‘Maritime Telecom Solutions by Satellite: Global Market Analysis & Forecasts, 3rd Edition,’ published last week, said that KVH’s share of the industry’s 11,000 activated maritime VSAT terminals is 26%, up from 16% two years ago. KVH’s market share was also reported to be double that of its next closest competitor.
KVH recently shipped its 4,000th TracPhone system for the mini-VSAT Broadband service, which provides satellite Internet and phone services to vessels worldwide.
KVH reported in its 2013 year-end investor conference call that its maritime VSAT service revenues grew by 33% in 2013. Euroconsult estimated the overall maritime VSAT market has grown at a 28% compounded annual growth rate since 2010 and that by the end of 2023, maritime VSAT services will account for 61% of a $1.5 bill maritime communications market.
“The maritime industry has begun to see broadband connectivity as a business necessity, both for operational efficiencies and for crew welfare and they are looking for fast and affordable solutions to their satellite communications needs,” said Martin Kits van Heyningen, KVH’s CEO. “Our mini-VSAT Broadband service provides that combination and we are unique in the industry for being the only global player with a true end-to-end solution not only for connectivity and antenna hardware, but also for content. We see content delivery as the next big area of demand from maritime vessels, and we already have a solution.”