Know Why Global 5G Satellite Communication Market likely to Attain 28.91 CAGR during 2021-26

In the day-to-day growing competition and technological advancements, the Global 5G Satellite Communication Market is likely to grow at a CAGR of 28.91% in the forecast years 2021-26. The prominent factors owing to the growth are technological benefits like high-speed internet connectivity, enhanced safety measures to support multiple end-user industries like aviation, transportation & logistics, consumer electronics, energy & utilities, & heavy industries. Alongside these factors, surging adoption & demand changes of consumers for better and improved bandwidth, seamless connectivity, and low latency further fuel the Global 5G Satellite Communication Market growth.

There exists multiple market segmentation, where each segment has a different role and contribution to the market. Based on the Orbits, the 5G satellite communication market segments into Medium Earth Orbit (MEO), Geosynchronous Earth Orbit (GEO), and Low Earth Orbit (LEO). Of all, the Low Earth Orbit (LEO) segment is likely to secure the top position in the market in the forecast years.

Similarly, in the segment based on the end-user industries, the aviation industry shall propel the market growth in the forecast years. The most prominent factor of this segment is the constant network technology development to improve Machine-to-Machine communication by implementing greater bandwidth and lower latency. The expanding influence of connectivity & safety, the evolution in smartphone technology, and high-speed internet connectivity are other factors that significantly transformed the aviation industry. Hence, the aviation segment is likely to witness the fastest Global 5G Satellite Communication Market growth in the coming years.

Undoubtedly, the market is significantly growing throughout the globe. However, North America is very likely to dominate the 5G Satellite Communication Market with an exponential share of 35.23% in the coming years.

To support the market globally, some of the major leading players in the Global 5G Satellite Communication Market are Eutelsat S.A., Airbus S.A.S, Avanti Communications Group PLC, Gilat Satellite Networks, GomSpace A/S, OHB SE, Quortus, SpaceX, The Boeing Company, and the Thales Group.

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