Annual revenues from satellite communications services will reach $141 billion by 2030, according to ABI Research.

The deployment of satellite constellations in Low Earth Orbit (LEO) for low-latency and high throughput network applications and extending terrestrial network (TN) coverage have become significant drivers in the adoption of satellite services in the global telecommunications sector, said Andrew Cavalier, Satellite Communications Industry Analyst at ABI Research.

Market developments have shown that satellite services like IoT, backhaul, commercial broadband, and Mobile Satellite Services (MSS) can meet carrier-grade performance requirements and enhance the telecom arsenal of any terrestrial CSP.

Over 70 satellite service providers are providing services. Some of the most influential players in the growing satellite communications services space include OneWeb, SpaceX, Hughes Network Systems, and Globalstar.

ABI Research anticipates that essential satellite services will reach over 53 million subscribers by 2030, said Jake Saunders, Vice President of Asia Pacific and Research Director for ABI Research’s satellite communications service.

Leaders are beginning to offer several solutions focusing on satellite-to-mobile device connectivity in partnership with telcos and smartphone manufacturers. Major partnerships include T-Mobile and SpaceX, Telstra and OneWeb, Vodafone and AST SpaceMobile, and Huawei and BeiDou.