SATCOM equipment for space to be worth $7 billion by 2025, study says
NORTHBROOK, Ill. The global market for satellite communications (SATCOM) equipment is projected to grow from $2.8 billion in 2019 to $7.0 billion by 2025, at a combined annual growth rate of 16.8 %, according to a study from MarketsandMarkets, "SATCOM Equipment Market for Space -- Global Forecast to 2025."
According to the study's authors, the growth of the global SATCOM market can be attributed to the increasing launch of satellites for applications such as earth observation, communication, and navigation. Based on application, the market is projected to be led by the earth observation and remote sensing segment from 2019 to 2025.
Additionally, based on satellite type, the increasing use of CubeSats for earth observation and remote sensing is expected to drive the SATCOM equipment market for space during the covered period. This increase, say the study authors, will be driven by a large increase in the volume of CubeSats launched and scheduled for launch during the forecast period, due to the CubeSats' versatility in a variety of missions, their small form factor, and their lower development and launch costs.
For more information on this market study, visit the MarketsandMarkets website.