Edition report finds on-going challenges in some segments of the Maritime SATCOM Markets through 2022. While 2020 and 2021 continue to feel the impacts of COVID-19 in segments such as the cruise ship industry, the migration towards HTS-based services accelerates. Switching from MSS Broadband to VSAT connectivity are driving revenues in the near to medium terms.
At $2.2B in Retail Revenues in 2020 and nearly 70,000 Broadband Enabled SATCOM vessels market fundamentals remain strong – the market is poised to grow to more than 142,000 Broadband Vessels by 2030 and yield $34.4B in cumulative retail revenues.
“This acceleration towards HTS-based connectivity architectures mirrors trends found in other mobility verticals,” states Principal Analyst and Report Author Brad Grady. “The passenger market continues to show signs of ‘recovery mode’ through 2023, but merchant maritime is building on the accelerated digitalization efforts over the past 18 months. Offshore customers are adjusting to a continuously changing commodity price, and the fishing/leisure markets look to take advantage of new lower cost connectivity options. Bandwidth demand continues to rise in the face of new capacity being launched by Satellite Operators – with more than 950 Gbps of FSS and HTS capacity forecasted by 2030.”