ensure crew loyalty and satisfaction, the crew owners are increasingly deploying maritime satellite communication systems. In recent years, satellite communication technology has become advanced, which enables ships to communicate through satellite links from anywhere globally without the help of a specialist radio officer. This technological advancement helps merchants gain higher profit through reliable communication services that maintain operational efficiency.
Major vendors in the global maritime satellite communication market include Inmarsat (UK), Iridium Communications (US), Thuraya (UAE Hughes Network Systems (US), KVH Industries (US), Viasat (US), Speedcast (Australia), ST Engineering (Singapore), NSSLGlobal (England), Marlink (France), ORBOCOMM (US), Navarino (Greece), Network Innovations (Canada), GTMaritime (England), AST Group (UK), Isotropic Networks (Wisconsin), Norsat International (Ontario), Satcom Global (Canada), Intelsat (US), and Orbit Communication Systems (Israel).