The global space economy has been growing at a rapid pace owing to the increasing requirement of satellite and cellular-based connectivity services across different end users, such as defense and government, aviation, automotive, oil and gas, naval, and logistics and transportation. The global space economy was worth more than $400 billion in 2020, out of which 70% was generated through services such as Earth observation, telecommunication, remote sensing, satellite television, GNSS equipment, and satellite systems. This burgeoning growth in the overall space industry is driving the growth of hybrid-satellite cellular connectivity services.
Read Report Overview: Hybrid-Satellite Cellular Terminal Market
Land Product Segment to be the Prominent Platform in the Lead Hybrid-Satellite Cellular Terminal Market During Forecast Period
The preceding figure illustrates the value of the global hybrid-satellite cellular terminal market contributed by different platforms. The land segment had the highest market penetration in 2021. The hybrid-satellite cellular terminal market (by land) is estimated to be $85.0 million revenue in 2021 and is projected to grow at a CAGR of 19.95% during the forecast period 2021–2031 to reach $523.9 million by 2031.
Ka- and Ku-Band Segment to be the Lead Frequency Band in the Hybrid-Satellite Cellular Terminal Market During Forecast Period
The preceding figure illustrates the value of the global hybrid-satellite cellular terminal market by different frequency bands. The Ka and Ku band segment is expected to have the highest market penetration in 2021. The hybrid-satellite cellular terminal market (Ka ana Ku) is estimated to be $78.4 million revenue in 2021 and is projected to grow at a CAGR of 21.70% during the forecast period 2021–2031 to reach $559.0 million by 2031.
North America to Dominate Hybrid-Satellite Cellular Terminal Market
North America is estimated to account for the highest share of 81.23% in the market in 2021, owing to a significant number of companies based in the region. Europe, with a market share of 14.15% in 2021, is expected to witness the highest growth during the forecast period 2021–2031, driven by space activities in the U.K., Germany, and France. Increased spending by government space organizations such as the Japan Aerospace Exploration Agency (JAXA), China Academy of Launch Vehicle Technology (CALT), National Aeronautics and Space Administration (NASA), European Space Agency (ESA), and commercial key players, for different end users, is expected to drive huge growth in the hybrid-satellite cellular terminal market during the forecast period.
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The competitive landscape of the global hybrid-satellite cellular terminal market consists of several organic and inorganic strategies followed by the key players to increase their market share. The strategies include product innovations, contracts, partnerships, acquisitions, and business expansions, among others.
Some of the key players in the global hybrid-satellite cellular terminal market are Hughes Network, EchoStar Mobile, OQ Technology, Inmarsat, Cubic Telecom, Jersey Telecom, and IP International. These companies are aiming for a wide range of partnerships, collaborations, agreements, and contracts to expand their operations and increase their market presence globally to generate revenues and attract new customers.