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New report predicts maritime satcom revenues to hit $5.2 billion by 2024

NSR's latest Maritime Satcom Markets Report predicts significant growth in the sector over the next decade, with both HTS and FSS capacity driving annual revenues as high as $5.2 billion by 2024.

{mprestriction ids="1,2"}The market research and consulting firm estimates the current market to be worth almost $2 billion. It predicts that the next generation of satellites, in combination with the current FSS infrastructure, will see that more than double over the next ten years.

“Improving markets for merchant maritime due to lower fuel prices are an encouraging sign for renewed investments over the near future,” said Brad Grady, senior analyst with NSR.

“As the core of the maritime market, commercial maritime vessels – from tankers to container vessels – are continuing to look at new and innovative ways to improve their remote operations. Everything from advanced route-planning, real-time weather data, and improving crew welfare all depend on a steady uptick of bandwidth demand.”

“Adding in the opportunity for narrowband connectivity, which has evolved from traditional Inmarsat-type voice applications into complex networks of M2M devices bringing ‘big data’ and other value-added services directly to end-users, the maritime markets will remain a key mobility vertical across all aspects of the satellite communications value-chain.”

NSR expects to see a dramatic rise in the number of vessels equipped with VSAT, and the majority of increased revenues to come from broadband data usage.

“Over the next ten years, an additional 80,000 In-service units across all segments of the maritime markets will be broadband,” continued Mr Grady.

“Broadband connectivity will provide more than 75 per cent of new retail revenues over the next ten years. VSAT-based maritime In-service Units will consume nearly 150 TPEs (Transponder equivalents - 36 MHz) of FSS C- and FSS Ku-bands, and over 21 Gbps of HTS capacity across GEO, LEO, and MEO orbits in C-, Ku-, and Ka-bands.”{/mprestriction}

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