The satellite IoT market size is expected to grow from US$ 1.23 billion in 2022 to US$ 5.86 billion by 2030; it is estimated to grow at a CAGR of 21.5% from 2022 to 2030.
Satellite IoT Market Analyst Perspective:
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 the 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 to protect 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 CO2 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 such that they can communicate and relay orders without requiring any human-to-human or human-to-computer interaction. 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. For example, Kobelco Construction Machinery (KCM) recently partnered with Iridium to integrate Iridium’s two-way satellite communications into its hydraulic excavator machinery, heavy equipment, and remote asset management platform. Through these IoT services, KCM equipment is now fitted with truly global coverage.
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Satellite IoT Market: Strategic Insights
Satellite IoT Market
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CAGR (2023 - 2031)
21.50%
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Market Size 2023
US$ 1.49 Billion
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Market Size 2031
US$ 7.10 Billion
Market Dynamics
GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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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
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
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Satellite IoT Market: Strategic Insights
-
CAGR (2023 - 2031)21.50% -
Market Size 2023
US$ 1.49 Billion -
Market Size 2031
US$ 7.10 Billion
Market Dynamics
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
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
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
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Satellite IoT Market Driver:
Growing Number of Satellites Launches Drive the Growth of the Satellite IoT 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 the launch of these 4,663 SmallSats during 2012–2021, 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 rocket launches, primarily for deploying satellites in space, is also rising rapidly. In 2021, there were 136 successful rocket launches, whereas in 2022, the number rose to 180. In September 2022, it was seen that 16 orbital launches took place, of which 8 took place in China, 6 in the Americas, and Europe and Russia conducted one each. Furthermore, Falcon 9 launched 191 Starlink broadband satellites, and SpaceX launched 1,465 Starlink satellites in 2022.
Again, in January 2023, China launched 14 satellites atop a Long March-2D carrier rocket from the Taiyuan Satellite Launch Center in northern China's Shanxi Province. The 14 satellites included Qilu-2 and Qilu-3, Luojia-3 01, and Jilin-1 Gaofen 03D34. In February 2023, the Indian Space Research Organisation (ISRO) announced the successful deployment of three satellites into their intended orbits via SSLV-D2 vehicle. In July 2022, Vaya Space, Inc. announced that they had signed an agreement with All2Space to launch its satellite constellation with Vaya Space. All2Space is a developer of CubeSat and is also a launch aggregator with the Brazilian Space Agency. Thus, the growing number of satellite launches will help to provide strong IoT connectivity worldwide, driving the satellite IoT market growth.
Segmental Analysis:
Based on frequency band, the satellite IoT market is segmented into L-band, Ku and Ka-band, S-band, and others. The Ku and Ka-band segment held the largest satellite IoT market share in 2022 and is anticipated to register the highest CAGR during the forecast period. The Ku and Ka-band frequency is used for different applications, which include its use in speed and safety radars. Also, Ka-band satellite communications (SATCOM) frequencies open up new possibilities for meeting high bandwidth demands, particularly for small aerial, maritime, and mobile land platforms supporting network-centric activities beyond the line of sight. The Ku-band frequency is most recognized for its application in satellite broadcasting. It is widely used in the satellite communications field. Newsfeeds, educational networks, teleconferences, sports and other backhauls, entertainment programming, and foreign broadcasting are all common uses for high-powered satellites in digital television. Thus, all the above factors are fueling the growth of the segment in the market.
Regional Analysis:
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 2022. 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. For instance, in December 2022, Iridium Communications debuted its new satellite IoT messaging service, Iridium Messaging Transport (IMT). It is a two-way cloud-native networked data service optimized for Iridium Certus to make it easier to add satellite connections to existing or new IoT solutions. Similarly, In August 2022, Globalstar partnered with Globalsat Group to deploy a jointly developed IoT solution powered by Globalstar’s satellite network, which is designed to monitor renewable energy stations located in remote areas of Latin America. The initial deployment will include 23,000 devices throughout the region. Such innovations by the market players will fuel the satellite IoT market growth in North America.
