According to a new market research report published by Credence Research “Optical Satellite Communication Market (Component Type – Receiver, Transmitter, Modular, Demodulator and Others; Application – Surveillance & Security, Research & Space Exploration, Tracking & Monitoring, Telecommunication, Earth Observation, Last Mile Access and Others) Market – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global optical satellite communication market set to expand with a CAGR of 12.73% throughout the forecast period to hit the market value of US$ 1,021.3 Mn by 2026.
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The overall optical satellite communication market set to witness promising growth across the forecast period, chiefly due to rapidly growing IT & telecommunication sector worldwide. Optical communication satellite systems become most lucrative technology for long distance and high capacity transmission. With technological advancements high precision satellites are being launched, that are used for research, commercial and educational purposes. Continuous research & development focusing on optical satellite communication making breakthrough in satellite communication data transmission technology. Several governments have been working actively on use of optical satellites communication. Technology of optical communication in coming years is likely to be improved and augmented for space application as well as airborne and ground-based platforms. This will enable to broaden its utility with extreme broadband signals contained in narrow beam links throughout the world’s communication network.
The overall optical satellite communication market segmented on the basis of component type and application. Based on application, telecommunication is leading the global optical satellite communication market and accounting for more than 1/4th of the total market value. In 2017, telecommunication traffic worldwide surpassed 300 terabits per second with additional 196 terabits per second of international Internet capacity from 2013 to 2017. Growing demand for uninterrupted communication from almost all end-use industries putting tremendous pressure on present network infrastructure. This concludes promising demand for optical satellite communication to enable transmission of high bandwidth traffic signals for regional or global purpose.
The growth in optical satellite communication market further supported by the increasing use of smart home appliances, Internet of Things (IoT) applications and real-time communication devices among others. More than 2 Bn devices other than smartphones projected to being connected using cellular technology by 2023. This includes agricultural fields & equipment, robotics and logistics among others. Optical satellite communication proliferation in IoT applications believed to be significantly improve real-time connectivity, reduce operational costs and enhance technological feasibility. With Internet of Things (IoT) proving its vital role across almost all government as well as commercial sector, telecommunication application set to continue the trend as the largest application of the market. Further rising adoption of optical satellite communication services in media sector is driving the overall market growth globally. Growing demand for live broadcasting of entertainment and sports events, commercial advertisements, live telecast of various ongoing events and news is set to stimulate the further growth of optical satellite communication market.