Press Release: Maritime Connectivity Retail Revenues Amounted to $2.1 billion in 2023

Introducing Valour Consultancy’s industry-recognised maritime report: “The Future of Maritime Connectivity – 2024”. This is the fifth edition of the study, following our highly popular 2022 report which offers an in-depth analysis of the evolving landscape of connectivity in the maritime industry, highlighting significant changes that have occurred over the last two years.

The “battle of the Maritime Networks” continues in earnest and Valour Consultancy estimates the total maritime satellite connectivity retail market was worth almost $2.1 billion in 2023, increasing from $1.8 billion in 2022.

The key component is increased end-user spending on Starlink’s maritime LEO service, combined with some vessels using Eutelsat OneWeb LEO service. Valour Consultancy estimates that more than 20,000 vessels were using Starlink’s maritime service by the end of 2023.

The maritime MSS market (L-band) was worth nearly $470 million in 2023, declining slightly from 2022. As of 2023, there were roughly 116,000 MSS terminals active worldwide subscribing to the legacy maritime satellite services. Both Inmarsat Maritime and Iridium hold strong bases in this market segment.

The total global number of vessels with GEO VSAT services has levelled off at around 42,000 vessels as of the end of 2022 and 2023. It is likely the peak of the GEO VSAT commerciality has transpired and unless something befalls the LEO operators, the GEO service will become a backup similar to MSS. Global GEO VSAT revenues peaked in 2022, dropping in 2023, and are projected to decline even further in 2024. Interestingly, a small number of companies increased their GEO revenues in 2023; a key finding in the report.

Overall, LEO connectivity is the gorilla in the room and has become the most significant disruptive force in the market in the last 20 years. Presently, only Starlink and Eutelsat OneWeb are offering active maritime commercial services. Next year and 2026 will see the commercial launches of Project Kuiper (Amazon) and Telesat’s Lightspeed constellation.

This segment of the market is predicted to grow exponentially over the coming years — the total revenue opportunity from 2023 to 2033 amounts to more than $10 billion. Author Joshua Flood believes that “the number of vessels subscribed to LEO will surpass the GEO VSAT numbers mid-way into 2026”.

Valour Consultancy is a multi-award-winning provider of high-quality market intelligence and consultancy services. Its latest study, “The Future of Maritime Connectivity – 2024”, was developed with a record input from over 45 companies across the value chain: connectivity service providers, shipping owners, operators, software service providers, hardware companies, and satellite operators. The study offers detailed insights into the market dynamics: drivers, inhibitors, technology trends and the competitive environment, while market estimates and forecasts are provided out to 2033. A key value of this report is that it contains 34 company profiles that introduce, examine and quantify the impact and footprint of their connectivity services, products, service & product developments, business models, and partnerships. This includes contributions from IEC Telecom, Marlink, Inmarsat Maritime, Speedcast, Navarino, NSSLGlobal, Viasat, Intelsat, SES, Iridium, Eutelsat OneWeb, Amazon Kuiper, and KVH Industries.

For a full table of contents and report scope, please visit: The Future of Maritime Connectivity – 2024.

WHAT OUR CLIENTS SAY

“Valour Consultancy’s research and analysis pertaining to in-flight connectivity adoption is excellent. It helps us understand how the market is expected to grow in the future, and predict whether airlines will aim to launch IFC services on its fleet.”

“The new report on aircraft seating and in-seat power systems provides a very comprehensive market and industry landscape information – the first of its kind containing that level of detail.”

“The Future of Aircraft Seating and In-Seat Power report came at a pivotal time for us as we look to the future of our in-flight offering. It has helped shape our internal strategies and highlighted areas we need to dig into more deeply. Valour has become a trusted resource and partner.”

“The Future of Aircraft Seating and In-Seat Power report came at a pivotal time for us as we look to the future of our in-flight offering. It has helped shape our internal strategies and highlighted areas we need to dig into more deeply. Valour has become a trusted resource and partner.”

“Valour’s maritime connectivity report provides the most comprehensive, detailed understanding of the market, with clear independent insights into the market trends and inhibitors. We use this report as the bible for our business strategy and marketing on what is happening in the industry.”

“Valour Consultancy’s report on The Future of Body Worn Cameras and Systems is well written, detailed and an excellent insight into the key markets. The analysis of the global law enforcement market was extensive and provided us with valuable industry information of this evolving market.”

“In a global market as dynamic as in-flight connectivity, Valour has established itself as a reliable source of market intelligence and insightful analysis. The team is responsive to requests and clearly engaged in improving an already impressive product.”

“The team around Valour Consultancy equips us with the value-added intelligence needed to make well-informed business decisions in a very dynamic market. The passion and knowledge of the team make it a real pleasure to work with them.”

“Astronics is using Valour Consultancy’s 2016 in-flight connectivity report extensively. We’ve found it highly useful in our long-range planning and it has aided in our market research.”

“The Valour Consultancy report on in-flight connectivity provides very detailed insights on the market and it constitutes a very useful tool for the marketing and strategy team at SITAONAIR. The Valour Consultancy team is also very friendly and we enjoy our working relationship with them.”

“Valour Consultancy has provided an incredibly thorough perspective on the in-flight connectivity space, offering insight into drivers of the current and future state of the quickly growing category.”

Press Release: Maritime Connectivity Retail Revenues Amounted to $2.1 billion in 2023

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“Valour Consultancy’s research and analysis pertaining to in-flight connectivity adoption is excellent. It helps us understand how the market is expected to grow in the future, and predict whether airlines will aim to launch IFC services on its fleet.”

“The new report on aircraft seating and in-seat power systems provides a very comprehensive market and industry landscape information – the first of its kind containing that level of detail.”

“The Future of Aircraft Seating and In-Seat Power report came at a pivotal time for us as we look to the future of our in-flight offering. It has helped shape our internal strategies and highlighted areas we need to dig into more deeply. Valour has become a trusted resource and partner.”

“The Future of Aircraft Seating and In-Seat Power report came at a pivotal time for us as we look to the future of our in-flight offering. It has helped shape our internal strategies and highlighted areas we need to dig into more deeply. Valour has become a trusted resource and partner.”

“Valour’s maritime connectivity report provides the most comprehensive, detailed understanding of the market, with clear independent insights into the market trends and inhibitors. We use this report as the bible for our business strategy and marketing on what is happening in the industry.”

“Valour Consultancy’s report on The Future of Body Worn Cameras and Systems is well written, detailed and an excellent insight into the key markets. The analysis of the global law enforcement market was extensive and provided us with valuable industry information of this evolving market.”

“In a global market as dynamic as in-flight connectivity, Valour has established itself as a reliable source of market intelligence and insightful analysis. The team is responsive to requests and clearly engaged in improving an already impressive product.”

“The team around Valour Consultancy equips us with the value-added intelligence needed to make well-informed business decisions in a very dynamic market. The passion and knowledge of the team make it a real pleasure to work with them.”

“Astronics is using Valour Consultancy’s 2016 in-flight connectivity report extensively. We’ve found it highly useful in our long-range planning and it has aided in our market research.”

“The Valour Consultancy report on in-flight connectivity provides very detailed insights on the market and it constitutes a very useful tool for the marketing and strategy team at SITAONAIR. The Valour Consultancy team is also very friendly and we enjoy our working relationship with them.”

“Valour Consultancy has provided an incredibly thorough perspective on the in-flight connectivity space, offering insight into drivers of the current and future state of the quickly growing category.”