PUBLISHER: The Business Research Company | PRODUCT CODE: 1464177
PUBLISHER: The Business Research Company | PRODUCT CODE: 1464177
Satellite IoT, or Internet of Things via satellite, involves utilizing satellite technology to facilitate communication and data interchange among IoT devices situated in remote or globally dispersed locations where traditional terrestrial networks are unavailable or limited. This enables a range of applications including global asset tracking, agricultural monitoring, and optimization of maritime and logistics operations by ensuring seamless connectivity across the Earth's surface, including remote rural areas and vast ocean expanses. By enabling real-time data collection and analysis from virtually any location, Satellite IoT bolsters industries by enhancing operational efficiency and enabling data-driven decision-making processes.
The primary types of satellite IoT services encompass direct-to-satellite and satellite IoT backhaul. Direct-to-Satellite services facilitate direct communication between ground-based IoT devices and satellites, leveraging a variety of frequency bands including l-band, ku-band, ka-band, s-band, and others. These services are utilized by enterprises of all sizes, ranging from large corporations to small and medium-sized businesses, across a diverse array of industry verticals. Key sectors leveraging direct-to-satellite services include oil and gas, transportation and logistics, energy and utilities, agriculture, maritime, healthcare, military, defense, and more.
The satellite IoT market research report is one of a series of new reports from The Business Research Company that provides satellite IoT market statistics, including satellite IoT industry global market size, regional shares, competitors with a satellite IoT market share, detailed satellite IoT market segments, market trends and opportunities, and any further data you may need to thrive in the satellite IoT industry. This satellite IoT market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The satellite IoT market size has grown exponentially in recent years. It will grow from $1.57 billion in 2023 to $1.93 billion in 2024 at a compound annual growth rate (CAGR) of 23.0%. The growth observed in the historic period can be credited to a variety of factors including the increasing demand for global connectivity, the necessity for efficient asset tracking and management, heightened focus on environmental monitoring initiatives, adoption of precision agriculture techniques, enhancements in maritime and aviation safety measures, improvements in emergency response and disaster management capabilities, utilization of energy sector applications, advancements in scientific research and exploration endeavors, and the pursuit of supply chain optimization strategies.
The satellite IoT market size is expected to see rapid growth in the next few years. It will grow to $4.34 billion in 2028 at a compound annual growth rate (CAGR) of 22.4%. The anticipated growth in the forecast period can be linked to several key factors, including the expanding adoption of Low Earth Orbit (LEO)-based services, the rapid acceleration of digitalization initiatives, the escalating frequency of cybersecurity attacks, the burgeoning space industry, a surge in demand for enhanced interconnectivity solutions, and an uptick in the deployment of connected devices for real-time monitoring purposes. Major trends expected in this period encompass advancements in wireless technology, increased launches of various cubesats and small satellites, a growing emphasis on eco-friendly satellite technologies, novel integrations with 5G networks, and advancements in optical communication utilizing lasers.
The expansion of the space industry is projected to drive the growth of the satellite IoT market in the foreseeable future. The space industry encompasses economic activities related to manufacturing components for outer space, delivering them to such regions, and providing associated services. This sector contributes to the advancement of satellite IoT by offering cost-effective and scalable solutions, global connectivity, technological advancements, and tailored solutions for IoT applications across various industries. For example, as reported by gov.uk in March 2023, the revenue of UK space organizations increased to £17.5 ($18.86) billion from £16.5 ($17.79) billion in 2020, with the sector expanding to 1,590 entities from 1,293, resulting in the addition of 1,772 jobs. Hence, the flourishing space industry is fueling the expansion of the satellite IoT market.
Key players in the satellite IoT market are directing their efforts towards developing innovative products featuring cutting-edge technologies such as TIGER-5 and TIGER-6 satellites to enhance their financial performance in the market. These satellites are at the forefront of extending 5G connectivity through the integration of the 5G NTN IoT satellite constellation. For instance, in November 2023, OQ Technology, a Luxembourg-based satellite telecom operator, successfully deployed TIGER-5 and TIGER-6 satellites aboard SpaceX's Falcon 9 during the Transporter-9 rideshare mission. These 6U nanosatellites are equipped with NB-IoT cell tower payloads and were placed into Low Earth Orbit. The separation and orbital placement of the satellites occurred approximately 75 minutes after launch, with successful contact established on the same day.
In August 2021, Space Exploration Technologies Corp. (SpaceX), a US-based company specializing in astronautics, acquired Swarm Technologies Inc., an undisclosed sum. This strategic acquisition aimed to strengthen SpaceX's satellite Internet-of-Things offerings, enhance its workforce with specialized expertise, and explore new markets by leveraging Swarm Technologies' established relationships and regulatory frameworks. Swarm Technologies Inc. focuses on developing a low-earth orbit (LEO) satellite constellation to enhance global communication capabilities, particularly for IoT applications.
Major companies operating in the satellite iot market report are Airbus SE, Northrop Grumman Corporation, Space Exploration Technologies Corp., EchoStar Corporation, Inmarsat Limited, Iridium Communications Inc., Orbcomm, Globalstar Inc., Spire Global Inc., Kepler Communications Inc., Ligado Networks, NanoAvionics Corp., Fleet Space Technologies Pty. Ltd., Skylo Technologies, Actility S.A., Alen Space, Leaf Space, Kineis, Myriota Pty. Ltd., Sateliot, Xona Space Systems Inc., OQ Technology, Hiber AB, Fossa Systems S.L., Sky and Space Global Ltd.
North America was the largest region in the satellite IoT market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the satellite iot market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the satellite iot market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The satellite IoT market consists of revenues earned by entities by providing services such as global connectivity, asset tracking and monitoring, agriculture and environmental monitoring, emergency and disaster response, remote sensing, and geospatial analysis. The market value includes the value of related goods sold by the service provider or included within the service offering. The satellite IoT market also includes sales of modems and terminals, transceivers, smart sensors, nano and CubeSats, GPS, and GNSS receivers, which are used in providing services. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Satellite IoT Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on satellite IoT market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for satellite IoT ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The satellite IoT market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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