Projected Growth in Satellite Communication Market of USD 71 Billion Expected by 2030

The Global Satellite Communication (SATCOM) market is projected to grow at a CAGR of 9.6% from 2024 to 2030, according to a report published by Verified Market Reports®. The report reveals that the market was valued at USD 32 Billion in 2023 and is expected to reach USD 71 Billion by the end of the forecast period.

The SATCOM market is primarily driven by the increasing demand for global connectivity, particularly in remote and underserved regions where terrestrial infrastructure is lacking. Technological advancements, such as high-throughput satellites (HTS) and low Earth orbit (LEO) constellations, further enhance the reliability and speed of satellite communications.

As the need for reliable communication networks increases across remote and rural regions, satellite technology provides a viable solution where traditional infrastructure is not feasible. SATCOM enables internet access, voice communication, and broadcasting services in isolated areas, offering essential connectivity to industries like healthcare, education, and government services. This expanding reach drives market growth by bridging the connectivity gap and enabling economic development in underserved regions.