New York, March 05, 2024 (GLOBE NEWSWIRE) — The global optical satellite communication market size is slated to expand at ~21% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 8 billion by the end of 2035, up from a revenue of ~USD 2 billion in the year 2022.The growth of the market can be impelled by the rising worldwide use of mobile phones. In 2020, the global usage of mobile phones reached 6.2 billion users, and it is projected to exceed 7 billion in 2023. The industry is expected to grow over the coming years due to increasing demand for more extensive network bandwidth. In addition, market expansion throughout the period foreseen is projected to be possible as a consequence of increasing shifts in business from offline to online.
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