The global mobile satellite phone market is predicted to be valued at $5,262.1 million in 2027 surging from $3,820.0 million in 2019 at a noteworthy CAGR of 4.0%.
Impact Analysis of COVID-19 on the Mobile Satellite Phone Market
The global market for mobile satellite phone is expected to experience a moderate growth during the COVID-19 pandemic. The pandemic has affected every industry in different ways such as affecting demands, supplies, production, and ongoing projects in the industry. Several market players are working hard towards introduction of new products and adopting different innovative strategies to minimize the effect that the pandemic has created on businesses. On the other hand, government bodies in various countries have been extending their support towards mobile satellite phones in different ways during the pandemic. For instance, in February 2021, the Indian government announced that they have directed Bharat Broadband Network Limited (BBNL) for finding the best or a permanent solution to Central Armed Police Force (CAPF) for improving communicating systems in remote areas, as people in these areas face several difficulties while communicating with their families. Such type of government initiatives may lead to lucrative opportunities for investors in upcoming years.
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Mobile Satellite Phone Market Analysis:
Increasing demand for hybrid mobile satellite phones that can function dually, both as satellite phones and smart phones, have accelerated the growth of mobile satellite phone market. Hence, the adoption of the mobile satellite phone across numerous industries has expanded, which may further create enormous opportunities for the market growth in the coming years.
There are several standards set by government institutes of different countries for the manufacturing of satellite phones such as the International Electrochemical Commission 62262 (IEC 62262)/ European Standard EN 62262 due to security concerns. Moreover, several countries have banned the use of mobile satellite phones, as they have declared satellite phones as a threat to national security since these phones can be used by terrorist cells and go undetected. These factors may obstruct the growth of the market.
The global mobile satellite phone industry is growing rapidly due to technological expansion and higher investment in R&D. For instance, Ericsson, a multinational company of communication and information technology in Sweden, offers various types of satellite phones such as Ericsson R290 and Ericsson R190. They are designed to automatically shift to the satellite mode to send or receive calls for users that are travelling beyond the cellular coverage areas. Such type of product launches and above-stated crucial factors may lead to huge opportunities for the mobile satellite phone platforms.
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The GEO sub-segment of the mobile satellite phone market is expected to have fast and massive growth to surpass $3,453.9 million by 2027, with an increase from $2,583.9 million in 2019. GEO type mobile satellite phones scan easily maintain near-continuous global coverage with only 3-4 satellites which can reduce the cost of launch. Moreover, market players involved in the satellite phone market are opting for various innovations, mergers and acquisitions to stabilize their market position. For instance, Inmarsat, on September 2020 announced that their distribution partner, Global Beam Telecom, is in agreement with Virgin Megastore for selling Inmarsat’s IsatPhone 2 satellite phones. Such elements will ultimately surge the growth of the sub-segment in upcoming years.
Maritime sub-segment for the mobile satellite phone industry shall have a significant and rapid growth and it is further anticipated to generate a revenue of $1280.4 million by 2027. The growth of the sub-segment is mainly attributed to its application in maritime such as commercial, naval and cruise vessels require mobile satellite communications staying connected with each other for supporting crew welfare activities and to their main offices. Moreover, in Navy, they require higher mobile satellite communication for applications such as remote equipment monitoring, live surveillance, real-time operational Command & Control and tactical data and intelligence gathering. All such components are estimated to fuel the growth of the market in the forecast years.
The mobile satellite phone market for the North American region is predicted to grow rapidly as well as dominate the market in the forecast period. The market registered a revenue of $1,257.2 million in 2019 and it is expected to further reach up to $1,621.2 million by 2027. The demand for mobile satellite phone in the North America is increasing due to the presence of key vendors and their focus towards R&D investments in the market of the region. The efforts towards technological advancements will ultimately fuel the North America mobile satellite phone market in upcoming years. For instance, Iridium, an American company specializing in satellite communication solution, in March 2018, announced that they are in collaboration with Speedcast, world's largest global satellite provider, and the main aim of this agreement is that Iridium will become the mobile service provider with Speedcast’s broadband technology, and the name of the company is Iridium Certus. All such factors in North America region are predicted to accelerate the growth of mobile satellite phone market.
- Iridium Communications Inc.
- Thuraya Telecommunications
- EchoStar Corporation
- PKI Electronic Intelligence GmbH
Porter’s Five Forces Analysis for Mobile Satellite Phone Market:
Bargaining Power of Suppliers: The companies involved in the mobile satellite phone business are extensively high in number. So, there will be less threat from the supplier. Thus, the bargaining power of the supplier is low.
Bargaining Power of Buyer: Buyers will have high bargaining power, significantly because of multiple players operating in the mobile satellite phone services. The buyers can freely choose the convenient service that best fits their preferences. Thus, the bargaining power of the buyer is high.
Threat of New Entrants: The companies that are already in the mobile satellite phone market are globalized and they are supported by government in some countries. Thus, the threat of the new entrants is high.
Threat of Substitutes: There are no alternatives available in this market. Therefore, the threat of substitute is Low.
Competitive Rivalry in the Market: The ventures operating in the global mobile satellite phone industry are opting for various businesses development strategies to stronghold position in the market such as Globalstar, Ericsson, Inmarsat are investing heavily to provide integrated services to customers. Therefore, competitive rivalry in the market is high.
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