Satellite IoT Market Strategies, Top Players, Growth Opportunities, Analysis and Forecast by 2031

Coverage: Satellite IoT Market covers analysis By Service Type (Direct-to-Satellite, Satellite IoT Backhaul), Frequency Band (L-Band, Ku and Ka-Band, S-Band, Others), Enterprise Size (Large Enterprises, SMEs), End-Use Industry (Oil and Gas, Transportation and Logistics, Energy and Utilities, Agriculture, Healthcare, Military and Defense, Maritime, Others), and Geography

  • Report Code : TIPRE00030124
  • Category : Technology, Media and Telecommunications
  • No. of Pages : 150
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The satellite IoT market size is projected to reach US$ 8.26 billion by 2031 from US$ 1.59 billion in 2023. The market is expected to register a CAGR of 22.9% in 2023—2031.  The rising number of satellite launches and the rising demand for the internet are likely to remain key satellite IoT market trends.

Satellite IoT Market Analysis

The rising number of satellite launches is one of the major factors fueling the growth of the market. Also, the rising demand for high-speed internet connectivity for homes and offices is one of the major factors boosting the growth of the satellite IoT market. In addition, the need to track, monitor, and manage assets in different remote locations to ensure the safety of their workers and improve overall remote operations is further boosting the demand for satellite IoT worldwide. Moreover, the growing use of satellite IoT solutions for defense applications, such as protecting borders, communication in remote areas, and real-time data transfer, is further fueling the growth of the satellite IoT market. Furthermore, the rising demand for satellite IoT for transforming corporate sustainability by reducing the travel time of the worker to manage and track the devices at remote sites will prevent millions of tons of C02 emissions, creating an opportunity for the growth of the satellite IoT market.

Satellite IoT Market Overview

Satellite IoT is an IoT service provided by networks of satellites. It enables interconnectivity between objects so that they can communicate and relay orders without requiring any human-to-human or human-to-computer interaction. The satellite Internet of Things provides organizations the ability to reliably monitor, track, and manage application connectivity. Its usage can be found across all industry verticals, from the maritime market to machine-to-machine (M2M) applications, as well as in agriculture, transportation, oil and gas, utilities, construction, and others. Furthermore, various largest heavy equipment original equipment manufacturers (OEMs) in the world rely on satellite IoT devices to remotely monitor and manage deployed assets.

Strategic Insights

Satellite IoT Market Drivers and Opportunities

Growing Number of Satellite Launches to Favor Market

The number of satellite launches is increasing globally because of the rising need for satellites in various applications, which includes tracking, monitoring, and managing assets to ensure the safety of the workers and improve remote operations. According to several space agencies, on average, 466 SmallSats were launched per year during 2012—2021, and it is expected to increase to 1,846 SmallSats launches per year during 2022—2031. For this launch, SmallSats, the governments of various countries, and companies invested US$ 23.1 billion, and it is expected that they will be further investing US$ 84 billion during 2022—2031. In addition, the number of space rockets launched, primarily for deploying satellites in space, is also rising rapidly. For instance, in 2023, SpaceX notched 98 total orbital launch attempts in 2023 between the Falcon 9, Falcon Heavy, and Starship, representing 90% of US launches. Thus, the growing number of satellite launches is fuelling the growth of the satellite IoT market.

Surging Requirement of Satellite-Terrestrial Connectivity

The surging requirement for satellite-terrestrial connectivity is offering various opportunities for the satellite IoT market. A hybrid satellite/terrestrial system is a system employing satellite and terrestrial components where the satellite and terrestrial components are interconnected but operate independently of each other. In such systems, the satellite and terrestrial components have separate network management systems and do not necessarily operate in the same frequency bands. Moreover, various companies are launching hybrid satellites. For instance, Sidus Space, one of the multi-faceted Space and Data-as-a-Service companies, announced the successful completion of launch processing of LizzieSat at the Astrotech Space Operations facility at Vandenberg Space Force Base in California. Thus, the requirement of satellite-terrestrial connectivity is offering several opportunities to the market.

Satellite IoT Market Report Segmentation Analysis

Key segments that contributed to the derivation of the satellite IoT market analysis are service type, enterprise size, end use industry.

