New York, USA, Nov. 02, 2022 (GLOBE NEWSWIRE) — Research Dive has published a new report on the global mobile satellite phone market. According to the report, the global market is projected to surpass $5,262.1 million and grow with a CAGR of 4.0% in the estimated period, 2019–2027. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the necessary and vital market statistics to help new players obtain an insight into the status of the global market.
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Impact of the COVID-19 Pandemic on the Mobile Satellite Phone Market
The outbreak of the COVID-19 pandemic in 2020 has had a moderate impact on the growth of the global mobile satellite phone market. The implementation of lockdown restrictions resulted in the closure of numerous industries worldwide. The mobile satellite phone industry also faced a similar downfall, owing to reduced demand for mobile satellite phone services amid the pandemic. Hence, market players significantly invested in technological advances and strategic developments to survive during the crisis period.
Factors Impacting the Mobile Satellite Phone Market Growth
The key factor boosting the growth of the global mobile satellite phone market is a significant rise in demand for mobile satellite phones in emergency situations like natural or human-made calamities and defense operations for communicating with teams during disasters. In addition, the rising technological developments such as the launch of smart satellite phones is projected to unlock lucrative opportunities for the growth of the market. However, the strict government regulations for using mobile satellite phones in many countries is expected to hamper the market’s growth.
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The report segments the global mobile satellite phone market into type, end use, and region.
GEO Type Mobile satellite phone Sub-Segment to Grow Extraordinarily
The GEO type mobile satellite phone sub-segment of the type segment is expected to hit $3,453.9 million in the forecast period. This is primarily due to the rising adoption of GEO satellites as they are located at higher altitudes which helps in obtaining a broader view and scanning larger portions of the earth.
Maritime Sub-Segment to Observe Accelerated growth
The maritime sub-segment of the end-use segment is anticipated to grow rapidly by surpassing $1280.4 million in the forecast period. This growth is mainly because of the rising demand for mobile satellite phones in the maritime industry owing to the nonexistence of network connections under the water.
North America Region to Perceive Speedy Growth
The report analyzes the global mobile satellite phone market across several regions such as Asia-Pacific, North America, Europe, and LAMEA. Among these, the North American market is anticipated to garner $1,621.2 million in the estimated period. This growth is mostly due to the growing investments by market players in mobile satellite phone technologies in this region.
Broader Insights Pertaining to the Specific Segments or Regions of the Mobile Satellite Phone Market
Key Players of the Global Mobile Satellite Phone Market
The report states including some of the foremost players operating in the global mobile satellite phone market
- Inmarsat
- PKI Electronic Intelligence GmbH
- Iridium Communications Inc.
- Thuraya Telecommunications
- EchoStar Corporation
- Globalstar
- Ericsson
- Intelsat
- AT&T
- Telstramobile, and others.
These players are taking various initiatives such as investing in innovative product launches, strategic alliances and collaborations, etc. to obtain a foremost position in the global market. – Purchase Inquiry
For instance, in September 2022, Bullitta British-based international mobile phone and consumer electronics business, announced its plans to launch satellite phone services next year.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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