The global satellite communication market was valued at USD 31.22 billion in 2023 and is expected to expand to USD 70.89 billion by 2032, growing at a CAGR of 9.6% during the forecast period. In 2023, North America led the market, accounting for 39.17% of the global share. The SATCOM market in the United States is anticipated to experience substantial growth, reaching approximately USD 25.15 billion by 2032, driven by rising defense procurement activities and increased R&D investments in the space sector.

Satellite communication has become a critical enabler of global connectivity, supporting diverse applications such as navigation, broadcasting, remote sensing, and defense operations. The continuous evolution of SATCOM technologies, such as high-throughput satellites (HTS) and low-earth orbit (LEO) constellations, is driving enhanced capabilities and expanding the market's scope.

Key Players: Satellite Communication Market
Prominent players driving innovation and growth in the Satellite Communication Market include:

Boeing (U.S.)
Cobham Limited (U.K.)
Communications and Power Technologies(U.S.)
Honeywell International Inc. (U.S.)
Inmarsat Global Limited (U.K.)
Iridium Communications Inc. (U.S.)
L3Harris Technologies, Inc. (U.S.)
Qualcomm Technologies, Inc. (U.S.)
Viasat, Inc. (U.S.)
KVH Industries, Inc. (U.S.)

Information Source:
https://www.fortunebusinessinsights.com/satellite-communication-satcom-market-102679

Regional Insights
North America dominates the satellite communication market, supported by significant defense investments, extensive research and development activities, and the presence of a strong network of industry players. Europe is experiencing steady growth, driven by collaborative space programs and the rising adoption of SATCOM technology across commercial and government sectors. Meanwhile, Asia-Pacific has emerged as a key growth region, fueled by the expansion of telecommunications infrastructure, defense modernization initiatives, and a growing need for reliable internet connectivity in rural and remote areas.

Future Trends
Growth of LEO Satellites

The shift from geostationary to low-earth orbit satellites is redefining SATCOM capabilities. LEO constellations like SpaceX’s Starlink and Amazon’s Project Kuiper are driving competition and innovation.

Integration of 5G and SATCOM
The convergence of satellite communication with 5G networks is set to enhance connectivity, especially in underserved regions.
Increased Use of Artificial Intelligence (AI)
AI-powered satellite systems are improving operational efficiency, optimizing bandwidth usage, and predicting maintenance needs.
Key Industry Developments:
March 2024 – Sivers Semiconductors announced that its subsidiary, Sivers Wireless, has entered into a third product development agreement with a leading European satellite company. The new contract, valued at USD 4.73 million, focuses on the development of next-generation beamformer chipsets set for production during 2024 and 2025.

October 2023 – Airbus and Northrop Grumman, a major U.S.-based defense contractor, signed a Memorandum of Understanding (MoU) to form a strategic partnership in military satellite communications. The collaboration is aimed at supporting the U.K.’s upcoming SKYNET wideband military satellite communications program.