South Korean satellite antenna developer Intellian has set its sights on a significant revenue boost in the coming years. The company, which generated 240 billion won ($177 million) in sales last year, aims to expand the figure to a range of 450 billion won to 500 billion won by 2026.

CEO Eric Sung revealed this ambitious plan during the Kormarine 2023 event, Korea’s largest maritime and shipbuilding exhibition, which is taking place from October 24 to 27 at BEXCO in Busan. Kosdaq-listed Intellian currently holds a 60 percent market share in the global maritime satellite communication antenna market and serves over 600 global customers.

The company is set to begin mass-producing the world’s second-ever developed “flat-panel satellite antenna” from the first quarter of 2024, with the expectation of achieving related revenues of 100 billion won in the same year, according to Sung.

The satellite communication market has witnessed rapid growth in low Earth orbit (LEO) satellite systems deployed at an altitude of about 1,000 kilometers, and these LEO satellites are essential for providing stable internet services. Intellian’s flat-panel satellite antenna, developed using RF semiconductor chips, offers a compact size, affordability, and easy installation compared to traditional dish-type antennas. It also ensures consistent communication speeds even on ships that are constantly moving, allowing online gaming and video conferencing. Sung emphasized that Intellian’s flat-panel antenna can benefit from economies of scale in production, enabling substantial cost reductions and becoming the standard for satellite antenna manufacturing moving forward.

The development of flat-panel satellite antennas is the world’s second endeavor, following the Starlink project by U.S. aerospace company SpaceX. Sung estimates that the global market for flat-panel antennas will range from 2 trillion won to 3 trillion won in 2024.

During the seminar, which attracted over 100 participants, including maritime industry experts, military personnel, government representatives, and communication specialists, there was a high level of interest in Intellian’s new product. According to the company, military, government, and communication experts visited Intellian’s seminar and booth during the exhibition alongside maritime professionals.

“The flat-panel satellite antenna set to enter full-scale production in the first quarter of 2024 has also garnered interest for military applications, such as drones and portable devices. We plan to increase our military-related revenue from the current 7-8 percent to 15 percent based on these opportunities,” Sung said.

The company is also concentrating on expanding its sales in the Middle East and Africa after the recent establishment of a local subsidiary in Dubai.

By Park Joon-hyung and Minu Kim

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]