Market Size of Spain Satellite Communications Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 11.92 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Spain Satellite Communications Market Analysis
Spain Satellite Communications Market was valued at USD 0.61 billion the previous year and is expected to grow at a CAGR of 11.92%, reaching USD 1.18 billion by the next five years. The increasing technological advancements and government initiatives are driving the market in the country.
Among the key factors propelling the market in Spain are technological improvements and the rollout of 5G technology. The satellites supplement terrestrial networks and increase coverage in remote areas.
The Digital Spain Plan 2025, which includes specific initiatives to promote vital technologies for Spain: cybersecurity, 5G, artificial intelligence, and big data, highlights the Spanish government's significant commitment to digitization. The dedication of Europe to the digital revolution as a tool for economic change has also strengthened its commitment to communications and new technology, thereby increasing the demand for satellite communication.
The Spanish government has recently stated intentions to increase the country's availability of satellite internet. Due to this initiative, many advantages are expected for Spanish businesses, residents, and the country. For instance, the Spanish government gave Hispasat an agreement in February 2023 to provide broadband service to all rural communities.
The post-COVID-19 market landscape in Spain is marked by a slow recovery as economic activity restarts. While digitization and e-commerce continue to be vital to the nation's economic recovery, several industries, including retail, tourism, and hospitality, are adapting to the new normal. Digitalization is key in changing the production framework and accelerating Spain's post-pandemic economic recovery. The ICT industry was one of Spain's most rapidly expanding sectors during the past decade.
In June 2022, Spain announced intentions to support 5G infrastructure in places with low mobile data connectivity. Part of the government's post-Covid national recovery strategy is the plan. The government claims that the introduction of 5G verticals and new use cases makes it crucial to support the development of 5G.