Key Player Analysis:
Astrocast, Iridium Communications Inc, Inmarsat Global Limited, Globalstar, Thales, EchoStar Mobile, Eutelsat, Orbcomm, Commsat, and OQ Technology are among the key satellite IoT market players. These satellite IoT market players are continuously focused on product development and innovation.
Recent Developments:
Inorganic and organic strategies such as product launches, partnerships, collaborations, and mergers and acquisitions are highly adopted by companies in the satellite IoT market. A few recent key market developments by these companies are listed below:
- In September 2023, u-blox launched its new SARA-S520M10L multi-mode cellular and satellite IoT module with embedded GNSS positioning to meet industry demand for hybrid connectivity. The module provides LTE-M/NB-IoT and L-band connectivity using geostationary (GEO) satellites. It also integrates an embedded GNSS navigation capability to provide location fixes using up to four satellite constellations.
- In August 2023, Globalstar, Inc. announced that leading global petrochemicals provider INEOS Oxide is deploying the Ovinto Sat tracking solution to monitor and safeguard rail and road transport of highly explosive gases across mainland Europe. Ovinto Sat is enabled by Globalstar’s Low-Earth Orbit spacecraft and STX3 chipset to deliver reliable, reachable, and cost-effective satellite communications.
- In June 2023, Qualcomm Technologies Inc. launched two modem chipsets with satellite capability: the Qualcomm® 212S Modem and the Qualcomm® 9205S Modem. The new modems are launched in collaboration with Skylo, an NTN service provider, to enable ultra-low power and superior connectivity for IoT devices across satellite and cellular networks.
- In May 2023, Thuraya and eSAT Global announced that they had completed an over-the-air demonstration of a low-latency, direct-to-satellite IoT texting system by transmitting low-power IoT messages over Thuraya’s satellite network.
- In December 2022, Globalstar, Inc. announced a commercial agreement with Wiagro, an Agtech start-up from Argentina. Under this agreement, Globalstar is supplying Wiagro with 2,500 ST100 satellite modem transmitters for their Smart Silobag, which allows for the remote monitoring of grain conditions stored in silo bags.
- In May 2022, The Dubai Electricity and Water Authority (DEWA) launched its first satellite called DEWA-SAT1 and Wyld Networks has partnered with DEWA R&D Centre and Infra X, the telecoms arm of Digital DEWA, to develop IoT terminals to support the new satellite IoT network. Wyld is responsible for providing the satellite IoT terminals for the network. With the launch of the DEWA-SAT 1 nanosatellite, DEWA became the first utility company to use nanosatellites to improve the maintenance and planning of electricity and water networks.
- In June 2020, Globalstar Inc. introduced the ST100, an innovative, embeddable, one-way satellite transmitter ready for rapid product development and manufacturing in the global marketplace. The ST100 is lightweight, low-power consuming, and small with embedded antennas, all on one commercial IoT board. The ST100 provides low-cost, reliable connectivity powered by the Globalstar Low Earth Orbit (LEO) satellite constellation and offers satcom integration capability to any original equipment manufacturer (OEM) product.
Satellite IoT Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1.49 Billion |
| Market Size by 2031 | US$ 7.10 Billion |
| Global CAGR (2023 - 2031) | 21.50% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Service Type
|
| Regions and Countries Covered |
North America
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| Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Service Type, Frequency Band, Enterprise Size, End Use Industry, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
- Astrocast
- Iridium Communications Inc
- Inmarsat Global Limited
- Globalstar
- Thales
- EchoStar Mobile
- Eutelsat
- Orbcomm
- Commsat
- OQ Technology
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
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Below is the breakup of our primary respondents by company, designation, and region:
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.
- 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.
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- 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:
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- 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.
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