PUBLISHER: Allied Market Research | PRODUCT CODE: 1344397
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344397
According to a new report published by Allied Market Research, titled, "Mobile Satellite Phone Market," The mobile satellite phone market was valued at $553.60 million in 2021, and is estimated to reach $808.5 million by 2031, growing at a CAGR of 3.9% from 2022 to 2031.
One of the major factors driving the growth of the mobile satellite services market is that the mobile satellite phone is equipped with voicemail, no cell tower is required, and offers great rental option. . The increase in use of satellite communication services for IoT and disaster management in developed regions is driving the mobile satellite phone market size in recent years. The increase in use of technology in a variety of applications such as telecommunication, weather prediction and navigation, military intelligence, and space exploration, as well as continuous advancements in digital technology, all have an impact on the mobile satellite phone market expansion. Furthermore, digitization and urbanization, increased investment, and a focus on data applications and services all benefit the mobile satellite services market.
Satellite phones use radio wave propagation to operate on an entirely different network infrastructure. Mobile satellite phone has certain limitations such as per minute charges of these phones are higher than the cellular phone, severe weather conditions may affect the functionality of these phones, and they are larger in size compared to cellular phones. Furthermore, calls from public networks to these phones can be prohibitively expensive. Other technological limitations that are expected to have a negative impact on global demand include network dead spots, lower voice quality than cellular networks, and latency.
The policies put in place by governments at the national and international levels have an impact on the development of mobile satellite phones and the market, either directly or indirectly. For instance, local government regulations can prevent one from using satellite phones without prior permission. Large antenna size, low bandwidth for Internet access that can lead to delay in voice communication is estimated to hamper the mobile satellite phone market share in the upcoming years.
The use of mobile satellite phones during emergency applications for voice communication, text messaging, email conversations, short message service (SMS), and others is anticipated to generate excellent opportunities in the market. The mobile satellite phones such as LEO satellite phones are convenient and easy to carry as they are smaller and lighter. Also, AST SpaceMobile, a U.S.-based company, is estimated to launch its low earth satellite in 2023, that will facilitate the satellite communications.
The COVID-19 pandemic brought several uncertainties leading to severe economic losses as various businesses across the world were at a standstill. Every industry has been impacted by the pandemic in different ways, including how it has influenced market conditions, supply chains, output, and existing initiatives. A number of market participants are working arduously to introduce new items and use various cutting-edge techniques to lessen the impact that the pandemic has had on enterprises. On contrary, government support for mobile satellite phones in terms of financial incentives, infrastructure development, and regulatory framework is estimated to have positive impact on the mobile satellite phone market outlook.
The key players profiled in this report include: Iridium Communications Inc., Globalstar, Inc., Thuraya Telecommunications Company, Inmarsat Global Limited, Beam Communications Pty. Ltd., Bharat Sanchar Nigam Limited, KVH Industries, Inc., K.S.C., TS2 Space Sp. z o.o., and Garmin Ltd.