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Commercial, military satellites market to record $195.11bn in 8 years

Commercial, military satellites market to record $195.11bn in 8 years

Mubasher: The global commercial and military satellite market is expected to record a compound annual growth rate (CAGR) of 76.6% to $195.11 billion over the period from 2020 to 2028, according to a report released on Friday by ResearchAndMarkets.com.

Satellite communication has become one of the pillars of the global telecommunications system, with around 2,000 artificial satellites orbiting Earth, the report said.

“Satellite communication has two main components: the ground segment, which consists of fixed or mobile transmission, reception, and ancillary equipment, and the space segment, which primarily is the satellite itself.”

The development and evolution of both commercial and military satellite communication are going hand in hand.

The most recent developments in telecom satellites include the use of low-Earth orbit, launches on reusable rocket launch vehicles and new use cases for 5G, and the Internet of Things.