South Korea Satellite Communication Market Insights Forecasts to 2033

• The South Korea Satellite Communication Market Size was valued at USD 1.57 Billion in 2023.
• The Market Size is Growing at a CAGR of 9.53% from 2023 to 2033.
• The South Korea Satellite Communication Market Size is Expected to Reach USD 3.90 Billion by 2033.

The South Korea Satellite Communication Market Size is Expected to Reach USD 3.90 Billion by 2033, at a CAGR of 9.53% during the forecast period 2023 to 2033.

Market Overview

Satellite communication is the mechanism by which anyone can move information from one location to another using a communication satellite in orbit around the earth. A satellite communication is an artificial satellite that establishes a channel between a transmitter and a receiver that is located at separate points on earth using a transponder. Satellite communications are used in telephone, radio, television, internet, and military applications. High-speed internet services are becoming more popular in South Korea as a result of factors such as remote work, e-learning, and increased use of data-intensive apps. The expansion of satellite broadband services has been fueled by this trend, which has increased reliance on satellite communication to provide access in places with sparse terrestrial infrastructure. The growing need for high-speed internet connectivity and dependable communication in remote areas represents a substantial opportunity for the satellite communication market in South Korea. In remote locations when standard communication infrastructure is either unavailable or impractical, satellite technology allows for communication. The demand for more cheap satellites with greater capacity is growing in South Korea, governments in South Korea, the energy industry (oil, gas, mining), and enterprise data (banking, retail) are all driving market expansion over the projection period.

Report Coverage

This research report categorizes the market for South Korea satellite communication market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South korea satellite communication market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the South Korea satellite communication market.

Driving Factors

The growing use of satellite communication in agriculture to aid in remote sensing, weather forecasting, and crop management is fueling market expansion in South Korea. Aside from this, the market is expanding due to the increasing need for satellite in oil and gas operations to connect drilling rigs, offshore platforms, and remote exploration sites. Furthermore, an increase in the usage of satellite communication systems to expand the potential of IoT and autonomous technologies is expected to drive the growth in the South Korea satellite communication market during the forecast period. In additional the market is growing because satellite communication is increasingly being used for scientific research projects such space flights, deep-sea exploration, polar expeditions, and research in remote locations.

Restraining Factors

To avoid interference with military or other government communication equipment, the South Korean government restricts specified frequency bands. Furthermore, governments may impose restrictions on satellite communication systems due to national security concerns or other factors.

Market Segment

• In 2023, the equivalent segment accounted for the largest revenue share over the forecast period.

Based on the component, the South Korea satellite communication market is segmented into equipment, and service. Among these, the equipment segment has the largest revenue share over the forecast period. It allows for signal transmission and reception between satellites, ground stations, and end-user devices, hence providing dependable and efficient communication. In addition, end customers can connect to satellite networks and use satellite-based communication services in underserved and distant areas through to satellite equipment.

• In 2023, the broadcasting segment accounted for the largest revenue share over the forecast period.

Based on the application, the South Korea satellite communication market is segmented into asset tracking/monitoring, airtime, drone connectivity, data backup & recovery, navigation & monitoring, telemedicine, broadcasting. Among these, the broadcasting segment has the largest revenue share over the forecast period. The benefits of broadcasting, such as continuous access even in rural and difficult-to-reach places, are driving category growth. Targeting a wide range of demographics or geographic areas is effective with broadcast media since it may reach a huge audience at once. To make a strong and lasting impression on viewers, television commercials might make use of narration, music, and visuals. These factors are boosting market growth in the forecast period.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea satellite communication market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• SES SA
• KNS Inc.
• Intellian Technologies Inc.
• KT Sat Co. Ltd
• Thales Group
• Hanwha Group
• WIWORLD
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• On April 2023, The US space company SpaceX is looking to collaborate with the main telecom providers in South Korea as it prepares to launch its low-orbit satellite communication service there in the second quarter.

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the South Korea satellite communication market based on the below-mentioned segments:

South Korea Satellite Communication Market, By Component

• Equipment

• Service

South Korea Satellite Communication Market, By Application

• Asset Tracking/Monitoring
• Airtime
• Drone Connectivity
• Data Backup & Recovery
• Navigation & Monitoring
• Telemedicine
• Broadcasting
• Others