  • Based on service type, the satellite IoT market is divided into direct-to-satellite, satellite IoT backhaul), and frequency band (L-band, KU and KA-band, S-band, and others). The direct-to-satellite segment is anticipated to grow in the forecast period.
  • By enterprise size, the market is segmented into large enterprises and SMEs. The SMEs segment is anticipated to grow in the forecast period.
  • By end use industry, the market is segmented into oil and gas, transportation and logistics, energy and utilities, agriculture, healthcare, military and defense, maritime, and others. The oil and gas segment is anticipated to grow in the forecast period.

Satellite IoT Market Share Analysis by Geography

The geographic scope of the satellite IoT market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America has dominated the satellite IoT market. North America is expected to witness significant growth in the satellite IoT market in the forecasted period. The US holds the largest satellite IoT market share in 2023. The market is witnessing tremendous growth due to the presence of various key satellite internet companies in the region, which include Orbcomm, Iridium Communications, Globalstar, and others. These market players are continuously working on providing innovative solutions to provide high-speed connectivity in the region. All these factors contribute to the region's growth of the satellite IoT market.

Satellite IoT Market Report Scope

Satellite IoT Market News and Recent Developments

The satellite IoT market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:

  • In May 2024, European firms OQ Technology and Transatel announced their collaboration to achieve global satellite 5G IoT connectivity. Transatel offers global 5G roaming, enabling NB-IoT deployment worldwide. This collaboration empowers businesses with reliable IoT services, even in previously inaccessible areas.

(Source: OQ Technology, Press Release, 2024)

  • In March 2024, Sateliot announced that it would launch four satellites in the summer of 2024 to connect just under 7 million IoT devices, marking the commercial launch of the company’s LEO constellation. The satellites will be launched aboard a SpaceX rocket and join Sateliot’s two existing Low-Earth Orbit (LEO) 5G satellites already orbiting Earth. Sateliot said it would begin billing the US$204 million worth of binding orders, serving more than 350 clients in more than 50 countries worldwide.

(Source: Sateliot, Press Release, 2024)

Satellite IoT Market Report Coverage and Deliverables

The “Satellite IoT Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:

  • Satellite IoT Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
  • Market dynamics such as drivers, restraints, and key opportunities
  • Satellite IoT Market Trends.
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Satellite IoT covers key market trends, Global and regional frameworks, major players, regulations, and recent market developments.
  • Satellite IoT industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments.
  • Detailed company profiles
REGIONAL FRAMEWORK

Satellite IoT Market Report Analysis

Satellite IoT Market

  • CAGR (2023 - 2031)
    22.9%
  • Market Size 2023
    US$ 1.59 billion
  • Market Size 2031
    US$ 8.26 billion

Report Coverage

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Key future trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Industry landscape and competition analysis & recent developments
  • Detailed company profiles
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

  • Astrocast
  • Iridium Communications Inc
  • Inmarsat Global Limited
  • Globalstar
  • Thales
  • EchoStar Mobile
  • Eutelsat
  • Orbcomm
  • Commsat
  • OQ Technology

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

By Service Type
  • Direct-to-Satellite
  • Satellite IoT Backhaul
By Frequency Band
  • L-Band
  • Ku and Ka-Band
  • S-Band
  • Others
By Enterprise Size
  • Large Enterprises
  • SMEs
By End Use Industry
  • Oil and Gas
  • Transportation and Logistics
  • Energy and Utilities
  • Agriculture
  • Healthcare
  • Military and Defense
  • Maritime
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
MARKET PLAYERS

Satellite IoT Market Report Scope

Report Attribute Details
Market size in 2023 US$ 1.59 billion
Market Size by 2031 US$ 8.26 billion
Global CAGR (2023 - 2031) 22.9%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Service Type
  • Direct-to-Satellite
  • Satellite IoT Backhaul
By Frequency Band
  • L-Band
  • Ku and Ka-Band
  • S-Band
  • Others
By Enterprise Size
  • Large Enterprises
  • SMEs
By End Use Industry
  • Oil and Gas
  • Transportation and Logistics
  • Energy and Utilities
  • Agriculture
  • Healthcare
  • Military and Defense
  • Maritime
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Astrocast
  • Iridium Communications Inc
  • Inmarsat Global Limited
  • Globalstar
  • Thales
  • EchoStar Mobile
  • Eutelsat
  • Orbcomm
  • Commsat
  • OQ Technology
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Service Type, Frequency Band, Enterprise Size, End Use Industry, and Geography

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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