08/21/2024 | News release | Distributed by Public on 08/21/2024 05:01
The satellite communication industry is dramatically growing to cater to the rising market demand for reliable connectivity. Moreover, technological developments in satellite components, miniaturization of parts, reducing launch costs, and increasing demand for stable connectivity in remote locations are the primary factors that are driving the market. The global space economy was generated through services such as Earth observation, telecommunication, remote sensing, satellite television, GNSS equipment, and satellite systems. This burgeoning growth in the overall space industry has increased the demand for spectrum.
According to BIS Research, the global satellite spectrum monitoring marketis estimated to reach $8.38 billion in 2033 from $3.34 billion in 2022, at a growth rate of 8.78% during the forecast period 2023-2033.
Satellite Spectrum Monitoring Market Dynamics:
Hardware Segment Leads the Solution Segment in Global Satellite Spectrum Monitoring Market
Request A Free Detailed Sampleon Satellite Spectrum Monitoring Market!The hardware segment is expected to lead the satellite spectrum monitoring market in 2023, capturing a 51.87% revenue share due to the growing demand for analyzers, direction finders, and antennas. This segment includes antennas, spectrum monitoring receivers, and signal analyzers, essential for collecting, analyzing, and managing radio frequency signals, enhancing spectrum monitoring capabilities and regulatory compliance. For example, Anritsu Corporation's Spectrum Analyzer/Signal Analyzer MS2850A covers frequencies from 9 kHz to 44.5 GHz, supporting wideband communications like 5G and broadcast satellite equipment.
North America to Dominate Global Satellite Spectrum Monitoring Market
North America accounted for the highest share of 39.89% in the global satellite spectrum monitoring market by value in 2023, owing to a significant number of companies based in the region. Europe had a share of 29.79% in 2023 and is expected to witness the second-highest growth during the forecast period 2022-2033, driven by various activities in the U.K. and France. Increased spending by commercial organizations such as Anritsu Corporation, EXFO Inc., Kratos Defense & Security Solutions, Inc., Keysight Technologies, and government key agencies for different end users is expected to drive huge growth in the global satellite spectrum monitoring market during the forecast period.
Future Outlook:
The satellite spectrum monitoring market is poised for substantial growth as the demand for satellite-based services continues to soar. Advancements in monitoring technologies, coupled with regulatory initiatives to optimize spectrum utilization, will drive the adoption of advanced monitoring solutions. Moreover, the integration of AI and ML capabilities into monitoring systems will enhance their efficiency in detecting and mitigating interference, ensuring the reliability and integrity of satellite communications.
Get Aerospace MarketInsights with Detailed Reports byBIS ResearchAccording to BIS Research Principal Analyst
These recent years, the space industry has witnessed the growth in the number of satellites launched. This is due to the demand for global connectivity, Earth observation, navigation systems, and scientific research. With this growth in satellite launches comes the need to monitor and manage the electromagnetic spectrum, which is highly crucial to prevent any signal interference and ensure operational integrity. Advanced monitoring systems, such as signal analyzers and spectrum monitoring tools, provide real-time monitoring and interference mitigation across a wide range of frequencies. Thus, as the satellite sector continues to rise, the demand for spectrum monitoring solutions will also increase to ensure smooth operations and reliable communication services.