The growing requirement for worldwide connection in areas, such as marine, aviation, defense, and government and the rising usage of satellite phones during emergency situations are some factors expected to boost the growth of the global mobile satellite phone market during the forecast period. Besides, the introduction of low-earth orbit satellite constellations, such as Starlink and OneWeb, is stimulating industry innovation and competition, resulting in new goods and services and lower client prices. However, the technical limitations, such as dead spots in the network and low voice quality are expected to be the major factor hampering the mobile satellite phone market growth. On the contrary, the technological advancements in satellite phones and the growing defense expenditure in various countries across the globe are predicted to create massive growth opportunities for the global mobile satellite phone market by 2031.
According to the report, the global mobile satellite phone market generated $553.6 Million in 2021, and is anticipated to generate $808.5 Million by 2031, witnessing a CAGR of 3.9% from 2022 to 2031.
Mobile Satellite Phone Market Segment Review
Maritime Sub-segment to Maintain its Leading Position by 2031
Based on application, the maritime sub-segment of the accounted for the largest share in 2021 and is projected to maintain its lead position during the forecast period. In the mobile satellite phone market, the marine sub-segment includes the usage of satellite phones and associated amenities aboard ships and other boats at sea. Mobile satellite phones are used in maritime for a number of things, including navigation, weather monitoring, emergency and safety communications, and entertainment. There are options for communication, navigation, weather monitoring, and entertainment.
LEO Satellite Phone Sub-segment to Maintain its Leadership Status Throughout the Forecast Period
Based on type, the LEO satellite phone sub-segment of the global mobile satellite phone market held the highest share in 2021 and is estimated to maintain its leadership status throughout the forecast period. The significant growth of the sub-segment is mainly because LEO satellites orbit the Earth at a much lower altitude as compared to traditional geostationary satellites, which provide several benefits for satellite phone users, including faster data transfer and lower latency. Besides, the demand for LEO satellite phones is driven by the rising need for reliable communication services in remote areas, as well as advancements in satellite technology.
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North America Region to Maintain its Dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021 and is likely to dominate in the global mobile satellite phone market during the forecast period. The significant growth of the North America market is mainly due to the region’s vast and diversified market, presence of industry leaders, a supportive regulatory framework, and the increasing demand for satellite communications services in a variety of industries. North America is connected to numerous industry leaders in the mobile satellite phone market, including Inmarsat, Iridium, and Globalstar.
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Mobile Satellite Phone Market Key Players
- 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.
- Garmin Ltd.
The report provides a detailed analysis of these key players in the global mobile satellite phone market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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