Satellite IoT Market Size, Growth, and Share by 2031
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.
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Satellite IoT Market: Strategic Insights
Satellite IoT Market
-
CAGR (2023 - 2031)
22.9%
-
Market Size 2023
US$ 1.59 billion
-
Market Size 2031
US$ 8.26 billion
Market Dynamics
GROWTH DRIVERS
- Growing Number of Satellite Launches to Favor Market
FUTURE TRENDS
- Growth in digitization.
OPPORTUNITIES
- Surging Requirement of Satellite-Terestrial Connectivity
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)22.9% -
Market Size 2023
US$ 1.59 billion -
Market Size 2031
US$ 8.26 billion
Market Dynamics
- Growing Number of Satellite Launches to Favor Market
- Growth in digitization.
- Surging Requirement of Satellite-Terestrial Connectivity
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
- Direct-to-Satellite
- Satellite IoT Backhaul
- L-Band
- Ku and Ka-Band
- S-Band
- Others
- Large Enterprises
- SMEs
- 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 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
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 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
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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 MarketReport 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
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.